Abacus Planning Group Inc. Purchases New Position in ServiceNow, Inc. (NYSE:NOW)

Abacus Planning Group Inc. purchased a new position in ServiceNow, Inc. (NYSE:NOW) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 217 shares of the information technology services provider’s stock, valued at approximately $230,000.

A number of other hedge funds also recently bought and sold shares of the business. Truvestments Capital LLC purchased a new position in shares of ServiceNow during the 3rd quarter valued at approximately $30,000. Heck Capital Advisors LLC acquired a new position in ServiceNow during the fourth quarter worth $37,000. Stonebridge Financial Group LLC purchased a new position in ServiceNow during the fourth quarter valued at $37,000. Bank of Jackson Hole Trust acquired a new stake in shares of ServiceNow in the fourth quarter valued at about $40,000. Finally, DT Investment Partners LLC increased its stake in shares of ServiceNow by 77.3% during the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after purchasing an additional 17 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on NOW shares. Truist Financial raised their price target on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research note on Thursday, December 12th. JPMorgan Chase & Co. lifted their price target on ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Mizuho increased their price objective on ServiceNow from $1,070.00 to $1,210.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Oppenheimer lifted their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Finally, Barclays increased their target price on shares of ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $1,129.72.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $986.61 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The stock has a market capitalization of $203.24 billion, a price-to-earnings ratio of 144.45, a price-to-earnings-growth ratio of 4.59 and a beta of 0.99. The business has a 50-day moving average of $1,061.97 and a 200 day moving average of $976.06. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09.

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

Insiders Place Their Bets

In related news, General Counsel Russell S. Elmer sold 1,023 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $988.00, for a total transaction of $1,010,724.00. Following the sale, the general counsel now directly owns 4,332 shares in the company, valued at approximately $4,280,016. This represents a 19.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction of $333,219.80. Following the completion of the sale, the insider now directly owns 3,649 shares in the company, valued at approximately $3,884,725.40. This trade represents a 7.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,806 shares of company stock worth $16,065,122 over the last 90 days. Corporate insiders own 0.25% of the company’s stock.

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.