Panoramic Capital Partners LLC Takes $294,000 Position in ServiceNow, Inc. (NYSE:NOW)

Panoramic Capital Partners LLC bought a new stake in shares of ServiceNow, Inc. (NYSE:NOW) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 277 shares of the information technology services provider’s stock, valued at approximately $294,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Redhawk Wealth Advisors Inc. grew its holdings in 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 buying an additional 10 shares in the last quarter. Catalyst Financial Partners LLC raised its stake in shares of ServiceNow by 1.0% in the 3rd quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider’s stock valued at $1,025,000 after acquiring an additional 11 shares during the period. Institute for Wealth Management LLC. lifted its stake in ServiceNow by 0.4% during the fourth quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock worth $2,779,000 after purchasing an additional 11 shares in the last quarter. Capital Advisors Ltd. LLC boosted its holdings in ServiceNow by 14.6% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 94 shares of the information technology services provider’s stock valued at $84,000 after acquiring an additional 12 shares during the period. Finally, BluePointe Capital Management LLC grew its holdings in shares of ServiceNow by 0.6% in the third quarter. BluePointe Capital Management LLC now owns 2,014 shares of the information technology services provider’s stock valued at $1,801,000 after purchasing an additional 12 shares in the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at ServiceNow

In other news, insider Jacqueline P. Canney sold 66 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $1,048.29, for a total transaction of $69,187.14. Following the completion of the transaction, the insider now owns 3,027 shares of the company’s stock, valued at $3,173,173.83. This represents a 2.13 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William R. Mcdermott sold 12,271 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,588,953.65. This represents a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 20,702 shares of company stock worth $20,965,306. Insiders own 0.25% of the company’s stock.

ServiceNow Stock Up 1.3 %

NOW opened at $1,021.52 on Tuesday. The business’s fifty day simple moving average is $1,080.32 and its 200 day simple moving average is $966.85. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The firm has a market cap of $210.43 billion, a P/E ratio of 149.56, a PEG ratio of 4.76 and a beta of 0.99. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, hitting 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, equities research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its Board of Directors has authorized a share buyback plan on Wednesday, January 29th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Raymond James initiated coverage on ServiceNow in a research report on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 price target on the stock. Guggenheim reaffirmed a “sell” rating and set a $716.00 price objective on shares of ServiceNow in a report on Wednesday, January 22nd. Barclays upped their price target on shares of ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Jefferies Financial Group lowered their target price on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. Finally, StockNews.com cut shares of ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and an average target price of $1,129.72.

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.