Sheets Smith Investment Management Purchases Shares of 1,073 ServiceNow, Inc. (NYSE:NOW)

Sheets Smith Investment Management acquired a new stake in ServiceNow, Inc. (NYSE:NOW) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 1,073 shares of the information technology services provider’s stock, valued at approximately $1,138,000.

Other hedge funds also recently made changes to their positions in the company. Atala Financial Inc acquired a new stake in shares of ServiceNow in the fourth quarter valued at approximately $28,000. LFA Lugano Financial Advisors SA acquired a new stake in shares of ServiceNow in the fourth quarter valued at approximately $32,000. Noble Wealth Management PBC acquired a new stake in ServiceNow during the 4th quarter worth approximately $34,000. Truvestments Capital LLC acquired a new stake in ServiceNow during the 3rd quarter worth approximately $30,000. Finally, FPC Investment Advisory Inc. lifted its holdings in ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after purchasing an additional 29 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. UBS Group dropped their price target on ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating for the company in a report on Tuesday, March 11th. Piper Sandler lifted their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Citigroup dropped their price target on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. KeyCorp cut ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. Finally, JPMorgan Chase & Co. lifted their price objective on ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $1,100.31.

Insider Buying and Selling

In other ServiceNow news, insider Jacqueline P. Canney sold 292 shares of ServiceNow stock in a transaction dated 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 transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,080,123.85. The trade was a 8.80 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the transaction, the insider now directly owns 3,649 shares in the company, valued at $3,370,654.28. The trade was a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock worth $20,050,076 in the last 90 days. Insiders own 0.25% of the company’s stock.

ServiceNow Trading Up 0.5 %

Shares of NOW stock opened at $827.92 on Monday. The firm has a market capitalization of $170.55 billion, a P/E ratio of 121.22, a P/E/G ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock’s fifty day simple moving average is $971.31 and its 200 day simple moving average is $985.39.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data 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%. As a group, sell-side analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its Board of Directors has approved a stock buyback program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

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.