IFP Advisors Inc Acquires 206 Shares of ServiceNow, Inc. (NYSE:NOW)

IFP Advisors Inc raised its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 11.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,949 shares of the information technology services provider’s stock after acquiring an additional 206 shares during the period. IFP Advisors Inc’s holdings in ServiceNow were worth $2,065,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of NOW. Allworth Financial LP grew its position in ServiceNow by 1.5% during the third quarter. Allworth Financial LP now owns 1,113 shares of the information technology services provider’s stock valued at $996,000 after acquiring an additional 16 shares during the last quarter. Modera Wealth Management LLC bought a new position in ServiceNow during the third quarter valued at approximately $244,000. J.W. Cole Advisors Inc. grew its position in ServiceNow by 32.9% during the third quarter. J.W. Cole Advisors Inc. now owns 2,259 shares of the information technology services provider’s stock valued at $2,020,000 after acquiring an additional 559 shares during the last quarter. Nisa Investment Advisors LLC grew its position in ServiceNow by 10.4% during the third quarter. Nisa Investment Advisors LLC now owns 62,941 shares of the information technology services provider’s stock valued at $56,294,000 after acquiring an additional 5,909 shares during the last quarter. Finally, Orrstown Financial Services Inc. grew its holdings in shares of ServiceNow by 18.0% in the third quarter. Orrstown Financial Services Inc. now owns 726 shares of the information technology services provider’s stock worth $649,000 after purchasing an additional 111 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

Insider Transactions at ServiceNow

In related news, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction dated 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 sale, the chief financial officer now directly owns 11,126 shares in the company, valued at approximately $10,733,252.20. This trade represents a 28.53 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,706 shares of company stock valued at $17,644,106 in the last quarter. 0.25% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on NOW. Guggenheim restated a “sell” rating and issued a $716.00 target price on shares of ServiceNow in a report on Wednesday, January 22nd. Truist Financial raised their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a report on Thursday, December 12th. Royal Bank of Canada restated an “outperform” rating and issued a $1,210.00 target price on shares of ServiceNow in a report on Thursday, January 30th. Scotiabank began coverage on shares of ServiceNow in a report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 target price on the stock. Finally, Mizuho raised their target price on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and a consensus price target of $1,129.72.

ServiceNow Price Performance

NOW opened at $922.14 on Wednesday. The stock has a 50-day moving average price of $1,046.77 and a 200-day moving average price of $981.50. 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 firm has a market cap of $189.96 billion, a PE ratio of 135.01, a P/E/G ratio of 4.51 and a beta of 0.99. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09.

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, hitting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Sell-side analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has approved a stock repurchase program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

ServiceNow Company 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.