Summit Investment Advisors Inc. Has $6.06 Million Holdings in ServiceNow, Inc. (NYSE:NOW)

Summit Investment Advisors Inc. decreased its position in shares of ServiceNow, Inc. (NYSE:NOW) by 3.4% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,712 shares of the information technology services provider’s stock after selling 204 shares during the quarter. Summit Investment Advisors Inc.’s holdings in ServiceNow were worth $6,055,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NOW. Y Intercept Hong Kong Ltd acquired a new stake in ServiceNow during the 3rd quarter worth about $551,000. Virtu Financial LLC bought a new stake in shares of ServiceNow during the 3rd quarter valued at about $9,833,000. Anchor Investment Management LLC grew its stake in ServiceNow by 6.1% during the third quarter. Anchor Investment Management LLC now owns 1,364 shares of the information technology services provider’s stock worth $1,220,000 after purchasing an additional 78 shares during the period. Stock Yards Bank & Trust Co. bought a new stake in ServiceNow in the third quarter worth approximately $202,000. Finally, World Investment Advisors LLC lifted its stake in ServiceNow by 585.8% in the third quarter. World Investment Advisors LLC now owns 6,549 shares of the information technology services provider’s stock valued at $5,857,000 after buying an additional 5,594 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on NOW shares. Redburn Atlantic assumed coverage on shares of ServiceNow in a research report on Wednesday, February 19th. They set a “buy” rating for the company. Stifel Nicolaus decreased their price target on shares of ServiceNow from $1,175.00 to $950.00 and set a “buy” rating for the company in a research note on Wednesday, April 2nd. StockNews.com lowered shares of ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday, February 11th. Royal Bank of Canada set a $986.00 target price on ServiceNow in a research note on Tuesday, March 11th. Finally, Raymond James dropped their price target on ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 8th. One analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $1,073.93.

Insider Activity at ServiceNow

In other ServiceNow news, CFO Gina Mastantuono sold 4,442 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the sale, the chief financial officer now owns 11,126 shares in the company, valued at $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction dated 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 sale, the insider now directly owns 3,649 shares in the company, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is owned by corporate insiders.

ServiceNow Stock Up 0.3 %

ServiceNow stock opened at $785.78 on Friday. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve 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 50 day moving average price of $875.51 and a 200-day moving average price of $973.27. The company has a market capitalization of $162.66 billion, a P/E ratio of 115.05, a P/E/G ratio of 4.51 and a beta of 1.08.

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, meeting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, equities analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its board has approved a share 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 repurchase up to 1.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors 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.