PAX Financial Group LLC Increases Stock Position in ServiceNow, Inc. (NYSE:NOW)

PAX Financial Group LLC increased its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 21.0% in the 4th quarter, HoldingsChannel reports. The firm owned 658 shares of the information technology services provider’s stock after buying an additional 114 shares during the quarter. PAX Financial Group LLC’s holdings in ServiceNow were worth $698,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of NOW. Atala Financial Inc acquired a new stake in shares of ServiceNow during the 4th quarter worth about $28,000. LFA Lugano Financial Advisors SA purchased a new stake in ServiceNow in the 4th quarter worth approximately $32,000. Noble Wealth Management PBC acquired a new position in ServiceNow in the 4th quarter valued at $34,000. FPC Investment Advisory Inc. lifted its stake in shares of ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after purchasing an additional 29 shares during the period. Finally, Heck Capital Advisors LLC acquired a new stake in shares of ServiceNow during the fourth quarter worth $37,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the transaction, the insider now owns 3,649 shares of the company’s stock, valued at $3,370,654.28. The trade was a 44.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Jacqueline P. Canney sold 292 shares of ServiceNow stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,080,123.85. This trade represents a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,351 shares of company stock valued at $20,050,076. Insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on NOW. BMO Capital Markets dropped their target price on ServiceNow from $1,185.00 to $990.00 and set an “outperform” rating for the company in a research note on Friday. Robert W. Baird cut their price objective on shares of ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating on the stock in a report on Wednesday, March 26th. William Blair restated an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. Needham & Company LLC increased their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Finally, KeyCorp cut shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,086.00.

ServiceNow Price Performance

Shares of NYSE NOW opened at $720.69 on Friday. The firm has a market cap of $148.46 billion, a PE ratio of 105.52, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The business has a 50 day moving average price of $917.80 and a two-hundred day moving average price of $979.99. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Sell-side analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has approved a stock repurchase program 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 reacquire up to 1.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

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.