10,029 Shares in ServiceNow, Inc. (NYSE:NOW) Bought by Jag Capital Management LLC

Jag Capital Management LLC bought a new position in shares of ServiceNow, Inc. (NYSE:NOW) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 10,029 shares of the information technology services provider’s stock, valued at approximately $10,632,000. ServiceNow comprises about 1.5% of Jag Capital Management LLC’s holdings, making the stock its 26th largest position.

A number of other hedge funds have also bought and sold shares of the company. Chicago Partners Investment Group LLC grew its holdings in ServiceNow by 5.1% in the third quarter. Chicago Partners Investment Group LLC now owns 726 shares of the information technology services provider’s stock worth $659,000 after purchasing an additional 35 shares during the period. Princeton Global Asset Management LLC acquired a new stake in ServiceNow in the third quarter worth $150,000. Janney Montgomery Scott LLC acquired a new stake in ServiceNow in the third quarter worth $49,093,000. Confluence Wealth Services Inc. acquired a new stake in ServiceNow in the third quarter worth $286,000. Finally, Van ECK Associates Corp grew its holdings in ServiceNow by 0.8% in the third quarter. Van ECK Associates Corp now owns 12,255 shares of the information technology services provider’s stock worth $11,124,000 after purchasing an additional 99 shares during the period. Institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on NOW shares. Oppenheimer raised their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Needham & Company LLC lifted their price objective 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. Redburn Atlantic initiated coverage on shares of ServiceNow in a report on Wednesday, February 19th. They set a “buy” rating for the company. Guggenheim reiterated a “sell” rating and set a $716.00 price objective on shares of ServiceNow in a report on Wednesday, January 22nd. Finally, Robert W. Baird reduced their price objective on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.72.

Insider Activity

In other news, CEO William R. Mcdermott sold 1,263 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Gina Mastantuono sold 4,442 shares of the business’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 transaction of $4,285,197.40. Following the transaction, 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 20,351 shares of company stock valued at $20,050,076 over the last quarter. Company insiders own 0.25% of the company’s stock.

ServiceNow Stock Performance

NYSE NOW opened at $909.80 on Tuesday. The company’s 50 day moving average is $1,034.50 and its 200-day moving average is $984.50. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm has a market cap of $187.42 billion, a P/E ratio of 133.21, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results 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 net margin of 12.97% and a return on equity of 17.11%. Sell-side analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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

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.