ServiceNow, Inc. (NYSE:NOW) Shares Bought by SlateStone Wealth LLC

SlateStone Wealth LLC grew its position in shares of ServiceNow, Inc. (NYSE:NOW) by 14.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 407 shares of the information technology services provider’s stock after purchasing an additional 50 shares during the period. SlateStone Wealth LLC’s holdings in ServiceNow were worth $431,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Signature Wealth Management Group lifted its stake in ServiceNow by 2.3% during the fourth quarter. Signature Wealth Management Group now owns 1,804 shares of the information technology services provider’s stock worth $1,913,000 after purchasing an additional 40 shares in the last quarter. GWN Securities Inc. acquired a new stake in shares of ServiceNow in the fourth quarter valued at $89,000. Altus Wealth Group LLC raised its stake in shares of ServiceNow by 0.6% in the fourth quarter. Altus Wealth Group LLC now owns 2,844 shares of the information technology services provider’s stock valued at $3,015,000 after acquiring an additional 16 shares in the last quarter. Corient Private Wealth LLC raised its stake in shares of ServiceNow by 12.5% in the fourth quarter. Corient Private Wealth LLC now owns 296,113 shares of the information technology services provider’s stock valued at $312,926,000 after acquiring an additional 32,927 shares in the last quarter. Finally, Avalon Trust Co raised its stake in shares of ServiceNow by 75.0% in the fourth quarter. Avalon Trust Co now owns 133 shares of the information technology services provider’s stock valued at $141,000 after acquiring an additional 57 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at ServiceNow

In related news, Director Jeffrey A. Miller sold 2,282 shares of the firm’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $1,030.64, for a total value of $2,351,920.48. Following the completion of the sale, the director now owns 40,638 shares in the company, valued at $41,883,148.32. This trade represents a 5.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jacqueline P. Canney sold 292 shares of the firm’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,080,123.85. The trade was a 8.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,351 shares of company stock worth $20,050,076 over the last 90 days. Company insiders own 0.25% of the company’s stock.

ServiceNow Price Performance

Shares of NOW opened at $845.75 on Monday. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The company has a market capitalization of $174.22 billion, a price-to-earnings ratio of 123.83, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The firm has a 50-day simple moving average of $992.95 and a 200-day simple moving average of $985.70. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

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, equities research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its board has initiated a share buyback plan 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 repurchase up to 1.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

NOW has been the topic of several analyst reports. William Blair reiterated an “outperform” rating on shares of ServiceNow in a research note on Friday, March 7th. Citigroup reduced their price objective on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. Canaccord Genuity Group reiterated a “buy” rating and issued a $1,275.00 price objective on shares of ServiceNow in a research note on Tuesday, March 11th. Royal Bank of Canada reissued an “outperform” rating and issued a $1,210.00 target price on shares of ServiceNow in a report on Thursday, January 30th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $1,048.00 target price on shares of ServiceNow in a report on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and an average price target of $1,114.24.

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.