Avalon Capital Management Grows Stake in ServiceNow, Inc. (NYSE:NOW)

Avalon Capital Management boosted its position in shares of ServiceNow, Inc. (NYSE:NOW) by 41.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 680 shares of the information technology services provider’s stock after purchasing an additional 200 shares during the period. Avalon Capital Management’s holdings in ServiceNow were worth $721,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Avidian Wealth Enterprises LLC grew its holdings in shares of ServiceNow by 1.8% during the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock worth $527,000 after purchasing an additional 9 shares during the period. Redhawk Wealth Advisors Inc. raised its stake in shares of ServiceNow by 2.2% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $487,000 after acquiring an additional 10 shares in the last quarter. Catalyst Financial Partners LLC boosted its holdings in ServiceNow by 1.0% in the third quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider’s stock valued at $1,025,000 after purchasing an additional 11 shares during the period. Institute for Wealth Management LLC. increased its holdings in ServiceNow by 0.4% during the 4th quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock worth $2,779,000 after purchasing an additional 11 shares during the period. Finally, TBH Global Asset Management LLC boosted its stake in shares of ServiceNow by 3.8% in the 4th quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock valued at $320,000 after buying an additional 11 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insiders Place Their Bets

In related news, CEO William R. Mcdermott sold 384 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $986.64, for a total transaction of $378,869.76. Following the completion of the sale, the chief executive officer now directly owns 6,614 shares of the company’s stock, valued at $6,525,636.96. This represents a 5.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul Edward Chamberlain sold 300 shares of the company’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $1,047.95, for a total value of $314,385.00. Following the completion of the transaction, the director now directly owns 10,467 shares in the company, valued at $10,968,892.65. This represents a 2.79 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 13,264 shares of company stock worth $13,358,909. 0.25% of the stock is owned by company insiders.

Analyst Ratings Changes

NOW has been the topic of several analyst reports. Robert W. Baird reduced their target price on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a report on Thursday, January 30th. Wells Fargo & Company increased their price objective on ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Guggenheim reaffirmed a “sell” rating and issued a $716.00 target price on shares of ServiceNow in a research report on Wednesday, January 22nd. StockNews.com cut ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th. Finally, Jefferies Financial Group reduced their price objective on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $1,129.72.

ServiceNow Trading Down 1.3 %

Shares of NYSE NOW opened at $926.32 on Tuesday. The company has a market cap of $190.82 billion, a price-to-earnings ratio of 135.63, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99. The stock’s 50 day simple moving average is $1,050.62 and its 200 day simple moving average is $980.72. 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 12-month low of $637.99 and a 12-month high of $1,198.09.

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%. Equities research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

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

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.