Goldstream Capital Management Ltd Has $4.91 Million Stake in ServiceNow, Inc. (NYSE:NOW)

Goldstream Capital Management Ltd grew its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 183.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,632 shares of the information technology services provider’s stock after purchasing an additional 2,998 shares during the period. ServiceNow comprises 1.4% of Goldstream Capital Management Ltd’s holdings, making the stock its 12th largest holding. Goldstream Capital Management Ltd’s holdings in ServiceNow were worth $4,910,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Avidian Wealth Enterprises LLC raised its position in ServiceNow by 1.8% during the fourth quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock valued at $527,000 after purchasing an additional 9 shares in the last quarter. Redhawk Wealth Advisors Inc. increased its position in shares of ServiceNow by 2.2% during the 4th quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $487,000 after purchasing an additional 10 shares during the last quarter. Institute for Wealth Management LLC. raised its holdings in shares of ServiceNow by 0.4% during the 4th quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock valued at $2,779,000 after buying an additional 11 shares in the last quarter. TBH Global Asset Management LLC lifted its position in ServiceNow by 3.8% in the 4th quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock worth $320,000 after buying an additional 11 shares during the last quarter. Finally, Onefund LLC boosted its stake in ServiceNow by 2.0% in the fourth quarter. Onefund LLC now owns 552 shares of the information technology services provider’s stock worth $585,000 after buying an additional 11 shares in the last quarter. 87.18% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Jacqueline P. Canney sold 354 shares of the company’s stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total value of $284,831.94. Following the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $2,435,554.47. This represents a 10.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Russell S. Elmer sold 2,511 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the sale, the general counsel now owns 4,332 shares in the company, valued at approximately $4,384,373.88. This represents a 36.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,250 shares of company stock worth $19,853,273 in the last quarter. Corporate insiders own 0.38% of the company’s stock.

ServiceNow Price Performance

NOW stock opened at $772.18 on Monday. 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 firm has a 50 day moving average price of $852.94 and a 200-day moving average price of $970.69. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The firm has a market capitalization of $159.84 billion, a price-to-earnings ratio of 113.06, a PEG ratio of 4.51 and a beta of 1.08.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data 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 return on equity of 17.11% and a net margin of 12.97%. Equities research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its board has approved a stock repurchase program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in 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 often a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on NOW. Royal Bank of Canada set a $986.00 price objective on shares of ServiceNow in a report on Tuesday, March 11th. Truist Financial lowered their price target on shares of ServiceNow from $1,100.00 to $950.00 and set a “hold” rating for the company in a research note on Monday, March 31st. Scotiabank decreased their price objective 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. Redburn Atlantic initiated coverage on ServiceNow in a report on Wednesday, February 19th. They set a “buy” rating for the company. Finally, Citigroup decreased their price target on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-eight have assigned a buy rating to the company. Based on data from MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,057.17.

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.