Tanager Wealth Management LLP Buys New Stake in ServiceNow, Inc. (NYSE:NOW)

Tanager Wealth Management LLP bought a new stake in ServiceNow, Inc. (NYSE:NOW) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 200 shares of the information technology services provider’s stock, valued at approximately $212,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. E. Ohman J or Asset Management AB increased its stake in ServiceNow by 10.7% in the fourth quarter. E. Ohman J or Asset Management AB now owns 9,210 shares of the information technology services provider’s stock valued at $9,764,000 after acquiring an additional 890 shares during the period. Commonwealth Financial Services LLC bought a new stake in ServiceNow in the fourth quarter valued at about $229,000. Rockline Wealth Management LLC increased its stake in ServiceNow by 6.4% in the fourth quarter. Rockline Wealth Management LLC now owns 1,440 shares of the information technology services provider’s stock valued at $1,526,000 after acquiring an additional 87 shares during the period. Calamos Wealth Management LLC increased its stake in ServiceNow by 0.7% in the fourth quarter. Calamos Wealth Management LLC now owns 11,871 shares of the information technology services provider’s stock valued at $12,585,000 after acquiring an additional 85 shares during the period. Finally, Trust Point Inc. grew its stake in ServiceNow by 54.3% during the fourth quarter. Trust Point Inc. now owns 2,159 shares of the information technology services provider’s stock worth $2,289,000 after buying an additional 760 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on NOW shares. BMO Capital Markets upped their price objective on shares of ServiceNow from $860.00 to $1,025.00 and gave the stock an “outperform” rating in a research note on Thursday, October 10th. Needham & Company LLC lifted their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. Sanford C. Bernstein lifted their price objective on ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. JPMorgan Chase & Co. lifted their price objective on ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $1,210.00 price objective on shares of ServiceNow in a research report on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and an average price target of $1,129.72.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $1,010.15 on Wednesday. The stock has a 50 day moving average price of $1,083.05 and a 200 day moving average price of $959.36. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The stock has a market capitalization of $208.09 billion, a PE ratio of 147.90, a price-to-earnings-growth ratio of 4.74 and a beta of 0.99.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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%. Analysts predict that ServiceNow, Inc. will post 8.94 earnings per share for the current fiscal year.

ServiceNow announced that its board has authorized a share repurchase 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 often an indication that the company’s board believes its stock is undervalued.

Insider Activity at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 76 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was 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 in the company, valued at $3,060,115.38. This trade represents a 2.45 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William R. Mcdermott sold 12,271 shares of the company’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total value of $12,242,408.57. Following the sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at approximately $2,588,953.65. The trade was a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,731 shares of company stock worth $21,016,751. Company insiders own 0.25% of the company’s stock.

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.