Rockline Wealth Management LLC Grows Stock Position in ServiceNow, Inc. (NYSE:NOW)

Rockline Wealth Management LLC grew its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 6.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,440 shares of the information technology services provider’s stock after acquiring an additional 87 shares during the quarter. Rockline Wealth Management LLC’s holdings in ServiceNow were worth $1,526,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Truvestments Capital LLC purchased a new position in shares of ServiceNow in the third quarter worth $30,000. Heck Capital Advisors LLC purchased a new position in ServiceNow in the 4th quarter worth $37,000. DT Investment Partners LLC lifted its position in ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after acquiring an additional 17 shares during the period. Oakworth Capital Inc. grew its stake in ServiceNow by 46.7% during the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after purchasing an additional 14 shares during the last quarter. Finally, Synergy Asset Management LLC purchased a new position in shares of ServiceNow in the fourth quarter worth about $50,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Stock Performance

NOW opened at $1,021.99 on Tuesday. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The firm has a market capitalization of $210.53 billion, a PE ratio of 149.63, a PEG ratio of 4.74 and a beta of 0.99. 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 firm’s 50-day moving average price is $1,083.66 and its 200 day moving average price is $957.36.

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 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, sell-side analysts expect that ServiceNow, Inc. will post 8.94 EPS for the current fiscal year.

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

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on NOW. Needham & Company LLC increased their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Guggenheim reiterated a “sell” rating and issued a $716.00 price objective on shares of ServiceNow in a research note on Wednesday, January 22nd. Robert W. Baird reduced their target price 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. KeyCorp downgraded ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. Finally, UBS Group boosted their price objective on ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $1,129.93.

Insider Buying and Selling at ServiceNow

In other news, insider Jacqueline P. Canney sold 76 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $1,010.94, for a total transaction of $76,831.44. Following the transaction, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,060,115.38. The trade was a 2.45 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jeffrey A. Miller sold 2,879 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the sale, the director now owns 42,920 shares of the company’s stock, valued at approximately $43,740,630.40. The trade was a 6.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,731 shares of company stock worth $21,016,751 in the last three months. 0.25% of the stock is owned by corporate insiders.

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.