Synergy Asset Management LLC Acquires New Stake in ServiceNow, Inc. (NYSE:NOW)

Synergy Asset Management LLC bought a new position in shares of ServiceNow, Inc. (NYSE:NOW) in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 47 shares of the information technology services provider’s stock, valued at approximately $50,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Truvestments Capital LLC acquired a new stake in ServiceNow in the 3rd quarter valued at approximately $30,000. DT Investment Partners LLC grew its stake in shares of 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 in the last quarter. Oakworth Capital Inc. raised its holdings in shares of ServiceNow by 46.7% in the third quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after purchasing an additional 14 shares during the last quarter. Dunhill Financial LLC lifted its position in shares of ServiceNow by 70.0% in the third quarter. Dunhill Financial LLC now owns 51 shares of the information technology services provider’s stock worth $46,000 after purchasing an additional 21 shares in the last quarter. Finally, Vestor Capital LLC acquired a new position in ServiceNow during the third quarter worth $48,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Buying and Selling at ServiceNow

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

ServiceNow Stock Up 0.7 %

Shares of NYSE NOW opened at $1,020.17 on Friday. The stock has a market capitalization of $210.16 billion, a P/E ratio of 149.37, a PEG ratio of 5.19 and a beta of 0.99. The stock’s fifty day moving average is $1,084.47 and its 200 day moving average is $952.71. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.56%. Sell-side analysts forecast that ServiceNow, Inc. will post 8.98 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors has authorized a share repurchase program on Wednesday, January 29th that permits the company to buyback $3.00 billion in outstanding 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 often a sign that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts have commented on NOW shares. Truist Financial boosted their price target on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research report on Thursday, December 12th. Cantor Fitzgerald started coverage on ServiceNow in a research report on Friday, January 17th. They set an “overweight” rating and a $1,332.00 price target for the company. Barclays upped their price objective on ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. StockNews.com cut shares of ServiceNow from a “buy” rating to a “hold” rating in a research note on Friday. Finally, Citigroup upped their price target on shares of ServiceNow from $1,071.00 to $1,432.00 and gave the stock a “buy” rating in a research report on Monday, January 27th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, ServiceNow has an average rating of “Moderate Buy” and an average target price of $1,129.93.

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.