CFO4Life Group LLC Takes Position in ServiceNow, Inc. (NYSE:NOW)

CFO4Life Group LLC bought a new position in shares of ServiceNow, Inc. (NYSE:NOW) in the fourth quarter, HoldingsChannel reports. The institutional investor bought 235 shares of the information technology services provider’s stock, valued at approximately $249,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. LFA Lugano Financial Advisors SA acquired a new position in ServiceNow in the 4th quarter valued at $32,000. Noble Wealth Management PBC bought a new stake in shares of ServiceNow in the fourth quarter valued at about $34,000. Truvestments Capital LLC acquired a new position in shares of ServiceNow in the third quarter valued at about $30,000. FPC Investment Advisory Inc. increased its position in ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after acquiring an additional 29 shares during the period. Finally, Heck Capital Advisors LLC acquired a new stake in ServiceNow in the 4th quarter worth about $37,000. Institutional investors own 87.18% of the company’s stock.

Insider Buying and Selling

In other news, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the completion of the sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at approximately $2,644,564.50. This represents a 32.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 292 shares of the firm’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total value of $297,124.60. Following the completion of the sale, the insider now directly owns 3,027 shares in the company, valued at $3,080,123.85. The trade was a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,351 shares of company stock worth $20,050,076. Corporate insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on NOW. Mizuho lowered their target price on shares of ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a report on Tuesday. Piper Sandler increased their price target 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. Scotiabank started coverage on ServiceNow in a report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price objective for the company. TD Cowen increased their target price on ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Finally, JPMorgan Chase & Co. boosted their price target on ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and a consensus target price of $1,114.24.

ServiceNow Trading Down 4.0 %

Shares of ServiceNow stock opened at $809.58 on Friday. The stock has a market capitalization of $166.77 billion, a PE ratio of 118.53, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The stock has a 50 day moving average price of $997.51 and a two-hundred day moving average price of $983.31. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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 declared that its Board of Directors has initiated a stock buyback program 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 programs are often an indication that the company’s board of directors 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.