Portfolio Design Labs LLC Buys 231 Shares of ServiceNow, Inc. (NYSE:NOW)

Portfolio Design Labs LLC increased its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 12.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,098 shares of the information technology services provider’s stock after buying an additional 231 shares during the quarter. Portfolio Design Labs LLC’s holdings in ServiceNow were worth $2,224,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of NOW. Truvestments Capital LLC bought a new position in ServiceNow in the 3rd quarter valued at $30,000. Heck Capital Advisors LLC bought a new position in ServiceNow in the 4th quarter valued at $37,000. Stonebridge Financial Group LLC bought a new position in ServiceNow in the 4th quarter valued at $37,000. DT Investment Partners LLC raised its position in ServiceNow by 77.3% in the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after purchasing an additional 17 shares during the last quarter. Finally, Oakworth Capital Inc. raised its position in ServiceNow by 46.7% in the 3rd 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. Institutional investors own 87.18% of the company’s stock.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of recent research reports. JMP Securities restated a “market outperform” rating and set a $1,300.00 target price on shares of ServiceNow in a research report on Thursday, January 30th. Morgan Stanley downgraded ServiceNow from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $900.00 to $960.00 in a research report on Monday, October 21st. Cantor Fitzgerald initiated coverage on ServiceNow in a research report on Friday, January 17th. They set an “overweight” rating and a $1,332.00 target price for the company. Barclays boosted their target price on ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Finally, Sanford C. Bernstein boosted their target price on ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. One equities 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 given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $1,129.72.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 12,271 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total value of $12,242,408.57. Following the sale, the chief executive officer now owns 2,595 shares in the company, valued at $2,588,953.65. This represents a 82.54 % 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, General Counsel Russell S. Elmer sold 1,867 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $1,023.97, for a total value of $1,911,751.99. Following the completion of the transaction, the general counsel now directly owns 6,843 shares in the company, valued at $7,007,026.71. The trade was a 21.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,809 shares of company stock worth $25,174,184 over the last 90 days. Company insiders own 0.25% of the company’s stock.

ServiceNow Stock Performance

NOW opened at $1,008.63 on Wednesday. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The firm has a market capitalization of $207.78 billion, a PE ratio of 147.68, a PEG 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. The business’s 50-day simple moving average is $1,079.78 and its 200 day simple moving average is $968.21.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, sell-side analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced 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 reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is 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.