Physician Wealth Advisors Inc. Lowers Stake in ServiceNow, Inc. (NYSE:NOW)

Physician Wealth Advisors Inc. lowered its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 4.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,130 shares of the information technology services provider’s stock after selling 47 shares during the period. Physician Wealth Advisors Inc.’s holdings in ServiceNow were worth $1,198,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in NOW. CIBC Private Wealth Group LLC raised its holdings in ServiceNow by 248.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 90,640 shares of the information technology services provider’s stock worth $95,089,000 after acquiring an additional 64,609 shares during the last quarter. IPG Investment Advisors LLC purchased a new position in shares of ServiceNow in the fourth quarter worth $1,611,000. RWA Wealth Partners LLC lifted its holdings in shares of ServiceNow by 16.7% during the fourth quarter. RWA Wealth Partners LLC now owns 8,626 shares of the information technology services provider’s stock valued at $9,145,000 after purchasing an additional 1,237 shares in the last quarter. Schroder Investment Management Group boosted its position in shares of ServiceNow by 155.2% during the fourth quarter. Schroder Investment Management Group now owns 486,902 shares of the information technology services provider’s stock valued at $516,175,000 after buying an additional 296,096 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in ServiceNow by 193.7% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 347,949 shares of the information technology services provider’s stock worth $368,868,000 after buying an additional 229,496 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on NOW. Citigroup decreased their price objective on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. Royal Bank of Canada set a $986.00 price target on ServiceNow in a research note on Tuesday, March 11th. Needham & Company LLC increased their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. Jefferies Financial Group lowered their price objective on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. Finally, Robert W. Baird reduced their price objective on shares of ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating for the company in a research note on Wednesday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have assigned a buy rating to the company. According to MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and a consensus target price of $1,093.76.

ServiceNow Trading Down 3.8 %

Shares of NYSE:NOW opened at $796.61 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The firm has a market capitalization of $164.10 billion, a P/E ratio of 116.63, a P/E/G ratio of 4.51 and a beta of 1.03. The business’s 50-day moving average is $950.30 and its 200 day moving average is $984.09. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09.

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, meeting analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. On average, research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has authorized a share repurchase 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 reacquire up to 1.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the sale, the insider now owns 3,649 shares in the company, valued at $3,370,654.28. This represents a 44.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Gina Mastantuono sold 4,442 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $964.70, for a total transaction 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 $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock worth $20,050,076 in the last 90 days. 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.