Catalyst Funds Management Pty Ltd Invests $1.06 Million in ServiceNow, Inc. (NYSE:NOW)

Catalyst Funds Management Pty Ltd bought a new position in ServiceNow, Inc. (NYSE:NOW) during the fourth quarter, Holdings Channel.com reports. The firm bought 1,000 shares of the information technology services provider’s stock, valued at approximately $1,060,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NOW. Hills Bank & Trust Co raised its holdings in shares of ServiceNow by 159.3% in the 4th quarter. Hills Bank & Trust Co now owns 529 shares of the information technology services provider’s stock worth $561,000 after purchasing an additional 325 shares during the period. Postrock Partners LLC bought a new stake in shares of ServiceNow in the 4th quarter worth approximately $1,068,000. Intact Investment Management Inc. raised its holdings in shares of ServiceNow by 14.5% in the 4th quarter. Intact Investment Management Inc. now owns 1,900 shares of the information technology services provider’s stock worth $2,014,000 after purchasing an additional 240 shares during the period. Left Brain Wealth Management LLC raised its holdings in shares of ServiceNow by 21.8% in the 4th quarter. Left Brain Wealth Management LLC now owns 6,196 shares of the information technology services provider’s stock worth $6,569,000 after purchasing an additional 1,111 shares during the period. Finally, Atala Financial Inc bought a new stake in shares of ServiceNow in the 4th quarter worth approximately $28,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Activity

In other ServiceNow news, insider Jacqueline P. Canney sold 455 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the completion of the transaction, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the sale, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,644,564.50. The trade was a 32.74 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,351 shares of company stock valued at $20,050,076. Insiders own 0.25% of the company’s stock.

ServiceNow Stock Up 4.2 %

Shares of NYSE:NOW opened at $845.75 on Friday. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The firm has a fifty day moving average of $992.95 and a 200 day moving average of $983.44. The firm has a market capitalization of $174.22 billion, a PE ratio of 123.83, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. 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 (NYSE:NOW) last announced its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. As a group, research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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

Analyst Upgrades and Downgrades

NOW has been the topic of a number of research reports. Robert W. Baird lowered their price target on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a report on Thursday, January 30th. Wells Fargo & Company lifted their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $1,275.00 price target on shares of ServiceNow in a report on Tuesday. JMP Securities reissued a “market outperform” rating and set a $1,300.00 target price on shares of ServiceNow in a report on Thursday, January 30th. Finally, William Blair reissued an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,114.24.

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.