Avion Wealth Has $44,000 Position in ServiceNow, Inc. (NYSE:NOW)

Avion Wealth increased its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 44.8% during the fourth quarter, Holdings Channel reports. The fund owned 42 shares of the information technology services provider’s stock after acquiring an additional 13 shares during the quarter. Avion Wealth’s holdings in ServiceNow were worth $44,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Davidson Capital Management Inc. boosted its stake in ServiceNow by 3.2% in the 4th quarter. Davidson Capital Management Inc. now owns 3,863 shares of the information technology services provider’s stock valued at $4,095,000 after purchasing an additional 120 shares during the period. Avidian Wealth Enterprises LLC boosted its stake in ServiceNow by 1.8% in the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock valued at $527,000 after purchasing an additional 9 shares during the period. Great Lakes Retirement Inc. bought a new stake in ServiceNow in the 4th quarter valued at $1,020,000. Valley Brook Capital Group Inc. boosted its stake in ServiceNow by 2.7% in the 4th quarter. Valley Brook Capital Group Inc. now owns 459 shares of the information technology services provider’s stock valued at $487,000 after purchasing an additional 12 shares during the period. Finally, Certuity LLC boosted its stake in ServiceNow by 13.0% in the 4th quarter. Certuity LLC now owns 668 shares of the information technology services provider’s stock valued at $708,000 after purchasing an additional 77 shares during the period. 87.18% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on NOW. KeyCorp downgraded ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. Royal Bank of Canada restated an “outperform” rating and issued a $1,210.00 price target on shares of ServiceNow in a research note on Thursday, January 30th. Needham & Company LLC upped their target price 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. Guggenheim reiterated a “sell” rating and set a $716.00 target price on shares of ServiceNow in a research report on Wednesday, January 22nd. Finally, Scotiabank assumed coverage on ServiceNow in a research report on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 target price for the company. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $1,129.72.

ServiceNow Trading Down 1.3 %

Shares of NOW stock opened at $1,008.63 on Wednesday. The stock has a market cap of $207.78 billion, a price-to-earnings ratio of 147.68, a PEG ratio of 4.76 and a beta of 0.99. The stock has a 50-day moving average of $1,079.78 and a 200-day moving average of $968.21. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. 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 results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, equities research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its Board of Directors has initiated a stock repurchase program 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 buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Activity at ServiceNow

In related news, insider Jacqueline P. Canney sold 94 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $1,016.54, for a total transaction of $95,554.76. Following the sale, the insider now owns 3,027 shares in the company, valued at $3,077,066.58. This represents a 3.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Russell S. Elmer sold 1,867 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $1,023.97, for a total value of $1,911,751.99. Following the completion of the transaction, the general counsel now owns 6,843 shares in the company, valued at approximately $7,007,026.71. The trade was a 21.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,809 shares of company stock worth $25,174,184 in the last 90 days. Corporate 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.