Truvestments Capital LLC Has $53,000 Holdings in ServiceNow, Inc. (NYSE:NOW)

Truvestments Capital LLC boosted its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 51.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50 shares of the information technology services provider’s stock after purchasing an additional 17 shares during the quarter. Truvestments Capital LLC’s holdings in ServiceNow were worth $53,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. United Bank acquired a new position in shares of ServiceNow in the 3rd quarter valued at $480,000. Apollon Wealth Management LLC raised its stake in shares of ServiceNow by 6.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 2,835 shares of the information technology services provider’s stock valued at $2,536,000 after buying an additional 175 shares in the last quarter. Harbour Investments Inc. raised its stake in shares of ServiceNow by 14.0% in the 3rd quarter. Harbour Investments Inc. now owns 269 shares of the information technology services provider’s stock valued at $241,000 after buying an additional 33 shares in the last quarter. Verus Capital Partners LLC acquired a new position in shares of ServiceNow in the 3rd quarter valued at $216,000. Finally, Empower Advisory Group LLC raised its stake in shares of ServiceNow by 1.2% in the 3rd quarter. Empower Advisory Group LLC now owns 3,416 shares of the information technology services provider’s stock valued at $3,055,000 after buying an additional 40 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Stock Down 4.0 %

Shares of NYSE:NOW opened at $809.58 on Friday. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The company has a 50 day moving average of $997.51 and a 200-day moving average of $983.31. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The stock has a market cap of $166.77 billion, a price-to-earnings ratio of 118.53, a P/E/G ratio of 4.51 and a beta of 1.03.

ServiceNow (NYSE:NOW) last issued 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 net margin of 12.97% and a return on equity of 17.11%. On average, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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

Insider Activity at ServiceNow

In related 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 transaction of $1,287,123.30. Following the completion of the transaction, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,644,564.50. The trade was a 32.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the transaction, the insider now 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on NOW shares. TD Cowen increased their price objective on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Oppenheimer increased 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. Royal Bank of Canada reiterated an “outperform” rating and set a $1,210.00 target price on shares of ServiceNow in a research report on Thursday, January 30th. Needham & Company LLC increased their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. Finally, Mizuho dropped their target price on shares of ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and a consensus price target of $1,114.24.

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.