Veridan Wealth LLC Takes $232,000 Position in ServiceNow, Inc. (NYSE:NOW)

Veridan Wealth LLC acquired a new stake in ServiceNow, Inc. (NYSE:NOW) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 227 shares of the information technology services provider’s stock, valued at approximately $232,000.

Several other large investors have also made changes to their positions in NOW. World Investment Advisors LLC boosted its holdings in shares of ServiceNow by 499,668.1% in the 3rd quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock valued at $4,268,731,000 after acquiring an additional 4,771,830 shares during the last quarter. Bank of Montreal Can boosted its holdings in shares of ServiceNow by 216.6% in the 3rd quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider’s stock valued at $1,206,178,000 after acquiring an additional 935,848 shares during the last quarter. Proficio Capital Partners LLC boosted its holdings in shares of ServiceNow by 154,255.3% in the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock valued at $667,000 after acquiring an additional 666,383 shares during the last quarter. Alphinity Investment Management Pty Ltd purchased a new stake in shares of ServiceNow in the 4th quarter valued at $682,468,000. Finally, Wellington Management Group LLP boosted its holdings in shares of ServiceNow by 24.1% in the 3rd quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock valued at $2,834,797,000 after acquiring an additional 615,797 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on NOW. Canaccord Genuity Group increased their price target on shares of ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Guggenheim reissued a “sell” rating and set a $716.00 price target on shares of ServiceNow in a report on Wednesday, January 22nd. StockNews.com downgraded shares of ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday, February 11th. JMP Securities reissued a “market outperform” rating and set a $1,300.00 price target on shares of ServiceNow in a report on Thursday, January 30th. Finally, Piper Sandler increased their price target on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have given a buy rating and two have assigned 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.

Insider Activity

In other news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’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 value of $2,720,355.40. Following the completion of the transaction, the insider now owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. This trade represents a 44.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. The trade was a 13.07 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is currently owned by company insiders.

ServiceNow Trading Down 2.3 %

Shares of NOW stock opened at $920.73 on Friday. 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 $189.67 billion, a PE ratio of 134.81, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99. The company has a 50-day moving average of $1,041.30 and a two-hundred day moving average of $980.81. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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, analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

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

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.