Cookson Peirce & Co. Inc. Raises Stake in ServiceNow, Inc. (NYSE:NOW)

Cookson Peirce & Co. Inc. boosted its holdings in ServiceNow, Inc. (NYSE:NOW) by 182.1% during the fourth quarter, Holdings Channel.com reports. The firm owned 1,399 shares of the information technology services provider’s stock after acquiring an additional 903 shares during the quarter. Cookson Peirce & Co. Inc.’s holdings in ServiceNow were worth $1,483,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in NOW. World Investment Advisors LLC increased its position in ServiceNow by 499,668.1% during the 3rd quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock valued at $4,268,731,000 after buying an additional 4,771,830 shares in the last quarter. Bank of Montreal Can increased its holdings in shares of ServiceNow by 216.6% during the third quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider’s stock valued at $1,206,178,000 after acquiring an additional 935,848 shares in the last quarter. Proficio Capital Partners LLC boosted its stake in ServiceNow by 154,255.3% in the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock worth $667,000 after purchasing an additional 666,383 shares in the last quarter. Alphinity Investment Management Pty Ltd purchased a new stake in ServiceNow during the 4th quarter valued at about $682,468,000. Finally, Wellington Management Group LLP increased its stake in ServiceNow by 24.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock valued at $2,834,797,000 after purchasing an additional 615,797 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

Insider Activity at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,204,200.58. This trade represents a 13.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel Russell S. Elmer sold 2,511 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $1,012.09, for a total transaction of $2,541,357.99. Following the completion of the transaction, the general counsel now directly owns 4,332 shares in the company, valued at $4,384,373.88. This trade represents a 36.69 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is owned by company insiders.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $906.15 on Wednesday. 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, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The firm has a fifty day moving average price of $1,030.51 and a 200-day moving average price of $985.06. The stock has a market cap of $186.67 billion, a PE ratio of 132.67, a price-to-earnings-growth ratio of 4.51 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 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%. Equities analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its Board of Directors has authorized a share buyback 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 reacquire up to 1.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on NOW shares. Raymond James started coverage on shares of ServiceNow in a report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price target on the stock. Citigroup reduced their target price on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. Truist Financial increased their price objective on ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research report on Thursday, December 12th. Cantor Fitzgerald initiated coverage on ServiceNow in a report on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 price objective for the company. Finally, JPMorgan Chase & Co. upped their target price on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. One equities research 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,129.72.

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.