FFT Wealth Management LLC Buys 102 Shares of ServiceNow, Inc. (NYSE:NOW)

FFT Wealth Management LLC grew its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 10.1% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,109 shares of the information technology services provider’s stock after buying an additional 102 shares during the quarter. FFT Wealth Management LLC’s holdings in ServiceNow were worth $1,176,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Longbow Finance SA acquired a new stake in shares of ServiceNow during the 4th quarter valued at $4,317,000. Los Angeles Capital Management LLC raised its position in ServiceNow by 8.7% in the fourth quarter. Los Angeles Capital Management LLC now owns 158,199 shares of the information technology services provider’s stock valued at $167,710,000 after purchasing an additional 12,685 shares during the last quarter. Avalon Capital Management boosted its stake in shares of ServiceNow by 41.7% during the fourth quarter. Avalon Capital Management now owns 680 shares of the information technology services provider’s stock valued at $721,000 after purchasing an additional 200 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of ServiceNow by 1.3% during the fourth quarter. Bank of New York Mellon Corp now owns 1,504,445 shares of the information technology services provider’s stock worth $1,594,892,000 after purchasing an additional 19,248 shares during the last quarter. Finally, Transcendent Capital Group LLC increased its stake in shares of ServiceNow by 8.3% in the fourth quarter. Transcendent Capital Group LLC now owns 524 shares of the information technology services provider’s stock valued at $556,000 after buying an additional 40 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Stock Performance

NYSE NOW opened at $922.14 on Wednesday. The company has a fifty day moving average price of $1,046.77 and a 200-day moving average price of $981.50. The firm has a market cap of $189.96 billion, a price-to-earnings ratio of 135.01, a PEG ratio of 4.51 and a beta of 0.99. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. As a group, equities research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its Board of Directors has initiated a stock buyback program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

NOW has been the topic of several recent research reports. Oppenheimer lifted 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. JMP Securities reiterated a “market outperform” rating and set a $1,300.00 price target on shares of ServiceNow in a report on Thursday, January 30th. Robert W. Baird decreased their price objective on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a report on Thursday, January 30th. The Goldman Sachs Group lifted their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $1,210.00 price target on shares of ServiceNow in a research note on Thursday, January 30th. One 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 assigned a strong buy rating to the company. Based on data from MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.72.

Insider Activity at ServiceNow

In other ServiceNow news, CFO Gina Mastantuono sold 4,442 shares of the company’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $964.70, for a total value of $4,285,197.40. Following the completion of the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William R. Mcdermott sold 384 shares of ServiceNow stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $986.64, for a total value of $378,869.76. Following the sale, the chief executive officer now owns 6,614 shares in the company, valued at $6,525,636.96. The trade was a 5.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,706 shares of company stock valued at $17,644,106. 0.25% of the stock is owned by insiders.

About ServiceNow

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.