Pathstone Holdings LLC Boosts Stock Position in ServiceNow, Inc. (NYSE:NOW)

Pathstone Holdings LLC raised its position in ServiceNow, Inc. (NYSE:NOW) by 0.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 34,005 shares of the information technology services provider’s stock after acquiring an additional 172 shares during the period. Pathstone Holdings LLC’s holdings in ServiceNow were worth $36,051,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Aprio Wealth Management LLC lifted its stake in shares of ServiceNow by 28.3% during the fourth quarter. Aprio Wealth Management LLC now owns 453 shares of the information technology services provider’s stock worth $480,000 after buying an additional 100 shares during the period. Matrix Trust Co purchased a new position in ServiceNow in the 4th quarter worth $159,000. Fiduciary Alliance LLC lifted its position in ServiceNow by 184.5% during the 4th quarter. Fiduciary Alliance LLC now owns 1,215 shares of the information technology services provider’s stock worth $1,288,000 after acquiring an additional 788 shares during the period. Trust Co. of Toledo NA OH grew its stake in ServiceNow by 26.1% during the 4th quarter. Trust Co. of Toledo NA OH now owns 600 shares of the information technology services provider’s stock valued at $636,000 after purchasing an additional 124 shares during the last quarter. Finally, Capital Investment Advisors LLC increased its holdings in shares of ServiceNow by 22.3% in the fourth quarter. Capital Investment Advisors LLC now owns 3,324 shares of the information technology services provider’s stock valued at $3,524,000 after purchasing an additional 607 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Performance

NYSE NOW opened at $1,037.43 on Wednesday. The company has a fifty day moving average of $850.27 and a two-hundred day moving average of $971.49. The company has a market capitalization of $214.75 billion, a PE ratio of 151.89, a P/E/G ratio of 4.51 and a beta of 0.97. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, topping the consensus estimate of $3.78 by $0.26. The company had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The firm’s revenue was up 18.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.41 earnings per share. As a group, analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its board has authorized a stock buyback plan 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 repurchase up to 1.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other ServiceNow news, Director Deborah Black sold 598 shares of the business’s stock in a transaction on Friday, April 25th. The shares were sold at an average price of $940.23, for a total transaction of $562,257.54. Following the sale, the director now directly owns 428 shares in the company, valued at approximately $402,418.44. The trade was a 58.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Russell S. Elmer sold 191 shares of the firm’s stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $985.00, for a total transaction of $188,135.00. Following the completion of the sale, the general counsel now owns 4,332 shares of the company’s stock, valued at $4,267,020. This trade represents a 4.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 14,844 shares of company stock valued at $14,204,938 over the last three months. 0.38% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on NOW shares. TD Securities reiterated a “buy” rating and issued a $1,100.00 target price on shares of ServiceNow in a research report on Thursday, April 24th. Jefferies Financial Group dropped their price objective on shares of ServiceNow from $1,250.00 to $1,025.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Truist Financial upgraded shares of ServiceNow from a “hold” rating to a “buy” rating and boosted their target price for the company from $950.00 to $1,200.00 in a research report on Thursday, May 1st. Raymond James reduced their price objective on ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating for the company in a research note on Tuesday, April 8th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $1,050.00 target price on shares of ServiceNow in a report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $1,055.83.

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.