Pinnacle Financial Partners Inc Buys 55 Shares of ServiceNow, Inc. (NYSE:NOW)

Pinnacle Financial Partners Inc boosted its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 0.2% during the fourth quarter, Holdings Channel reports. The fund owned 31,184 shares of the information technology services provider’s stock after acquiring an additional 55 shares during the period. ServiceNow makes up approximately 0.6% of Pinnacle Financial Partners Inc’s holdings, making the stock its 28th biggest holding. Pinnacle Financial Partners Inc’s holdings in ServiceNow were worth $31,190,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Truvestments Capital LLC bought a new stake in ServiceNow during the 3rd quarter worth about $30,000. DT Investment Partners LLC grew its holdings in ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after acquiring an additional 17 shares during the last quarter. Heck Capital Advisors LLC bought a new stake in ServiceNow during the 4th quarter worth about $37,000. Stonebridge Financial Group LLC bought a new stake in ServiceNow during the 4th quarter worth about $37,000. Finally, Bank of Jackson Hole Trust bought a new position in shares of ServiceNow in the 4th quarter valued at about $40,000. Institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

NYSE:NOW opened at $937.79 on Friday. 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 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm has a fifty day simple moving average of $1,054.69 and a 200 day simple moving average of $977.09. The stock has a market capitalization of $193.18 billion, a PE ratio of 137.30, a P/E/G ratio of 4.51 and a beta of 0.99.

ServiceNow (NYSE:NOW) last released its earnings results 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 net margin of 12.97% and a return on equity of 17.11%. On average, research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its Board of Directors has approved a stock buyback program on Wednesday, January 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several brokerages have recently issued reports on NOW. Mizuho raised their target price on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. KeyCorp lowered shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. TD Cowen increased their price target on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Raymond James assumed coverage on shares of ServiceNow in a research report on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 price target on the stock. Finally, Oppenheimer increased their price target 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. One 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 stock. According to MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and a consensus price target of $1,129.72.

Insider Transactions at ServiceNow

In other news, CEO William R. Mcdermott sold 384 shares of ServiceNow stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $986.64, for a total transaction of $378,869.76. Following the completion of the sale, the chief executive officer now owns 6,614 shares of the company’s stock, valued at approximately $6,525,636.96. This trade represents a 5.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Russell S. Elmer sold 2,511 shares of ServiceNow stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the sale, the general counsel now directly owns 4,332 shares of the company’s stock, valued at $4,384,373.88. This represents a 36.69 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 15,806 shares of company stock valued at $16,065,122. 0.25% of the stock is currently owned by corporate insiders.

ServiceNow Company 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.