Interchange Capital Partners LLC Increases Position in ServiceNow, Inc. (NYSE:NOW)

Interchange Capital Partners LLC raised its position in ServiceNow, Inc. (NYSE:NOW) by 5.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 845 shares of the information technology services provider’s stock after purchasing an additional 42 shares during the quarter. Interchange Capital Partners LLC’s holdings in ServiceNow were worth $896,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Atala Financial Inc purchased a new stake in ServiceNow in the fourth quarter valued at approximately $28,000. Truvestments Capital LLC purchased a new stake in shares of ServiceNow during the third quarter worth $30,000. LFA Lugano Financial Advisors SA purchased a new stake in shares of ServiceNow during the fourth quarter worth $32,000. FPC Investment Advisory Inc. increased its position in shares of 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, Noble Wealth Management PBC purchased a new position in ServiceNow in the fourth quarter valued at $34,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Up 0.5 %

Shares of NYSE NOW opened at $827.92 on Monday. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The firm’s 50 day moving average price is $971.31 and its 200 day moving average price is $985.39. The firm has a market cap of $170.55 billion, a P/E ratio of 121.22, 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 analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its board has authorized a stock buyback plan 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 reacquire up to 1.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms recently commented on NOW. Wells Fargo & Company increased their target price on ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Canaccord Genuity Group reiterated a “buy” rating and set a $1,275.00 target price on shares of ServiceNow in a research note on Tuesday, March 11th. Oppenheimer increased their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Needham & Company LLC increased their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Finally, Redburn Atlantic assumed coverage on shares of ServiceNow in a report on Wednesday, February 19th. They issued a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $1,100.31.

Insider Buying and Selling at ServiceNow

In related news, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction on Friday, February 21st. The shares were 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 in the company, valued at approximately $10,733,252.20. The trade was a 28.53 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction 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 transaction, the insider now owns 3,027 shares in the company, valued at $3,204,200.58. The trade was a 13.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,351 shares of company stock worth $20,050,076 in the last quarter. 0.25% of the stock is owned by insiders.

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.