Tcfg Wealth Management LLC Invests $230,000 in ServiceNow, Inc. (NYSE:NOW)

Tcfg Wealth Management LLC acquired a new position in ServiceNow, Inc. (NYSE:NOW) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 217 shares of the information technology services provider’s stock, valued at approximately $230,000.

Several other large investors have also recently added to or reduced their stakes in NOW. World Investment Advisors LLC increased its stake in ServiceNow by 499,668.1% during the 3rd quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock worth $4,268,731,000 after buying an additional 4,771,830 shares during the period. 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 buying an additional 1,183,739 shares during the period. Bank of Montreal Can increased its stake 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 increased its stake in ServiceNow by 24.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock worth $2,834,797,000 after buying an additional 615,797 shares during the period. Finally, FMR LLC increased its stake in ServiceNow by 9.9% during the 3rd quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock worth $5,014,302,000 after buying an additional 502,845 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Down 0.4 %

Shares of NYSE:NOW opened at $985.67 on Monday. The company has a market cap of $203.05 billion, a price-to-earnings ratio of 144.31, a PEG ratio of 4.76 and a beta of 0.99. The firm’s 50-day simple moving average is $1,070.53 and its 200-day simple moving average is $972.21. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09.

ServiceNow (NYSE:NOW) last issued 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%. As a group, equities research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its Board of Directors has initiated a share repurchase 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 buy up to 1.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

NOW has been the topic of several recent research reports. Citigroup cut their target price on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. Stifel Nicolaus increased their price objective on shares of ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. Wells Fargo & Company increased their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Morgan Stanley downgraded shares of ServiceNow from an “overweight” rating to an “equal weight” rating and increased their price objective for the company from $900.00 to $960.00 in a research report on Monday, October 21st. Finally, JPMorgan Chase & Co. increased their price objective on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and an average price target of $1,129.72.

Insider Buying and Selling

In related news, Director Anita M. Sands sold 2,229 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the sale, the director now owns 11,000 shares of the company’s stock, valued at approximately $11,710,600. The trade was a 16.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction dated 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 transaction, the chief executive officer now owns 2,595 shares of the company’s stock, valued at approximately $2,588,953.65. The trade was a 82.54 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,082 shares of company stock valued at $23,401,482. Corporate insiders own 0.25% of the company’s stock.

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.