Oak Harvest Investment Services Acquires Shares of 2,439 ServiceNow, Inc. (NYSE:NOW)

Oak Harvest Investment Services purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,439 shares of the information technology services provider’s stock, valued at approximately $2,586,000.

A number of other institutional investors have also made changes to their positions in NOW. World Investment Advisors LLC increased its stake in shares of ServiceNow by 499,668.1% in 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 acquiring an additional 4,771,830 shares during the last quarter. International Assets Investment Management LLC increased its stake in ServiceNow by 89,137.0% during the 3rd quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock worth $1,059,912,000 after purchasing an additional 1,183,739 shares in the last quarter. Bank of Montreal Can raised its holdings in ServiceNow by 216.6% during the 3rd quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider’s stock worth $1,206,178,000 after buying an additional 935,848 shares during the period. Wellington Management Group LLP lifted its stake in ServiceNow by 24.1% in the third 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 buying an additional 615,797 shares in the last quarter. Finally, FMR LLC boosted its holdings in shares of ServiceNow by 9.9% in the third quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock valued at $5,014,302,000 after buying an additional 502,845 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at ServiceNow

In other news, insider Jacqueline P. Canney sold 76 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $1,010.94, for a total transaction of $76,831.44. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,060,115.38. This represents a 2.45 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,588,953.65. This trade represents a 82.54 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,731 shares of company stock worth $21,016,751. Insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on NOW. Piper Sandler raised their target price on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Truist Financial boosted their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a report on Thursday, December 12th. KeyCorp downgraded shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. Stifel Nicolaus boosted their price target on ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Finally, Robert W. Baird reduced their target price on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a research note on Thursday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $1,129.93.

ServiceNow Stock Performance

NOW opened at $1,011.67 on Friday. The company has a market cap of $208.40 billion, a price-to-earnings ratio of 148.12, a PEG ratio of 5.19 and a beta of 0.99. The company’s fifty day moving average price is $1,085.21 and its two-hundred day moving average price is $952.30. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $1.93 EPS for the quarter, missing analysts’ consensus estimates of $3.67 by ($1.74). ServiceNow had a return on equity of 17.56% and a net margin of 12.97%. On average, analysts expect that ServiceNow, Inc. will post 8.98 EPS for the current fiscal year.

ServiceNow declared that its board has authorized a stock repurchase program 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 programs are generally a sign that the company’s board believes its shares are 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.