Horizon Investments LLC Acquires 1,619 Shares of ServiceNow, Inc. (NYSE:NOW)

Horizon Investments LLC increased its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 35.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,212 shares of the information technology services provider’s stock after acquiring an additional 1,619 shares during the quarter. Horizon Investments LLC’s holdings in ServiceNow were worth $6,585,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of NOW. Advisors Asset Management Inc. boosted its stake in shares of ServiceNow by 5.8% in the 4th quarter. Advisors Asset Management Inc. now owns 11,118 shares of the information technology services provider’s stock valued at $11,786,000 after purchasing an additional 611 shares in the last quarter. RD Lewis Holdings Inc. bought a new stake in ServiceNow during the 4th quarter worth approximately $832,000. BlackDiamond Wealth Management LLC boosted its position in ServiceNow by 21.4% during the 4th quarter. BlackDiamond Wealth Management LLC now owns 233 shares of the information technology services provider’s stock worth $247,000 after acquiring an additional 41 shares during the last quarter. Cassady Schiller Wealth Management LLC boosted its holdings in shares of ServiceNow by 44.0% in the 4th quarter. Cassady Schiller Wealth Management LLC now owns 36 shares of the information technology services provider’s stock valued at $38,000 after buying an additional 11 shares during the last quarter. Finally, Signaturefd LLC lifted its holdings in ServiceNow by 4.6% during the 4th quarter. Signaturefd LLC now owns 4,133 shares of the information technology services provider’s stock valued at $4,381,000 after purchasing an additional 183 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

Insider Transactions at ServiceNow

In other news, CEO William R. Mcdermott sold 1,263 shares of the business’s 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 transaction of $1,287,123.30. Following the transaction, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at approximately $2,644,564.50. The trade was a 32.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jacqueline P. Canney sold 455 shares of the company’s 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 completion of the sale, the insider now directly owns 3,027 shares in the company, valued at approximately $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is owned by corporate insiders.

Analyst Ratings Changes

NOW has been the topic of a number of recent analyst reports. Wells Fargo & Company raised their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Truist Financial boosted their price objective on ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a report on Thursday, December 12th. The Goldman Sachs Group upped their price target on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research report on Friday, January 10th. 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, Cantor Fitzgerald restated an “overweight” rating and set a $1,048.00 target price on shares of ServiceNow in a report on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,108.03.

ServiceNow Stock Performance

Shares of NOW stock opened at $843.03 on Tuesday. The company has a market cap of $173.66 billion, a price-to-earnings ratio of 123.43, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm has a 50 day moving average of $988.28 and a 200-day moving average of $985.78.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data 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%. On average, equities analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its board has approved a share repurchase program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

ServiceNow 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.