Turning Point Benefit Group Inc. Invests $718,000 in ServiceNow, Inc. (NYSE:NOW)

Turning Point Benefit Group Inc. bought a new stake in ServiceNow, Inc. (NYSE:NOW) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 707 shares of the information technology services provider’s stock, valued at approximately $718,000. ServiceNow makes up about 0.7% of Turning Point Benefit Group Inc.’s investment portfolio, making the stock its 21st largest holding.

Other hedge funds have also added to or reduced their stakes in the company. Truvestments Capital LLC bought a new position in ServiceNow in the third quarter valued at $30,000. DT Investment Partners LLC grew its position in ServiceNow by 77.3% in the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after purchasing an additional 17 shares in the last quarter. Heck Capital Advisors LLC bought a new position in ServiceNow in the fourth quarter valued at $37,000. Stonebridge Financial Group LLC bought a new position in ServiceNow in the fourth quarter valued at $37,000. Finally, Bank of Jackson Hole Trust bought a new position in ServiceNow in the fourth quarter valued at $40,000. Institutional investors own 87.18% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on NOW. KeyCorp downgraded shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. Robert W. Baird decreased their price objective on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a research report on Thursday, January 30th. JMP Securities reissued a “market outperform” rating and issued a $1,300.00 price objective on shares of ServiceNow in a research report on Thursday, January 30th. Cantor Fitzgerald initiated coverage on shares of ServiceNow in a research report on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 price objective for the company. Finally, JPMorgan Chase & Co. lifted their price objective on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, ServiceNow has an average rating of “Moderate Buy” and an average target price of $1,129.72.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $937.79 on Friday. 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 company has a 50-day simple moving average of $1,054.69 and a two-hundred day simple moving average of $977.09. The stock has a market capitalization of $193.18 billion, a price-to-earnings ratio of 137.30, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99.

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 the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has initiated a stock repurchase plan 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 plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity

In other news, insider Nicholas Tzitzon sold 313 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $333,219.80. Following the completion of the transaction, the insider now directly owns 3,649 shares in the company, valued at approximately $3,884,725.40. The trade was a 7.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul John Smith sold 2,404 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $980.05, for a total transaction of $2,356,040.20. Following the completion of the transaction, the insider now owns 6,244 shares of the company’s stock, valued at $6,119,432.20. The trade was a 27.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,806 shares of company stock worth $16,065,122. 0.25% of the stock is currently owned by corporate insiders.

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.