Great Lakes Retirement Inc. Makes New $1.02 Million Investment in ServiceNow, Inc. (NYSE:NOW)

Great Lakes Retirement Inc. purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW) in the 4th quarter, Holdings Channel reports. The firm purchased 962 shares of the information technology services provider’s stock, valued at approximately $1,020,000.

Several other hedge funds also recently bought and sold shares of the stock. Redhawk Wealth Advisors Inc. boosted its holdings in shares of ServiceNow by 2.2% during the fourth quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock worth $487,000 after purchasing an additional 10 shares during the last quarter. Catalyst Financial Partners LLC boosted its holdings in shares of ServiceNow by 1.0% during the third quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider’s stock worth $1,025,000 after purchasing an additional 11 shares during the last quarter. Institute for Wealth Management LLC. boosted its holdings in shares of ServiceNow by 0.4% during the fourth quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock worth $2,779,000 after purchasing an additional 11 shares during the last quarter. Capital Advisors Ltd. LLC boosted its holdings in shares of ServiceNow by 14.6% during the third quarter. Capital Advisors Ltd. LLC now owns 94 shares of the information technology services provider’s stock worth $84,000 after purchasing an additional 12 shares during the last quarter. Finally, BluePointe Capital Management LLC boosted its holdings in shares of ServiceNow by 0.6% during the third quarter. BluePointe Capital Management LLC now owns 2,014 shares of the information technology services provider’s stock worth $1,801,000 after purchasing an additional 12 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Down 2.7 %

Shares of NYSE NOW opened at $981.42 on Thursday. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The firm has a market cap of $202.17 billion, a price-to-earnings ratio of 143.69, a PEG ratio of 4.76 and a beta of 0.99. 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 stock’s 50-day simple moving average is $1,078.82 and its 200-day simple moving average is $969.48.

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 analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on NOW shares. Wells Fargo & Company raised their price objective on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Canaccord Genuity Group raised their price objective on ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Cantor Fitzgerald assumed coverage on ServiceNow in a report on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 target price on the stock. Mizuho lifted their target price on ServiceNow from $1,070.00 to $1,210.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Finally, Guggenheim reiterated a “sell” rating and issued a $716.00 target price on shares of ServiceNow in a report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, ServiceNow has an average rating of “Moderate Buy” and an average target price of $1,129.72.

Insider Activity at ServiceNow

In related news, General Counsel Russell S. Elmer sold 81 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $1,016.54, for a total value of $82,339.74. Following the completion of the sale, the general counsel now directly owns 6,843 shares of the company’s stock, valued at $6,956,183.22. The trade was a 1.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William R. Mcdermott sold 12,271 shares of the business’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total value of $12,242,408.57. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at approximately $2,588,953.65. This represents a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,224 shares of company stock valued at $25,593,525 over the last three months. 0.25% of the stock is owned by insiders.

ServiceNow Company 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.