Sierra Ocean LLC Takes $55,000 Position in ServiceNow, Inc. (NYSE:NOW)

Sierra Ocean LLC purchased a new stake in ServiceNow, Inc. (NYSE:NOW) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 52 shares of the information technology services provider’s stock, valued at approximately $55,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Truvestments Capital LLC purchased a new position in ServiceNow during the third quarter worth about $30,000. DT Investment Partners LLC grew its position in ServiceNow by 77.3% during the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after buying an additional 17 shares in the last quarter. Heck Capital Advisors LLC purchased a new position in ServiceNow during the fourth quarter worth about $37,000. Stonebridge Financial Group LLC purchased a new position in ServiceNow during the fourth quarter worth about $37,000. Finally, Oakworth Capital Inc. grew its position in ServiceNow by 46.7% during the third quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock worth $39,000 after buying an additional 14 shares in the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Trading Down 0.4 %

NOW opened at $985.67 on Tuesday. The business has a 50 day simple moving average of $1,070.53 and a two-hundred day simple moving average of $973.32. The firm has a market capitalization of $203.05 billion, a price-to-earnings ratio of 144.31, a PEG ratio of 4.76 and a beta of 0.99. 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 one year low of $637.99 and a one year high of $1,198.09.

ServiceNow (NYSE:NOW) last posted 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%. Analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

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

Analysts Set New Price Targets

NOW has been the subject of several recent analyst reports. JMP Securities restated a “market outperform” rating and set a $1,300.00 target price on shares of ServiceNow in a research report on Thursday, January 30th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $1,210.00 price target on shares of ServiceNow in a research note on Thursday, January 30th. Barclays lifted their price target on ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Guggenheim reaffirmed a “sell” rating and set a $716.00 price target on shares of ServiceNow in a research note on Wednesday, January 22nd. Finally, Truist Financial lifted their price target on ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $1,129.72.

Insiders Place Their Bets

In other ServiceNow news, Director Anita M. Sands sold 2,229 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the transaction, the director now owns 11,000 shares in the company, valued at approximately $11,710,600. This represents a 16.85 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Russell S. Elmer sold 2,511 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the transaction, the general counsel now owns 4,332 shares in the company, valued at $4,384,373.88. This trade represents a 36.69 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,811 shares of company stock worth $11,159,073. 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.