321 Shares in ServiceNow, Inc. (NYSE:NOW) Bought by Bestgate Wealth Advisors LLC

Bestgate Wealth Advisors LLC purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 321 shares of the information technology services provider’s stock, valued at approximately $340,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Fox Hill Wealth Management boosted its holdings in ServiceNow by 43.0% during the fourth quarter. Fox Hill Wealth Management now owns 675 shares of the information technology services provider’s stock worth $716,000 after buying an additional 203 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in ServiceNow by 51.9% during the fourth quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 55,334 shares of the information technology services provider’s stock worth $58,742,000 after buying an additional 18,905 shares in the last quarter. Xponance Inc. boosted its holdings in ServiceNow by 2.7% during the fourth quarter. Xponance Inc. now owns 53,036 shares of the information technology services provider’s stock worth $56,225,000 after buying an additional 1,402 shares in the last quarter. OPTIMAS CAPITAL Ltd purchased a new stake in ServiceNow during the fourth quarter worth $1,696,000. Finally, Generali Asset Management SPA SGR purchased a new stake in ServiceNow during the fourth quarter worth $20,057,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Price Performance

Shares of NOW opened at $830.11 on Wednesday. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The stock has a market cap of $171.00 billion, a PE ratio of 121.54, a P/E/G ratio of 4.51 and a beta of 1.03. The firm has a 50-day simple moving average of $983.82 and a two-hundred day simple moving average of $985.60. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. As a group, analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its board has approved a stock buyback plan 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 buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at ServiceNow

In other news, CFO Gina Mastantuono sold 4,442 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the completion of the transaction, the chief financial officer now owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. This trade represents a 28.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. The trade was a 44.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,351 shares of company stock worth $20,050,076 over the last three months. Insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

NOW has been the topic of several recent analyst reports. Oppenheimer increased their price objective 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. Needham & Company LLC increased their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a report on Thursday, January 30th. UBS Group decreased their price objective on shares of ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating on the stock in a report on Tuesday, March 11th. Piper Sandler increased their price objective on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Finally, Mizuho decreased their price objective on shares of ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a report on Tuesday, March 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have issued a buy rating to the company. According to MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and an average target price of $1,100.31.

ServiceNow Company 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.