ServiceNow, Inc. (NYSE:NOW) Stake Decreased by Boomfish Wealth Group LLC

Boomfish Wealth Group LLC decreased its stake in ServiceNow, Inc. (NYSE:NOW) by 6.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,012 shares of the information technology services provider’s stock after selling 221 shares during the period. ServiceNow accounts for about 1.9% of Boomfish Wealth Group LLC’s holdings, making the stock its 9th biggest position. Boomfish Wealth Group LLC’s holdings in ServiceNow were worth $3,193,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in NOW. Redhawk Wealth Advisors Inc. lifted its stake in ServiceNow by 2.2% during the fourth quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock worth $487,000 after purchasing an additional 10 shares during the last quarter. Catalyst Financial Partners LLC raised its position in ServiceNow by 1.0% in the 3rd quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider’s stock worth $1,025,000 after purchasing an additional 11 shares during the period. First Affirmative Financial Network lifted its stake in ServiceNow by 1.4% in the third quarter. First Affirmative Financial Network now owns 895 shares of the information technology services provider’s stock worth $801,000 after purchasing an additional 12 shares during the last quarter. Capital Advisors Ltd. LLC increased its holdings in shares of ServiceNow by 14.6% in the third quarter. Capital Advisors Ltd. LLC now owns 94 shares of the information technology services provider’s stock worth $84,000 after buying an additional 12 shares during the period. Finally, BluePointe Capital Management LLC lifted its stake in shares of ServiceNow by 0.6% in the 3rd quarter. BluePointe Capital Management LLC now owns 2,014 shares of the information technology services provider’s stock valued at $1,801,000 after acquiring an additional 12 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

NYSE:NOW opened at $1,011.67 on Friday. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The business’s 50-day simple moving average is $1,085.21 and its two-hundred day simple moving average is $952.30. The stock has a market cap of $208.40 billion, a PE ratio of 148.12, a P/E/G ratio of 5.19 and a beta of 0.99.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, January 29th. The information technology services provider reported $1.93 EPS for the quarter, missing the consensus estimate of $3.67 by ($1.74). ServiceNow had a return on equity of 17.56% and a net margin of 12.97%. As a group, analysts forecast that ServiceNow, Inc. will post 8.98 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

Several brokerages have weighed in on NOW. Cantor Fitzgerald initiated coverage on ServiceNow in a research report on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 price objective for the company. Robert W. Baird cut their target price on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a research note on Thursday. Piper Sandler lifted their price objective on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. JPMorgan Chase & Co. raised their price target on ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Needham & Company LLC raised their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and an average price target of $1,129.93.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 12,271 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the transaction, the chief executive officer now owns 2,595 shares in the company, valued at $2,588,953.65. The trade was a 82.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jacqueline P. Canney sold 455 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total value of $481,635.70. Following the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,204,200.58. This represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,731 shares of company stock worth $21,016,751 in the last quarter. 0.25% of the stock is owned by corporate insiders.

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.