Uniting Wealth Partners LLC Buys New Position in ServiceNow, Inc. (NYSE:NOW)

Uniting Wealth Partners LLC purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW) during the 4th quarter, Holdings Channel reports. The fund purchased 2,000 shares of the information technology services provider’s stock, valued at approximately $2,120,000. ServiceNow makes up approximately 1.0% of Uniting Wealth Partners LLC’s investment portfolio, making the stock its 13th largest holding.

A number of other large investors also recently modified their holdings of NOW. United Bank bought a new position in shares of ServiceNow in the third quarter valued at $480,000. Arete Wealth Advisors LLC grew its position in shares of ServiceNow by 47.4% in the 3rd quarter. Arete Wealth Advisors LLC now owns 1,555 shares of the information technology services provider’s stock valued at $1,387,000 after acquiring an additional 500 shares during the period. Atom Investors LP raised its holdings in shares of ServiceNow by 20.0% in the 3rd quarter. Atom Investors LP now owns 1,339 shares of the information technology services provider’s stock valued at $1,198,000 after purchasing an additional 223 shares during the period. IHT Wealth Management LLC lifted its stake in ServiceNow by 29.4% in the 3rd quarter. IHT Wealth Management LLC now owns 5,328 shares of the information technology services provider’s stock valued at $4,742,000 after purchasing an additional 1,211 shares during the last quarter. Finally, Motley Fool Asset Management LLC grew its holdings in ServiceNow by 5.7% during the third quarter. Motley Fool Asset Management LLC now owns 9,479 shares of the information technology services provider’s stock worth $8,220,000 after purchasing an additional 515 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently issued reports on NOW. Robert W. Baird cut their price objective on ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating for the company in a research report on Wednesday, March 26th. The Goldman Sachs Group increased their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Raymond James initiated coverage on shares of ServiceNow in a research report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 target price on the stock. Royal Bank of Canada set a $986.00 price target on shares of ServiceNow in a research report on Tuesday, March 11th. Finally, JPMorgan Chase & Co. raised their price objective on ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have given a buy rating to the company’s stock. According to MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and a consensus target price of $1,087.21.

ServiceNow Trading Up 1.6 %

NOW opened at $824.64 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The company’s 50 day moving average price is $933.06 and its two-hundred day moving average price is $982.64. The firm has a market capitalization of $169.88 billion, a price-to-earnings ratio of 120.74, a PEG ratio of 4.51 and a beta of 1.03.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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 predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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

Insider Activity

In other ServiceNow news, CFO Gina Mastantuono sold 4,442 shares of the stock in a transaction that occurred 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 completion of the sale, 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 292 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the completion of the transaction, the insider now owns 3,027 shares in the company, valued at $3,080,123.85. This trade represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,351 shares of company stock valued at $20,050,076. Company 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.