Ieq Capital LLC Purchases 1,018 Shares of ServiceNow, Inc. (NYSE:NOW)

Ieq Capital LLC lifted its position in shares of ServiceNow, Inc. (NYSE:NOW) by 4.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 23,142 shares of the information technology services provider’s stock after acquiring an additional 1,018 shares during the quarter. Ieq Capital LLC’s holdings in ServiceNow were worth $24,533,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. OLD National Bancorp IN increased its holdings in ServiceNow by 2.8% in the third quarter. OLD National Bancorp IN now owns 597 shares of the information technology services provider’s stock valued at $534,000 after purchasing an additional 16 shares during the last quarter. Foundations Investment Advisors LLC increased its holdings in ServiceNow by 19.3% in the third quarter. Foundations Investment Advisors LLC now owns 624 shares of the information technology services provider’s stock valued at $558,000 after purchasing an additional 101 shares during the last quarter. Oakworth Capital Inc. increased its holdings in ServiceNow by 46.7% in the third quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after purchasing an additional 14 shares during the last quarter. Calton & Associates Inc. bought a new stake in ServiceNow in the third quarter valued at about $291,000. Finally, Segment Wealth Management LLC increased its holdings in ServiceNow by 39.3% in the third quarter. Segment Wealth Management LLC now owns 709 shares of the information technology services provider’s stock valued at $634,000 after purchasing an additional 200 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $986.61 on Thursday. The stock has a 50 day moving average price of $1,061.97 and a 200 day moving average price of $976.06. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week 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. The stock has a market capitalization of $203.24 billion, a PE ratio of 144.45, a price-to-earnings-growth ratio of 4.59 and a beta of 0.99.

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, meeting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has initiated a stock repurchase plan on Wednesday, January 29th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows 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 leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research firms recently commented on NOW. Stifel Nicolaus upped their price objective on ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a report on Thursday, October 24th. JPMorgan Chase & Co. upped their price objective on ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Guggenheim reiterated a “sell” rating and issued a $716.00 price objective on shares of ServiceNow in a report on Wednesday, January 22nd. Piper Sandler boosted their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Jefferies Financial Group decreased their target price on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and an average price target of $1,129.72.

Insider Activity at ServiceNow

In other ServiceNow news, insider Paul John Smith sold 2,404 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $980.05, for a total value of $2,356,040.20. Following the sale, the insider now owns 6,244 shares in the company, valued at $6,119,432.20. This represents a 27.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Anita M. Sands sold 2,229 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the completion of the sale, the director now owns 11,000 shares in the company, valued at $11,710,600. This represents a 16.85 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,806 shares of company stock valued at $16,065,122. Insiders own 0.25% of the company’s stock.

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.