Harbor Advisory Corp MA Buys New Position in ServiceNow, Inc. (NYSE:NOW)

Harbor Advisory Corp MA purchased a new position in ServiceNow, Inc. (NYSE:NOW) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 199 shares of the information technology services provider’s stock, valued at approximately $211,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. State Street Corp raised its holdings in shares of ServiceNow by 2.6% in the 3rd quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider’s stock worth $8,118,867,000 after purchasing an additional 226,023 shares in the last quarter. FMR LLC boosted its holdings in ServiceNow by 9.9% during the third quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock worth $5,014,302,000 after buying an additional 502,845 shares in the last quarter. World Investment Advisors LLC grew its position in ServiceNow by 499,668.1% in the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock worth $4,268,731,000 after buying an additional 4,771,830 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of ServiceNow by 1.9% in the third quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider’s stock valued at $3,753,828,000 after buying an additional 78,378 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of ServiceNow by 24.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock valued at $2,834,797,000 after acquiring an additional 615,797 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on NOW shares. Raymond James started coverage on ServiceNow in a report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 target price for the company. Barclays upped their price objective on shares of ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Stifel Nicolaus lifted their target price on shares of ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. TD Cowen upped their price target on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Finally, StockNews.com lowered shares of ServiceNow from a “buy” rating to a “hold” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and a consensus price target of $1,129.72.

ServiceNow Stock Performance

NOW opened at $1,008.63 on Wednesday. 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 cap of $207.78 billion, a PE ratio of 147.68, a price-to-earnings-growth ratio of 4.76 and a beta of 0.99. The stock has a 50-day moving average of $1,079.78 and a 200-day moving average of $968.21. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, equities research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors has initiated a stock repurchase program 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 buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Activity at ServiceNow

In related news, General Counsel Russell S. Elmer sold 336 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total transaction of $341,896.80. Following the completion of the sale, the general counsel now owns 4,332 shares in the company, valued at $4,408,026.60. This represents a 7.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Nicholas Tzitzon sold 313 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $333,219.80. Following the completion of the sale, the insider now directly owns 3,649 shares in the company, valued at $3,884,725.40. This trade represents a 7.90 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,809 shares of company stock worth $25,174,184. 0.25% of the stock is owned by insiders.

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.