PDS Planning Inc Cuts Stake in ServiceNow, Inc. (NYSE:NOW)

PDS Planning Inc reduced its stake in ServiceNow, Inc. (NYSE:NOW) by 0.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,277 shares of the information technology services provider’s stock after selling 14 shares during the period. PDS Planning Inc’s holdings in ServiceNow were worth $3,474,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of NOW. RD Lewis Holdings Inc. purchased a new stake in shares of ServiceNow during the fourth quarter valued at $832,000. BlackDiamond Wealth Management LLC boosted its position in shares of ServiceNow by 21.4% during the fourth quarter. BlackDiamond Wealth Management LLC now owns 233 shares of the information technology services provider’s stock valued at $247,000 after buying an additional 41 shares during the last quarter. Cassady Schiller Wealth Management LLC boosted its position in shares of ServiceNow by 44.0% during the fourth quarter. Cassady Schiller Wealth Management LLC now owns 36 shares of the information technology services provider’s stock valued at $38,000 after buying an additional 11 shares during the last quarter. Signaturefd LLC boosted its position in shares of ServiceNow by 4.6% during the fourth quarter. Signaturefd LLC now owns 4,133 shares of the information technology services provider’s stock valued at $4,381,000 after buying an additional 183 shares during the last quarter. Finally, Parallel Advisors LLC boosted its position in shares of ServiceNow by 7.6% during the fourth quarter. Parallel Advisors LLC now owns 5,470 shares of the information technology services provider’s stock valued at $5,799,000 after buying an additional 388 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on NOW shares. Needham & Company LLC increased their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. The Goldman Sachs Group increased their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Canaccord Genuity Group reissued a “buy” rating and issued a $1,275.00 target price on shares of ServiceNow in a research report on Tuesday, March 11th. JPMorgan Chase & Co. raised their target price on ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Finally, Mizuho dropped their target price on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $1,108.03.

ServiceNow Stock Down 0.2 %

Shares of NOW opened at $843.03 on Tuesday. The business’s 50 day moving average is $988.28 and its 200 day moving average is $985.78. The company has a market capitalization of $173.66 billion, a PE ratio of 123.43, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has authorized a stock buyback plan on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

Insider Transactions at ServiceNow

In other news, CFO Gina Mastantuono sold 4,442 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. The trade was a 28.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 292 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total value of $297,124.60. Following the transaction, the insider now directly owns 3,027 shares in the company, valued at approximately $3,080,123.85. This represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock valued at $20,050,076 in the last ninety days. Corporate insiders own 0.25% of the company’s stock.

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.