Portfolio Design Labs LLC Has $2.22 Million Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Portfolio Design Labs LLC raised its holdings in ServiceNow, Inc. (NYSE:NOW) by 12.4% during the fourth quarter, HoldingsChannel reports. The firm owned 2,098 shares of the information technology services provider’s stock after acquiring an additional 231 shares during the quarter. Portfolio Design Labs LLC’s holdings in ServiceNow were worth $2,224,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of NOW. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in shares of ServiceNow by 14.8% in the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 729 shares of the information technology services provider’s stock valued at $652,000 after purchasing an additional 94 shares in the last quarter. Procyon Advisors LLC lifted its stake in shares of ServiceNow by 83.7% in the 3rd quarter. Procyon Advisors LLC now owns 2,001 shares of the information technology services provider’s stock valued at $1,788,000 after acquiring an additional 912 shares during the last quarter. Fiduciary Alliance LLC lifted its stake in shares of ServiceNow by 31.4% in the 3rd quarter. Fiduciary Alliance LLC now owns 427 shares of the information technology services provider’s stock valued at $382,000 after acquiring an additional 102 shares during the last quarter. CX Institutional lifted its stake in shares of ServiceNow by 1.2% in the 3rd quarter. CX Institutional now owns 1,089 shares of the information technology services provider’s stock valued at $974,000 after acquiring an additional 13 shares during the last quarter. Finally, Wesbanco Bank Inc. lifted its stake in shares of ServiceNow by 40.8% in the 3rd quarter. Wesbanco Bank Inc. now owns 366 shares of the information technology services provider’s stock valued at $327,000 after acquiring an additional 106 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Price Performance

NOW stock opened at $1,008.63 on Wednesday. The company has a market capitalization of $207.78 billion, a P/E ratio of 147.68, a price-to-earnings-growth ratio of 4.76 and a beta of 0.99. 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, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The business has a 50-day simple moving average of $1,079.78 and a two-hundred day simple moving average of $968.21.

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

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

Analyst Ratings Changes

A number of brokerages have recently commented on NOW. TD Cowen increased their price target on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. StockNews.com cut ServiceNow from a “buy” rating to a “hold” rating in a research note on Tuesday. Cantor Fitzgerald began coverage on ServiceNow in a research note on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 price target for the company. KeyCorp lowered ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $1,210.00 target price on shares of ServiceNow in a research report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $1,129.72.

Insiders Place Their Bets

In related news, General Counsel Russell S. Elmer sold 1,867 shares of ServiceNow stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $1,023.97, for a total value of $1,911,751.99. Following the sale, the general counsel now owns 6,843 shares of the company’s stock, valued at approximately $7,007,026.71. The trade was a 21.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Nicholas Tzitzon sold 313 shares of ServiceNow stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the completion of the sale, the insider now directly owns 3,649 shares in the company, valued at $3,884,725.40. This trade represents a 7.90 % 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 valued at $25,174,184 in the last 90 days. 0.25% of the stock is currently owned by corporate insiders.

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.