Longbow Finance SA Makes New $4.32 Million Investment in ServiceNow, Inc. (NYSE:NOW)

Longbow Finance SA acquired a new position in ServiceNow, Inc. (NYSE:NOW) in the 4th quarter, HoldingsChannel reports. The firm acquired 4,072 shares of the information technology services provider’s stock, valued at approximately $4,317,000.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Allworth Financial LP raised its position in shares of ServiceNow by 1.5% in the 3rd quarter. Allworth Financial LP now owns 1,113 shares of the information technology services provider’s stock worth $996,000 after acquiring an additional 16 shares in the last quarter. NorthCrest Asset Manangement LLC raised its position in shares of ServiceNow by 2.2% in the 3rd quarter. NorthCrest Asset Manangement LLC now owns 1,080 shares of the information technology services provider’s stock worth $966,000 after acquiring an additional 23 shares in the last quarter. GHP Investment Advisors Inc. raised its position in shares of ServiceNow by 108.7% in the 3rd quarter. GHP Investment Advisors Inc. now owns 192 shares of the information technology services provider’s stock worth $172,000 after acquiring an additional 100 shares in the last quarter. Modera Wealth Management LLC bought a new position in shares of ServiceNow in the 3rd quarter worth approximately $244,000. Finally, Capital Advisors Ltd. LLC raised its position in shares of ServiceNow by 14.6% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 94 shares of the information technology services provider’s stock worth $84,000 after acquiring an additional 12 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Activity at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 455 shares of the firm’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William R. Mcdermott sold 1,263 shares of the firm’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,644,564.50. This represents a 32.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 13,264 shares of company stock worth $13,358,909. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Price Performance

NYSE NOW opened at $926.32 on Tuesday. The company has a market capitalization of $190.82 billion, a PE ratio of 135.63, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99. 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 business’s fifty day moving average is $1,050.62 and its 200 day moving average is $980.72. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week 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, meeting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Sell-side analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its board has approved a share buyback plan 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 purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Needham & Company LLC increased their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. Cantor Fitzgerald initiated coverage on ServiceNow in a research report on Friday, January 17th. They set an “overweight” rating and a $1,332.00 price objective for the company. StockNews.com lowered ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th. JMP Securities reaffirmed a “market outperform” rating and set a $1,300.00 price objective on shares of ServiceNow in a research report on Thursday, January 30th. Finally, Jefferies Financial Group reduced their price objective on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and a consensus target price of $1,129.72.

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.