Valeo Financial Advisors LLC Acquires 65 Shares of ServiceNow, Inc. (NYSE:NOW)

Valeo Financial Advisors LLC increased its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 3.2% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 2,070 shares of the information technology services provider’s stock after purchasing an additional 65 shares during the quarter. Valeo Financial Advisors LLC’s holdings in ServiceNow were worth $2,194,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. AustralianSuper Pty Ltd grew its holdings in ServiceNow by 1.7% during the fourth quarter. AustralianSuper Pty Ltd now owns 286,709 shares of the information technology services provider’s stock valued at $303,946,000 after purchasing an additional 4,874 shares during the period. Campbell Wealth Management acquired a new position in ServiceNow during the fourth quarter valued at approximately $218,000. Asset Planning Inc acquired a new position in ServiceNow during the fourth quarter valued at approximately $64,000. Vicus Capital acquired a new position in ServiceNow during the fourth quarter valued at approximately $522,000. Finally, Banque Pictet & Cie SA acquired a new position in ServiceNow during the fourth quarter valued at approximately $516,000. 87.18% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

NOW has been the subject of a number of analyst reports. The Goldman Sachs Group boosted their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a report on Friday, January 10th. TD Cowen boosted their price objective on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. 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 report on Thursday, January 30th. Scotiabank initiated coverage on shares of ServiceNow in a report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price target for the company. Finally, JPMorgan Chase & Co. upped their price target on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. One research 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 given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $1,129.72.

Insiders Place Their Bets

In other news, CEO William R. Mcdermott sold 12,271 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total value of $12,242,408.57. Following the transaction, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at $2,588,953.65. This represents a 82.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Russell S. Elmer sold 81 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $1,016.54, for a total transaction of $82,339.74. Following the completion of the transaction, the general counsel now directly owns 6,843 shares in the company, valued at $6,956,183.22. The trade was a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 23,257 shares of company stock valued at $23,579,376. 0.25% of the stock is currently owned by corporate insiders.

ServiceNow Stock Performance

NYSE NOW opened at $985.67 on Friday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm’s fifty day moving average price is $1,070.53 and its two-hundred day moving average price is $971.00. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The firm has a market capitalization of $203.05 billion, a P/E ratio of 144.31, a price-to-earnings-growth ratio of 4.76 and a beta of 0.99.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (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%. As a group, research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

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

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.