Concurrent Investment Advisors LLC Buys 328 Shares of ServiceNow, Inc. (NYSE:NOW)

Concurrent Investment Advisors LLC lifted its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 12.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,962 shares of the information technology services provider’s stock after purchasing an additional 328 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in ServiceNow were worth $3,140,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Avidian Wealth Enterprises LLC raised its stake in shares of ServiceNow by 1.8% during the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock valued at $527,000 after purchasing an additional 9 shares during the period. Redhawk Wealth Advisors Inc. raised its stake in shares of ServiceNow by 2.2% during the 4th quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $487,000 after purchasing an additional 10 shares during the period. Catalyst Financial Partners LLC raised its stake in shares of 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 valued at $1,025,000 after purchasing an additional 11 shares during the period. Institute for Wealth Management LLC. raised its stake in shares of 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 valued at $2,779,000 after purchasing an additional 11 shares during the period. Finally, TBH Global Asset Management LLC raised its stake in shares of ServiceNow by 3.8% during the 4th quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock valued at $320,000 after purchasing an additional 11 shares during the period. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Trading Down 1.9 %

Shares of NOW stock opened at $968.19 on Friday. The stock has a market capitalization of $199.45 billion, a PE ratio of 141.76, a P/E/G ratio of 4.64 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 business has a 50-day moving average of $1,058.36 and a 200 day moving average of $976.01. 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 issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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%. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its board has authorized a share repurchase plan on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on NOW shares. Citigroup decreased their target price on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. JMP Securities restated a “market outperform” rating and issued a $1,300.00 target price on shares of ServiceNow in a research note on Thursday, January 30th. Canaccord Genuity Group upped their target price on ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Royal Bank of Canada restated an “outperform” rating and issued a $1,210.00 target price on shares of ServiceNow in a research note on Thursday, January 30th. Finally, JPMorgan Chase & Co. upped their target price on ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.72.

Insider Activity at ServiceNow

In other ServiceNow news, insider Nicholas Tzitzon sold 313 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $333,219.80. Following the completion of the sale, the insider now owns 3,649 shares in the company, valued at approximately $3,884,725.40. This trade represents a 7.90 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction that occurred 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 approximately $2,644,564.50. This trade represents a 32.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,806 shares of company stock worth $16,065,122 in the last ninety days. 0.25% of the stock is owned by company insiders.

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.