Motiv8 Investments LLC Raises Stake in ServiceNow, Inc. (NYSE:NOW)

Motiv8 Investments LLC increased its holdings in ServiceNow, Inc. (NYSE:NOW) by 5.6% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 1,108 shares of the information technology services provider’s stock after buying an additional 59 shares during the period. Motiv8 Investments LLC’s holdings in ServiceNow were worth $1,175,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Proficio Capital Partners LLC raised its holdings in shares of ServiceNow by 154,255.3% during the fourth quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock worth $667,000 after purchasing an additional 666,383 shares during the last quarter. Oppenheimer & Co. Inc. lifted its holdings in shares of ServiceNow by 4.9% in the 4th quarter. Oppenheimer & Co. Inc. now owns 6,051 shares of the information technology services provider’s stock valued at $6,415,000 after buying an additional 285 shares during the period. Kovack Advisors Inc. boosted its stake in shares of ServiceNow by 1.9% in the fourth quarter. Kovack Advisors Inc. now owns 4,084 shares of the information technology services provider’s stock worth $4,330,000 after buying an additional 78 shares during the last quarter. FUKOKU MUTUAL LIFE INSURANCE Co grew its holdings in ServiceNow by 9.7% during the fourth quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 1,477 shares of the information technology services provider’s stock worth $1,566,000 after acquiring an additional 131 shares during the period. Finally, Mn Services Vermogensbeheer B.V. raised its position in ServiceNow by 2.1% during the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 80,988 shares of the information technology services provider’s stock valued at $85,857,000 after acquiring an additional 1,700 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Robert W. Baird cut their target price on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a report on Thursday, January 30th. Royal Bank of Canada restated an “outperform” rating and set a $1,210.00 target price on shares of ServiceNow in a research report on Thursday, January 30th. Citigroup reduced their price target on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. Piper Sandler raised their price objective on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Finally, Cantor Fitzgerald began coverage on ServiceNow in a research note on Friday, January 17th. They set an “overweight” rating and a $1,332.00 target price for the company. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have given a buy rating and two have issued 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.

Insider Transactions at ServiceNow

In other news, CEO William R. Mcdermott sold 1,263 shares of the business’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,644,564.50. The trade was a 32.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Paul Edward Chamberlain sold 300 shares of the firm’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $1,047.95, for a total transaction of $314,385.00. Following the completion of the sale, the director now owns 10,467 shares of the company’s stock, valued at approximately $10,968,892.65. The trade was a 2.79 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 17,706 shares of company stock worth $17,644,106 over the last 90 days. 0.25% of the stock is currently owned by insiders.

ServiceNow Trading Up 2.1 %

Shares of ServiceNow stock opened at $941.79 on Thursday. The company’s fifty day moving average is $1,044.39 and its two-hundred day moving average is $981.23. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The company has a market capitalization of $194.01 billion, a P/E ratio of 137.89, a PEG ratio of 4.51 and a beta of 0.99.

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

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

About ServiceNow

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.