AssuredPartners Investment Advisors LLC Takes $1.23 Million Position in ServiceNow, Inc. (NYSE:NOW)

AssuredPartners Investment Advisors LLC bought a new stake in ServiceNow, Inc. (NYSE:NOW) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 1,164 shares of the information technology services provider’s stock, valued at approximately $1,234,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Polymer Capital Management HK LTD grew its holdings in shares of ServiceNow by 57.0% during the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after purchasing an additional 981 shares during the period. Union Bancaire Privee UBP SA purchased a new position in ServiceNow in the 4th quarter valued at about $48,802,000. Dock Street Asset Management Inc. increased its holdings in ServiceNow by 3.4% during the 4th quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock worth $35,147,000 after purchasing an additional 1,105 shares during the last quarter. Cardano Risk Management B.V. purchased a new position in shares of ServiceNow during the 4th quarter valued at approximately $105,090,000. Finally, Rheos Capital Works Inc. acquired a new stake in shares of ServiceNow during the fourth quarter worth approximately $10,071,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Performance

Shares of NOW opened at $838.54 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The stock has a market capitalization of $172.74 billion, a P/E ratio of 122.77, a P/E/G ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The firm’s 50 day moving average is $960.38 and its 200-day moving average is $984.72.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Equities research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its Board of Directors has authorized a share repurchase plan on Wednesday, January 29th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. StockNews.com lowered ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday, February 11th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $1,048.00 price target on shares of ServiceNow in a report on Tuesday, March 11th. TD Cowen increased their price objective on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Piper Sandler lifted their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Redburn Atlantic initiated coverage on ServiceNow in a report on Wednesday, February 19th. They issued a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have issued a buy rating to the stock. According to MarketBeat, ServiceNow presently has a consensus rating of “Moderate Buy” and an average price target of $1,093.76.

Insiders Place Their Bets

In related news, CFO Gina Mastantuono sold 4,442 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the completion of the sale, the chief financial officer now owns 11,126 shares in the company, valued at approximately $10,733,252.20. This represents a 28.53 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the sale, the insider now directly owns 3,027 shares in the company, valued at approximately $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,351 shares of company stock worth $20,050,076. 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.