Central Asset Investments & Management Holdings HK Ltd Takes $3.05 Million Position in ServiceNow, Inc. (NYSE:NOW)

Central Asset Investments & Management Holdings HK Ltd purchased a new position in ServiceNow, Inc. (NYSE:NOW) during the fourth quarter, Holdings Channel.com reports. The firm purchased 2,874 shares of the information technology services provider’s stock, valued at approximately $3,047,000. ServiceNow accounts for approximately 1.9% of Central Asset Investments & Management Holdings HK Ltd’s portfolio, making the stock its 13th largest position.

Several other institutional investors have also made changes to their positions in NOW. Modera Wealth Management LLC acquired a new stake in shares of ServiceNow in the third quarter worth $244,000. Pallas Capital Advisors LLC boosted its position in ServiceNow by 8.0% during the 3rd quarter. Pallas Capital Advisors LLC now owns 2,410 shares of the information technology services provider’s stock worth $2,305,000 after acquiring an additional 179 shares during the period. Strategic Blueprint LLC acquired a new stake in ServiceNow during the 3rd quarter worth about $241,000. Valmark Advisers Inc. boosted its holdings in shares of ServiceNow by 6.0% during the third quarter. Valmark Advisers Inc. now owns 2,332 shares of the information technology services provider’s stock worth $2,086,000 after purchasing an additional 133 shares during the period. Finally, Fidelis Capital Partners LLC grew its position in ServiceNow by 6.9% during the third quarter. Fidelis Capital Partners LLC now owns 1,277 shares of the information technology services provider’s stock valued at $1,159,000 after purchasing an additional 82 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other ServiceNow news, CFO Gina Mastantuono sold 4,442 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the completion of the transaction, the chief financial officer now directly owns 11,126 shares in the company, valued at $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Paul Edward Chamberlain sold 300 shares of the business’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $1,047.95, for a total transaction of $314,385.00. Following the completion of the sale, the director now owns 10,467 shares in the company, valued at $10,968,892.65. This represents a 2.79 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 17,706 shares of company stock valued at $17,644,106 over the last quarter. Corporate insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on NOW. Oppenheimer upped their price target 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. Piper Sandler upped their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Needham & Company LLC lifted their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a report on Thursday, January 30th. JPMorgan Chase & Co. increased their price objective on ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. Finally, Wells Fargo & Company raised their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

ServiceNow Trading Up 2.1 %

ServiceNow stock opened at $941.79 on Thursday. The business has a 50 day moving average price of $1,044.39 and a two-hundred day moving average price of $981.23. 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, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The stock has a market cap of $194.01 billion, a price-to-earnings ratio of 137.89, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting 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 forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has approved a stock repurchase program on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

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.