RPG Investment Advisory LLC Cuts Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

RPG Investment Advisory LLC decreased its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 0.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,170 shares of the information technology services provider’s stock after selling 24 shares during the quarter. ServiceNow accounts for approximately 2.2% of RPG Investment Advisory LLC’s portfolio, making the stock its 15th largest position. RPG Investment Advisory LLC’s holdings in ServiceNow were worth $16,082,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Avidian Wealth Enterprises LLC boosted its stake in ServiceNow by 1.8% in the fourth 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 in the last quarter. Redhawk Wealth Advisors Inc. boosted its stake in ServiceNow by 2.2% in the fourth 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 in the last quarter. Catalyst Financial Partners LLC boosted its stake in ServiceNow by 1.0% in the third 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 in the last quarter. Institute for Wealth Management LLC. boosted its stake in ServiceNow by 0.4% in 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 buying an additional 11 shares in the last quarter. Finally, TBH Global Asset Management LLC boosted its stake in ServiceNow by 3.8% in the fourth quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock worth $320,000 after buying an additional 11 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

NOW opened at $937.79 on Monday. The stock has a fifty day simple moving average of $1,054.69 and a two-hundred day simple moving average of $979.81. 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 company has a market cap of $193.18 billion, a price-to-earnings ratio of 137.30, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total value of $481,635.70. Following the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. This represents a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William R. Mcdermott sold 384 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $986.64, for a total value of $378,869.76. Following the completion of the sale, the chief executive officer now directly owns 6,614 shares in the company, valued at approximately $6,525,636.96. This represents a 5.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,264 shares of company stock worth $13,358,909. 0.25% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on NOW. JMP Securities reaffirmed a “market outperform” rating and issued a $1,300.00 target price on shares of ServiceNow in a research note on Thursday, January 30th. Cantor Fitzgerald started coverage on ServiceNow in a research note on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 target price for the company. Guggenheim reiterated a “sell” rating and issued a $716.00 price objective on shares of ServiceNow in a research report on Wednesday, January 22nd. Wells Fargo & Company boosted their price objective on ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Finally, Scotiabank started coverage on ServiceNow in a research report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price objective for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $1,129.72.

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.