HighPoint Advisor Group LLC Increases Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

HighPoint Advisor Group LLC raised its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 0.4% in the 4th quarter, HoldingsChannel.com reports. The firm owned 4,164 shares of the information technology services provider’s stock after purchasing an additional 16 shares during the quarter. HighPoint Advisor Group LLC’s holdings in ServiceNow were worth $4,226,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in NOW. Atala Financial Inc acquired a new position in shares of ServiceNow during the 4th quarter valued at $28,000. LFA Lugano Financial Advisors SA acquired a new stake in ServiceNow during the 4th quarter valued at approximately $32,000. FPC Investment Advisory Inc. raised its position 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. Noble Wealth Management PBC purchased a new position in shares of ServiceNow during the 4th quarter valued at approximately $34,000. Finally, Heck Capital Advisors LLC acquired a new stake in shares of ServiceNow during the fourth quarter worth approximately $37,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Trading Down 3.8 %

Shares of NYSE:NOW opened at $796.61 on Monday. The company has a 50 day moving average of $950.30 and a 200-day moving average of $984.86. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm has a market cap of $164.10 billion, a P/E ratio of 116.63, a P/E/G ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09.

ServiceNow (NYSE:NOW) last released 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, analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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

Analyst Ratings Changes

Several research firms recently issued reports on NOW. Robert W. Baird cut their price target on shares of ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating on the stock in a report on Wednesday, March 26th. JMP Securities reaffirmed a “market outperform” rating and set a $1,300.00 price target on shares of ServiceNow in a research report on Thursday, January 30th. William Blair reissued an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. Scotiabank reduced their target price on ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating on the stock in a report on Monday, March 17th. Finally, Redburn Atlantic initiated coverage on 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 assigned a buy rating to the company’s stock. According to data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and an average price target of $1,093.76.

Insiders Place Their Bets

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the transaction, the insider now owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. This trade represents a 44.66 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 value of $4,285,197.40. Following the transaction, the chief financial officer now owns 11,126 shares in the company, valued at $10,733,252.20. This represents a 28.53 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is owned by corporate insiders.

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.