ServiceNow, Inc. (NYSE:NOW) Shares Purchased by Lake Street Advisors Group LLC

Lake Street Advisors Group LLC boosted its stake in ServiceNow, Inc. (NYSE:NOW) by 17.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,169 shares of the information technology services provider’s stock after buying an additional 322 shares during the period. Lake Street Advisors Group LLC’s holdings in ServiceNow were worth $2,299,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Truvestments Capital LLC purchased a new stake in shares of ServiceNow in the 3rd quarter valued at approximately $30,000. FPC Investment Advisory Inc. increased its holdings in ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after purchasing an additional 29 shares during the last quarter. Heck Capital Advisors LLC purchased a new stake in ServiceNow in the fourth quarter valued at approximately $37,000. Stonebridge Financial Group LLC acquired a new position in ServiceNow during the fourth quarter worth $37,000. Finally, Bank of Jackson Hole Trust purchased a new position in shares of ServiceNow during the fourth quarter worth $40,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Down 0.6 %

NOW opened at $922.14 on Wednesday. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. 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 stock has a market capitalization of $189.96 billion, a P/E ratio of 135.01, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99. The business’s 50-day simple moving average is $1,046.77 and its 200-day simple moving average is $981.50.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 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%. Analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its board has approved a stock buyback program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, CEO William R. Mcdermott sold 384 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $986.64, for a total transaction of $378,869.76. Following the transaction, the chief executive officer now owns 6,614 shares of the company’s stock, valued at $6,525,636.96. This trade represents a 5.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Gina Mastantuono sold 4,442 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the sale, the chief financial officer now directly owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,706 shares of company stock valued at $17,644,106 in the last ninety days. 0.25% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on NOW shares. Needham & Company LLC boosted their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a report on Thursday, January 30th. KeyCorp downgraded ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. Scotiabank initiated coverage on shares of ServiceNow in a research report on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 price target on the stock. Guggenheim restated a “sell” rating and issued a $716.00 price objective on shares of ServiceNow in a report on Wednesday, January 22nd. Finally, Truist Financial increased their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

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.