ServiceNow, Inc. (NYSE:NOW) is Bryn Mawr Capital Management LLC’s 2nd Largest Position

Bryn Mawr Capital Management LLC raised its stake in ServiceNow, Inc. (NYSE:NOW) by 6,117.5% in the 4th quarter, Holdings Channel reports. The institutional investor owned 117,822 shares of the information technology services provider’s stock after buying an additional 115,927 shares during the period. ServiceNow accounts for approximately 4.7% of Bryn Mawr Capital Management LLC’s investment portfolio, making the stock its 2nd largest position. Bryn Mawr Capital Management LLC’s holdings in ServiceNow were worth $124,905,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Avidian Wealth Enterprises LLC grew its stake in ServiceNow by 1.8% during the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock worth $527,000 after buying an additional 9 shares during the last quarter. Redhawk Wealth Advisors Inc. grew its stake in ServiceNow by 2.2% during the 4th quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock worth $487,000 after buying an additional 10 shares during the last quarter. Catalyst Financial Partners LLC grew its stake in ServiceNow by 1.0% during the 3rd quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider’s stock worth $1,025,000 after buying an additional 11 shares during the last quarter. Institute for Wealth Management LLC. grew its stake in ServiceNow by 0.4% during the 4th quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock worth $2,779,000 after buying an additional 11 shares during the last quarter. Finally, Capital Advisors Ltd. LLC grew its stake 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 worth $84,000 after buying an additional 12 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on NOW shares. JMP Securities reaffirmed a “market outperform” rating and set a $1,300.00 price objective on shares of ServiceNow in a research report on Thursday, January 30th. Canaccord Genuity Group increased their price objective on ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. Piper Sandler increased their price objective on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Cantor Fitzgerald started coverage on ServiceNow in a research report on Friday, January 17th. They set an “overweight” rating and a $1,332.00 price objective for the company. Finally, Wells Fargo & Company increased their price objective on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and a consensus target price of $1,129.72.

ServiceNow Stock Performance

Shares of NOW stock opened at $995.97 on Wednesday. The stock has a fifty day moving average price of $1,065.18 and a 200 day moving average price of $975.99. The stock has a market cap of $205.17 billion, a PE ratio of 145.82, a P/E/G ratio of 4.59 and a beta of 0.99. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW) last released its quarterly earnings results 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 return on equity of 17.11% and a net margin of 12.97%. Sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors has approved a share 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 leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, CEO William R. Mcdermott sold 1,263 shares of ServiceNow stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at $2,644,564.50. The trade was a 32.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Larry Quinlan sold 415 shares of ServiceNow stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $1,010.46, for a total value of $419,340.90. Following the completion of the sale, the director now directly owns 1,322 shares of the company’s stock, valued at approximately $1,335,828.12. This represents a 23.89 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,811 shares of company stock valued at $11,159,073. Corporate insiders own 0.25% of the company’s stock.

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.