Soltis Investment Advisors LLC Buys 47 Shares of ServiceNow, Inc. (NYSE:NOW)

Soltis Investment Advisors LLC grew its stake in ServiceNow, Inc. (NYSE:NOW) by 8.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 615 shares of the information technology services provider’s stock after purchasing an additional 47 shares during the period. Soltis Investment Advisors LLC’s holdings in ServiceNow were worth $652,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of NOW. Polymer Capital Management HK LTD increased its holdings in ServiceNow by 57.0% during the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after purchasing an additional 981 shares during the period. Union Bancaire Privee UBP SA purchased a new position in shares of ServiceNow in the 4th quarter valued at $48,802,000. Avidian Wealth Enterprises LLC boosted its position in shares of ServiceNow by 39.4% in the 3rd quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock worth $436,000 after purchasing an additional 138 shares in the last quarter. Venturi Wealth Management LLC boosted its position in shares of ServiceNow by 36.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock worth $2,565,000 after purchasing an additional 765 shares in the last quarter. Finally, Cardano Risk Management B.V. acquired a new stake in shares of ServiceNow in the 4th quarter worth $105,090,000. 87.18% of the stock is owned by institutional investors.

Insider Activity at ServiceNow

In related news, Director Anita M. Sands sold 2,229 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the sale, the director now owns 11,000 shares of the company’s stock, valued at $11,710,600. The trade was a 16.85 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares in the company, 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. In the last 90 days, insiders sold 20,702 shares of company stock valued at $20,965,306. Insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on NOW shares. The Goldman Sachs Group lifted their price target on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Robert W. Baird cut their price target on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a research note on Thursday, January 30th. TD Cowen lifted their price target on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. KeyCorp lowered ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. Finally, Jefferies Financial Group cut their price objective on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $1,129.72.

ServiceNow Trading Up 1.3 %

ServiceNow stock opened at $1,021.52 on Tuesday. The firm has a 50-day moving average price of $1,080.32 and a two-hundred day moving average price of $966.85. The firm has a market capitalization of $210.43 billion, a price-to-earnings ratio of 149.56, a PEG ratio of 4.76 and a beta of 0.99. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. 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 (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 return on equity of 17.11% and a net margin of 12.97%. Sell-side analysts expect 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 buyback program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its shares are undervalued.

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.