Modern Wealth Management LLC Has $363,000 Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Modern Wealth Management LLC grew its stake in ServiceNow, Inc. (NYSE:NOW) by 6.9% during the fourth quarter, HoldingsChannel.com reports. The firm owned 355 shares of the information technology services provider’s stock after buying an additional 23 shares during the period. Modern Wealth Management LLC’s holdings in ServiceNow were worth $363,000 at the end of the most recent quarter.

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

Insider Activity

In related news, CFO Gina Mastantuono sold 4,442 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $964.70, for a total value of $4,285,197.40. Following the sale, the chief financial officer now directly owns 11,126 shares in the company, valued at $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at 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 Trading Down 1.2 %

Shares of NYSE NOW opened at $828.73 on Friday. The firm has a 50 day moving average price of $955.81 and a two-hundred day moving average price of $983.64. The stock has a market cap of $170.72 billion, a P/E ratio of 121.34, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

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

ServiceNow declared that its board has authorized a stock buyback 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 shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Raymond James assumed coverage on shares of ServiceNow in a research report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price target on the stock. Citigroup reduced their target price on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. Scotiabank lowered their price target on ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating for the company in a report on Monday, March 17th. Robert W. Baird dropped their price target on ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating on the stock in a research report on Wednesday. Finally, Mizuho decreased their price objective on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a research report on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $1,093.76.

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.