653 Shares in ServiceNow, Inc. (NYSE:NOW) Acquired by Sovran Advisors LLC

Sovran Advisors LLC purchased a new stake in ServiceNow, Inc. (NYSE:NOW) during the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 653 shares of the information technology services provider’s stock, valued at approximately $673,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Truvestments Capital LLC purchased a new position in shares of ServiceNow during the third quarter valued at $30,000. Heck Capital Advisors LLC acquired a new position in shares of ServiceNow in the 4th quarter valued at about $37,000. Stonebridge Financial Group LLC purchased a new stake in shares of ServiceNow in the fourth quarter worth approximately $37,000. DT Investment Partners LLC boosted its holdings in shares of ServiceNow by 77.3% during the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after purchasing an additional 17 shares during the period. Finally, Oakworth Capital Inc. grew its position in ServiceNow by 46.7% during the third quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after purchasing an additional 14 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Trading Down 1.3 %

Shares of ServiceNow stock opened at $1,008.63 on Wednesday. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The company’s fifty day simple moving average is $1,079.78 and its 200-day simple moving average is $968.21. The company has a market cap of $207.78 billion, a price-to-earnings ratio of 147.68, a PEG ratio of 4.76 and a beta of 0.99. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. As a group, sell-side analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has authorized a share repurchase plan on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other news, General Counsel Russell S. Elmer sold 336 shares of the firm’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total transaction of $341,896.80. Following the completion of the transaction, the general counsel now directly owns 4,332 shares of the company’s stock, valued at approximately $4,408,026.60. This trade represents a 7.20 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kevin Thomas Mcbride sold 100 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $1,023.97, for a total transaction of $102,397.00. Following the completion of the sale, the insider now directly owns 3,457 shares in the company, valued at approximately $3,539,864.29. The trade was a 2.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,809 shares of company stock valued at $25,174,184 over the last three months. 0.25% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on NOW shares. Piper Sandler increased their target price on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Scotiabank started coverage on shares of ServiceNow in a research note on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price target on the stock. StockNews.com cut ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday. Needham & Company LLC upped their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $1,300.00 price target on shares of ServiceNow in a research note on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and a consensus price target of $1,129.72.

ServiceNow Profile

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.