Whipplewood Advisors LLC Makes New $269,000 Investment in ServiceNow, Inc. (NYSE:NOW)

Whipplewood Advisors LLC bought a new position in ServiceNow, Inc. (NYSE:NOW) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 254 shares of the information technology services provider’s stock, valued at approximately $269,000.

A number of other large investors have also recently bought and sold shares of NOW. Checchi Capital Advisers LLC raised its holdings in shares of ServiceNow by 1.5% during the fourth quarter. Checchi Capital Advisers LLC now owns 1,481 shares of the information technology services provider’s stock valued at $1,570,000 after buying an additional 22 shares during the last quarter. Impact Investors Inc bought a new stake in shares of ServiceNow during the fourth quarter valued at approximately $1,692,000. Lake Street Advisors Group LLC raised its holdings in shares of ServiceNow by 17.4% during the fourth quarter. Lake Street Advisors Group LLC now owns 2,169 shares of the information technology services provider’s stock valued at $2,299,000 after buying an additional 322 shares during the last quarter. Kirtland Hills Capital Management LLC raised its holdings in shares of ServiceNow by 11.3% during the fourth quarter. Kirtland Hills Capital Management LLC now owns 1,504 shares of the information technology services provider’s stock valued at $1,594,000 after buying an additional 153 shares during the last quarter. Finally, Summit Wealth Group LLC bought a new stake in shares of ServiceNow during the fourth quarter valued at approximately $231,000. Institutional investors own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on NOW. Canaccord Genuity Group lifted their price target on ServiceNow from $1,200.00 to $1,275.00 and gave the company a “buy” rating in a report on Thursday, January 30th. Citigroup dropped their target price on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. Scotiabank initiated coverage on ServiceNow in a report on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 target price on the stock. Oppenheimer boosted their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Finally, Piper Sandler boosted their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.72.

Insider Transactions at ServiceNow

In other news, CFO Gina Mastantuono sold 4,442 shares of the company’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the transaction, the chief financial officer now directly owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the transaction, the insider now directly owns 3,649 shares in the company, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is owned by insiders.

ServiceNow Price Performance

Shares of NYSE:NOW opened at $920.73 on Friday. The company’s fifty day moving average is $1,041.30 and its two-hundred day moving average is $980.81. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The company has a market cap of $189.67 billion, a P/E ratio of 134.81, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Equities analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors has initiated a share buyback program 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 repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

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.