Avion Wealth Has $44,000 Position in ServiceNow, Inc. (NYSE:NOW)

Avion Wealth boosted its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 44.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42 shares of the information technology services provider’s stock after acquiring an additional 13 shares during the quarter. Avion Wealth’s holdings in ServiceNow were worth $44,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. State Street Corp increased its stake in shares of ServiceNow by 2.6% in the third quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider’s stock valued at $8,118,867,000 after buying an additional 226,023 shares in the last quarter. FMR LLC increased its stake in shares of ServiceNow by 9.9% in the third quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock valued at $5,014,302,000 after buying an additional 502,845 shares in the last quarter. World Investment Advisors LLC increased its stake in shares of ServiceNow by 499,668.1% in the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock valued at $4,268,731,000 after buying an additional 4,771,830 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of ServiceNow by 1.9% in the third quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider’s stock valued at $3,753,828,000 after buying an additional 78,378 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of ServiceNow by 24.1% in the third quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock valued at $2,834,797,000 after buying an additional 615,797 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Stock Down 1.3 %

Shares of ServiceNow stock opened at $1,008.63 on Wednesday. The business’s 50 day simple moving average is $1,079.78 and its 200 day simple moving average is $968.21. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The firm has a market cap of $207.78 billion, a PE ratio of 147.68, a P/E/G ratio of 4.76 and a beta of 0.99. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has authorized a share repurchase program on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Mizuho raised their target price on ServiceNow from $1,070.00 to $1,210.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Cantor Fitzgerald started coverage on ServiceNow in a research report on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 price objective for the company. Guggenheim reiterated a “sell” rating and issued a $716.00 price objective on shares of ServiceNow in a research report on Wednesday, January 22nd. KeyCorp cut ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. Finally, Raymond James assumed coverage on ServiceNow in a report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 target price on the stock. One research 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and an average price target of $1,129.72.

Insiders Place Their Bets

In other ServiceNow news, CEO William R. Mcdermott sold 1,263 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the transaction, the chief executive officer now owns 2,595 shares of the company’s stock, valued at $2,644,564.50. The trade was a 32.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Russell S. Elmer sold 81 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $1,016.54, for a total value of $82,339.74. Following the transaction, the general counsel now directly owns 6,843 shares in the company, valued at $6,956,183.22. This trade represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,809 shares of company stock valued at $25,174,184 in the last 90 days. 0.25% of the stock is currently owned by insiders.

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.