Ring Mountain Capital LLC Buys Shares of 274 ServiceNow, Inc. (NYSE:NOW)

Ring Mountain Capital LLC purchased a new stake in ServiceNow, Inc. (NYSE:NOW) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 274 shares of the information technology services provider’s stock, valued at approximately $290,000.

A number of other large investors have also made changes to their positions in NOW. Chicago Partners Investment Group LLC grew its position in shares of ServiceNow by 5.1% in the third quarter. Chicago Partners Investment Group LLC now owns 726 shares of the information technology services provider’s stock valued at $659,000 after purchasing an additional 35 shares in the last quarter. Princeton Global Asset Management LLC purchased a new stake in shares of ServiceNow in the third quarter valued at approximately $150,000. Janney Montgomery Scott LLC purchased a new stake in shares of ServiceNow in the third quarter valued at approximately $49,093,000. Confluence Wealth Services Inc. purchased a new stake in shares of ServiceNow in the third quarter valued at approximately $286,000. Finally, Van ECK Associates Corp grew its position in shares of ServiceNow by 0.8% in the third quarter. Van ECK Associates Corp now owns 12,255 shares of the information technology services provider’s stock valued at $11,124,000 after purchasing an additional 99 shares in the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other ServiceNow news, insider Jacqueline P. Canney sold 292 shares of the firm’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total value of $297,124.60. Following the sale, the insider now directly owns 3,027 shares in the company, valued at $3,080,123.85. This trade represents a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Gina Mastantuono sold 4,442 shares of the firm’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the completion of the sale, the chief financial officer now owns 11,126 shares in the company, valued at approximately $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,351 shares of company stock worth $20,050,076. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Stock Down 2.1 %

Shares of NYSE NOW opened at $909.80 on Tuesday. The stock has a market cap of $187.42 billion, a P/E ratio of 133.21, a PEG ratio of 4.51 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, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The business’s fifty day simple moving average is $1,034.50 and its 200-day simple moving average is $984.50.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data 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%. As a group, equities analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. KeyCorp lowered ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. JMP Securities reiterated a “market outperform” rating and issued a $1,300.00 price objective on shares of ServiceNow in a research report on Thursday, January 30th. Guggenheim reiterated a “sell” rating and issued a $716.00 price objective on shares of ServiceNow in a research report on Wednesday, January 22nd. Robert W. Baird lowered their price objective on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a research report on Thursday, January 30th. Finally, Redburn Atlantic started coverage on ServiceNow in a research report on Wednesday, February 19th. They issued a “buy” rating for the company. One analyst has rated the stock with a sell rating, four have issued 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, the company has a consensus 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.