Valeo Financial Advisors LLC Acquires 65 Shares of ServiceNow, Inc. (NYSE:NOW)

Valeo Financial Advisors LLC grew its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 3.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,070 shares of the information technology services provider’s stock after purchasing an additional 65 shares during the quarter. Valeo Financial Advisors LLC’s holdings in ServiceNow were worth $2,194,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of NOW. World Investment Advisors LLC raised its holdings in ServiceNow by 499,668.1% in the 3rd 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 acquiring an additional 4,771,830 shares during the period. International Assets Investment Management LLC raised its holdings in ServiceNow by 89,137.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock worth $1,059,912,000 after acquiring an additional 1,183,739 shares during the period. Bank of Montreal Can raised its holdings in ServiceNow by 216.6% in the 3rd quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider’s stock worth $1,206,178,000 after acquiring an additional 935,848 shares during the period. Wellington Management Group LLP raised its holdings in ServiceNow by 24.1% in the 3rd quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock worth $2,834,797,000 after acquiring an additional 615,797 shares during the period. Finally, FMR LLC raised its holdings in ServiceNow by 9.9% in the 3rd quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock worth $5,014,302,000 after acquiring an additional 502,845 shares during the period. Institutional investors own 87.18% of the company’s stock.

ServiceNow Trading Down 0.4 %

Shares of NOW stock opened at $985.67 on Friday. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The company has a market capitalization of $203.05 billion, a P/E ratio of 144.31, a P/E/G ratio of 4.76 and a beta of 0.99. The firm has a 50-day moving average price of $1,070.53 and a 200 day moving average price of $971.00. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last announced 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 net margin of 12.97% and a return on equity of 17.11%. Research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. The Goldman Sachs Group lifted their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Piper Sandler raised their price target 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 initiated coverage on shares of ServiceNow in a research report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price target on the stock. JPMorgan Chase & Co. raised their price target on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Finally, Morgan Stanley lowered shares of ServiceNow from an “overweight” rating to an “equal weight” rating and raised their price target for the stock from $900.00 to $960.00 in a research report on Monday, October 21st. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and an average target price of $1,129.72.

Insiders Place Their Bets

In other ServiceNow news, General Counsel Russell S. Elmer sold 2,511 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the completion of the transaction, the general counsel now directly owns 4,332 shares of the company’s stock, valued at approximately $4,384,373.88. The trade was a 36.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of the business’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the transaction, 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. Over the last three months, insiders sold 23,257 shares of company stock valued at $23,579,376. Insiders own 0.25% of the company’s stock.

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.