Bryn Mawr Capital Management LLC Purchases 115,927 Shares of ServiceNow, Inc. (NYSE:NOW)

Bryn Mawr Capital Management LLC lifted its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 6,117.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 117,822 shares of the information technology services provider’s stock after purchasing an additional 115,927 shares during the period. ServiceNow makes up about 4.7% of Bryn Mawr Capital Management LLC’s investment portfolio, making the stock its 2nd biggest position. Bryn Mawr Capital Management LLC owned approximately 0.06% of ServiceNow worth $124,905,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of NOW. OLD National Bancorp IN boosted its holdings in shares of ServiceNow by 2.8% in the third quarter. OLD National Bancorp IN now owns 597 shares of the information technology services provider’s stock valued at $534,000 after buying an additional 16 shares during the period. Vest Financial LLC grew its position in shares of ServiceNow by 205.8% in the 3rd quarter. Vest Financial LLC now owns 994 shares of the information technology services provider’s stock valued at $889,000 after acquiring an additional 669 shares during the period. Raleigh Capital Management Inc. grew its position in shares of ServiceNow by 59.5% in the 3rd quarter. Raleigh Capital Management Inc. now owns 662 shares of the information technology services provider’s stock valued at $592,000 after acquiring an additional 247 shares during the period. Foundations Investment Advisors LLC grew its position in shares of ServiceNow by 19.3% in the 3rd quarter. Foundations Investment Advisors LLC now owns 624 shares of the information technology services provider’s stock valued at $558,000 after acquiring an additional 101 shares during the period. Finally, Oakworth Capital Inc. lifted its stake in shares of ServiceNow by 46.7% during the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock worth $39,000 after buying an additional 14 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Price Performance

Shares of NOW stock opened at $995.97 on Wednesday. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The stock’s 50-day moving average is $1,065.18 and its 200 day moving average is $975.99. The company has a market cap of $205.17 billion, a P/E ratio of 145.82, a PEG ratio of 4.59 and a beta of 0.99. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10.

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

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

Insider Buying and Selling at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,644,564.50. This trade represents a 32.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Anita M. Sands sold 2,229 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the completion of the sale, the director now owns 11,000 shares of the company’s stock, valued at approximately $11,710,600. This trade represents a 16.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,811 shares of company stock worth $11,159,073. 0.25% of the stock is owned by insiders.

Analyst Ratings Changes

NOW has been the subject of a number of research reports. TD Cowen raised their target price on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Needham & Company LLC boosted their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. Barclays lifted their price target on shares of ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Citigroup reduced their target price on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. Finally, JPMorgan Chase & Co. boosted their target price on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. One investment 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 given a strong buy rating to the company. Based on data from MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,129.72.

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.