Veridan Wealth LLC Buys New Holdings in ServiceNow, Inc. (NYSE:NOW)

Veridan Wealth LLC bought a new stake in ServiceNow, Inc. (NYSE:NOW) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 227 shares of the information technology services provider’s stock, valued at approximately $232,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Strategic Blueprint LLC acquired a new stake in ServiceNow during the third quarter worth approximately $241,000. Mutual Advisors LLC raised its holdings in ServiceNow by 8.5% during the third quarter. Mutual Advisors LLC now owns 3,804 shares of the information technology services provider’s stock worth $3,639,000 after purchasing an additional 299 shares in the last quarter. Pathway Financial Advisers LLC raised its holdings in ServiceNow by 41.8% during the third quarter. Pathway Financial Advisers LLC now owns 906 shares of the information technology services provider’s stock worth $810,000 after purchasing an additional 267 shares in the last quarter. Cornerstone Wealth Group LLC raised its holdings in ServiceNow by 1.9% during the third quarter. Cornerstone Wealth Group LLC now owns 4,924 shares of the information technology services provider’s stock worth $4,404,000 after purchasing an additional 90 shares in the last quarter. Finally, Financial Advocates Investment Management raised its holdings in ServiceNow by 5.5% during the third quarter. Financial Advocates Investment Management now owns 556 shares of the information technology services provider’s stock worth $497,000 after purchasing an additional 29 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on NOW. Raymond James assumed coverage on shares of ServiceNow in a report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price objective on the stock. KeyCorp cut shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. Oppenheimer lifted their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Citigroup cut their target price on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. Finally, Robert W. Baird cut their target price on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a 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 assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $1,129.72.

Insider Activity at ServiceNow

In other news, CEO William R. Mcdermott sold 1,263 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the completion of the transaction, the chief executive officer now owns 2,595 shares of the company’s stock, valued at $2,644,564.50. This represents a 32.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. This represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is owned by insiders.

ServiceNow Price Performance

ServiceNow stock opened at $920.73 on Friday. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week 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 firm’s 50-day simple moving average is $1,041.30 and its 200 day simple moving average is $980.81. The firm has a market capitalization of $189.67 billion, a PE ratio of 134.81, a P/E/G ratio of 4.51 and a beta of 0.99.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 EPS 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%. On average, equities research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its board has authorized a share buyback program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

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.