ServiceNow, Inc. (NYSE:NOW) Shares Bought by RWA Wealth Partners LLC

RWA Wealth Partners LLC grew its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 16.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,626 shares of the information technology services provider’s stock after purchasing an additional 1,237 shares during the period. RWA Wealth Partners LLC’s holdings in ServiceNow were worth $9,145,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Schroder Investment Management Group raised its position in shares of ServiceNow by 155.2% during the 4th quarter. Schroder Investment Management Group now owns 486,902 shares of the information technology services provider’s stock worth $516,175,000 after buying an additional 296,096 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of ServiceNow by 193.7% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 347,949 shares of the information technology services provider’s stock worth $368,868,000 after buying an additional 229,496 shares in the last quarter. Allianz SE acquired a new stake in shares of ServiceNow in the fourth quarter valued at $2,598,000. Intrust Bank NA grew its holdings in ServiceNow by 6.1% during the fourth quarter. Intrust Bank NA now owns 1,380 shares of the information technology services provider’s stock worth $1,463,000 after acquiring an additional 79 shares during the period. Finally, Allstate Corp bought a new stake in ServiceNow in the fourth quarter worth about $6,448,000. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Performance

Shares of NYSE:NOW opened at $796.61 on Friday. 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. The stock has a market capitalization of $164.10 billion, a P/E ratio of 116.63, a P/E/G ratio of 4.51 and a beta of 1.03. The business has a 50-day moving average price of $950.30 and a two-hundred day moving average price of $984.09.

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, hitting analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Equities analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its board has approved a share buyback plan on Wednesday, January 29th that permits the company to repurchase $3.00 billion in 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 plans are generally an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $1,048.00 price objective on shares of ServiceNow in a research note on Tuesday, March 11th. StockNews.com cut shares of ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th. Scotiabank decreased their target price on ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating for the company in a research report on Monday, March 17th. Truist Financial boosted their target price on ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research note on Thursday, December 12th. Finally, Citigroup cut their price target on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $1,093.76.

Insider Activity

In related news, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the transaction, the chief financial officer now owns 11,126 shares of the company’s stock, valued at $10,733,252.20. This trade represents a 28.53 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,370,654.28. The trade was a 44.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,351 shares of company stock valued at $20,050,076 in the last 90 days. 0.25% of the stock is owned by company insiders.

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.