Gladstone Institutional Advisory LLC Lowers Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Gladstone Institutional Advisory LLC cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 12.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,355 shares of the information technology services provider’s stock after selling 331 shares during the period. Gladstone Institutional Advisory LLC’s holdings in ServiceNow were worth $2,497,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in NOW. Redhawk Wealth Advisors Inc. lifted its holdings in shares of ServiceNow by 2.2% during the fourth quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock worth $487,000 after purchasing an additional 10 shares during the period. Catalyst Financial Partners LLC raised its position in ServiceNow by 1.0% during the 3rd quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider’s stock worth $1,025,000 after buying an additional 11 shares during the last quarter. Institute for Wealth Management LLC. lifted its stake in shares of ServiceNow by 0.4% in the 4th quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock worth $2,779,000 after acquiring an additional 11 shares during the period. Capital Advisors Ltd. LLC boosted its holdings in shares of ServiceNow by 14.6% in the third quarter. Capital Advisors Ltd. LLC now owns 94 shares of the information technology services provider’s stock valued at $84,000 after acquiring an additional 12 shares in the last quarter. Finally, BluePointe Capital Management LLC increased its stake in shares of ServiceNow by 0.6% during the third quarter. BluePointe Capital Management LLC now owns 2,014 shares of the information technology services provider’s stock worth $1,801,000 after acquiring an additional 12 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on NOW. Piper Sandler lifted their price objective on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday, January 6th. The Goldman Sachs Group lifted their price target on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research note on Friday, January 10th. 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. Oppenheimer boosted their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Finally, Needham & Company LLC increased their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and an average target price of $1,129.72.

ServiceNow Stock Performance

Shares of NOW opened at $981.42 on Thursday. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The company’s 50 day simple moving average is $1,078.82 and its 200 day simple moving average is $969.48. The company has a market capitalization of $202.17 billion, a price-to-earnings ratio of 143.69, 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.

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

ServiceNow declared that its Board of Directors has authorized a share buyback plan on Wednesday, January 29th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, CEO William R. Mcdermott sold 12,271 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 2,595 shares of the company’s stock, valued at approximately $2,588,953.65. This represents a 82.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Nicholas Tzitzon sold 313 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,884,725.40. This represents a 7.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 25,224 shares of company stock worth $25,593,525. 0.25% of the stock is owned by company insiders.

ServiceNow Company 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.