FFT Wealth Management LLC Increases Stake in ServiceNow, Inc. (NYSE:NOW)

FFT Wealth Management LLC raised its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 10.1% during the 4th quarter, Holdings Channel.com reports. The firm owned 1,109 shares of the information technology services provider’s stock after acquiring an additional 102 shares during the quarter. FFT Wealth Management LLC’s holdings in ServiceNow were worth $1,176,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in NOW. State Street Corp lifted its stake in shares of ServiceNow by 2.6% during the 3rd quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider’s stock valued at $8,118,867,000 after buying an additional 226,023 shares in the last quarter. FMR LLC raised its holdings in ServiceNow by 9.9% during the 3rd quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock valued at $5,014,302,000 after acquiring an additional 502,845 shares during the period. World Investment Advisors LLC lifted its position in shares of ServiceNow by 499,668.1% during the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock worth $4,268,731,000 after acquiring an additional 4,771,830 shares in the last quarter. Geode Capital Management LLC grew its position in shares of ServiceNow by 1.9% in the third quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider’s stock valued at $3,753,828,000 after purchasing an additional 78,378 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of ServiceNow by 24.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock valued at $2,834,797,000 after purchasing an additional 615,797 shares during the period. Institutional investors own 87.18% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on NOW. JMP Securities reaffirmed a “market outperform” rating and set a $1,300.00 target price on shares of ServiceNow in a report on Thursday, January 30th. KeyCorp cut shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. TD Cowen increased their target price on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Truist Financial boosted their price target on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research report on Thursday, December 12th. Finally, Scotiabank assumed coverage on ServiceNow in a research report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price objective on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $1,129.72.

ServiceNow Stock Performance

Shares of NYSE:NOW opened at $922.14 on Wednesday. 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 company has a market cap of $189.96 billion, a price-to-earnings ratio of 135.01, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The company has a 50-day moving average price of $1,046.77 and a 200-day moving average price of $981.50.

ServiceNow (NYSE:NOW) last released 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 return on equity of 17.11% and a net margin of 12.97%. As a group, equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS 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 outstanding shares. This buyback authorization allows the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 1,263 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the transaction, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,644,564.50. This represents a 32.74 % 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, CFO Gina Mastantuono sold 4,442 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. The trade was a 28.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,706 shares of company stock worth $17,644,106 over the last quarter. Corporate insiders own 0.25% of the company’s stock.

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.