Cobblestone Capital Advisors LLC NY Raises Position in ServiceNow, Inc. (NYSE:NOW)

Cobblestone Capital Advisors LLC NY lifted its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 4.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 353 shares of the information technology services provider’s stock after acquiring an additional 16 shares during the quarter. Cobblestone Capital Advisors LLC NY’s holdings in ServiceNow were worth $374,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of NOW. SVB Wealth LLC purchased a new stake in ServiceNow during the 4th quarter worth about $1,672,000. Veridan Wealth LLC acquired a new position in shares of ServiceNow during the fourth quarter worth about $232,000. Private Trust Co. NA increased its stake in shares of ServiceNow by 15.2% during the fourth quarter. Private Trust Co. NA now owns 431 shares of the information technology services provider’s stock worth $457,000 after buying an additional 57 shares during the period. First American Bank increased its stake in shares of ServiceNow by 1.7% during the fourth quarter. First American Bank now owns 5,768 shares of the information technology services provider’s stock worth $6,115,000 after buying an additional 94 shares during the period. Finally, Verus Capital Partners LLC raised its holdings in ServiceNow by 63.1% in the fourth quarter. Verus Capital Partners LLC now owns 393 shares of the information technology services provider’s stock valued at $417,000 after acquiring an additional 152 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have commented on NOW. Oppenheimer increased their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Robert W. Baird dropped their target price on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a report on Thursday, January 30th. Redburn Atlantic initiated coverage on ServiceNow in a research note on Wednesday, February 19th. They issued a “buy” rating on the stock. Raymond James started coverage on ServiceNow in a research report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price objective for the company. Finally, TD Cowen raised their target price on ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.72.

ServiceNow Trading Up 0.9 %

NYSE:NOW opened at $929.56 on Friday. 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 stock’s 50 day simple moving average is $1,038.07 and its 200-day simple moving average is $982.80. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The firm has a market cap of $191.49 billion, a P/E ratio of 136.10, a PEG ratio of 4.51 and a beta of 0.99.

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

ServiceNow announced that its Board of Directors has approved a stock buyback program on Wednesday, January 29th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, insider Jacqueline P. Canney sold 455 shares of the company’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,204,200.58. This represents a 13.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the sale, the insider now owns 3,649 shares of the company’s stock, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock valued at $20,050,076 over the last ninety days. 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.