Onefund LLC Raises Position in ServiceNow, Inc. (NYSE:NOW)

Onefund LLC increased its holdings in ServiceNow, Inc. (NYSE:NOW) by 2.0% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 552 shares of the information technology services provider’s stock after buying an additional 11 shares during the period. Onefund LLC’s holdings in ServiceNow were worth $585,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Noble Wealth Management PBC purchased a new stake in ServiceNow during the fourth quarter valued at about $34,000. Truvestments Capital LLC purchased a new stake in ServiceNow during the third quarter valued at about $30,000. FPC Investment Advisory Inc. raised its position in ServiceNow by 725.0% during the fourth 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 in the last quarter. Heck Capital Advisors LLC purchased a new stake in ServiceNow during the fourth quarter valued at about $37,000. Finally, Stonebridge Financial Group LLC purchased a new stake in ServiceNow during the fourth quarter valued at about $37,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on NOW. Citigroup lowered their price target on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a research report on Tuesday, February 4th. The Goldman Sachs Group raised their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. KeyCorp cut ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. Raymond James began coverage on ServiceNow in a research note on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 target price on the stock. Finally, Redburn Atlantic began coverage on ServiceNow in a research note on Wednesday, February 19th. They issued a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.72.

ServiceNow Stock Performance

NOW stock opened at $929.56 on Friday. The stock has a market capitalization of $191.49 billion, a PE ratio of 136.10, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock’s 50 day simple moving average is $1,038.07 and its 200 day simple moving average is $981.66.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) 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%. As a group, research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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

Insider Activity at ServiceNow

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. This represents a 44.66 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total value of $481,635.70. Following the transaction, the insider now directly owns 3,027 shares in the company, valued at $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is owned by corporate 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.