ServiceNow, Inc. (NYSE:NOW) Shares Purchased by United Bank

United Bank boosted its position in ServiceNow, Inc. (NYSE:NOW) by 46.0% in the 4th quarter, HoldingsChannel.com reports. The firm owned 784 shares of the information technology services provider’s stock after buying an additional 247 shares during the period. United Bank’s holdings in ServiceNow were worth $831,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in NOW. Atala Financial Inc acquired a new position in shares of ServiceNow in the fourth quarter worth $28,000. LFA Lugano Financial Advisors SA purchased a new position in ServiceNow during the fourth quarter worth approximately $32,000. Noble Wealth Management PBC acquired a new position in ServiceNow in the fourth quarter valued at $34,000. FPC Investment Advisory Inc. lifted its stake in shares of ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after purchasing an additional 29 shares in the last quarter. Finally, Heck Capital Advisors LLC purchased a new stake in ServiceNow during the fourth quarter worth approximately $37,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Activity

In other news, CFO Gina Mastantuono sold 4,442 shares of the stock in a transaction dated 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. This represents a 28.53 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the transaction, the insider now directly owns 3,649 shares in the company, valued at approximately $3,370,654.28. This represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock worth $20,050,076 in the last 90 days. Company insiders own 0.25% of the company’s stock.

ServiceNow Price Performance

Shares of NYSE:NOW opened at $796.61 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The company has a market capitalization of $164.10 billion, a PE ratio of 116.63, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The stock has a fifty day moving average of $950.30 and a 200-day moving average of $984.09. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting 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, equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its board has approved a share repurchase program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of research firms have recently issued reports on NOW. Truist Financial increased their target price on ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research note on Thursday, December 12th. UBS Group dropped their target price on shares of ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating for the company in a research report on Tuesday, March 11th. Canaccord Genuity Group restated a “buy” rating and set a $1,275.00 price objective on shares of ServiceNow in a research note on Tuesday, March 11th. Redburn Atlantic assumed coverage on shares of ServiceNow in a report on Wednesday, February 19th. They issued a “buy” rating on the stock. Finally, Scotiabank reduced their price target on shares of ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating for the company in a report on Monday, March 17th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $1,093.76.

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.