Summit Trail Advisors LLC Purchases 420 Shares of ServiceNow, Inc. (NYSE:NOW)

Summit Trail Advisors LLC grew its stake in ServiceNow, Inc. (NYSE:NOW) by 18.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,646 shares of the information technology services provider’s stock after buying an additional 420 shares during the quarter. Summit Trail Advisors LLC’s holdings in ServiceNow were worth $2,806,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in NOW. McGlone Suttner Wealth Management Inc. acquired a new position in shares of ServiceNow in the third quarter valued at approximately $262,000. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH boosted its holdings in shares of ServiceNow by 1,929.2% in the third quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 3,409 shares of the information technology services provider’s stock valued at $3,049,000 after buying an additional 3,241 shares during the period. Thomasville National Bank boosted its holdings in shares of ServiceNow by 9.3% in the third quarter. Thomasville National Bank now owns 15,305 shares of the information technology services provider’s stock valued at $13,689,000 after buying an additional 1,307 shares during the period. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in ServiceNow by 14.8% during the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 729 shares of the information technology services provider’s stock worth $652,000 after purchasing an additional 94 shares during the last quarter. Finally, Paladin Wealth LLC acquired a new position in ServiceNow during the third quarter worth $611,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on NOW shares. Morgan Stanley cut shares of ServiceNow from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $900.00 to $960.00 in a research note on Monday, October 21st. Cantor Fitzgerald assumed coverage on shares of ServiceNow in a research report on Friday, January 17th. They set an “overweight” rating and a $1,332.00 price target on the stock. Canaccord Genuity Group raised their target price on shares of ServiceNow from $1,200.00 to $1,275.00 and gave the company a “buy” rating in a report on Thursday, January 30th. Barclays raised their target price on shares of ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Finally, Jefferies Financial Group reduced their price target on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.72.

Insiders Place Their Bets

In related news, Director Larry Quinlan sold 415 shares of the business’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $1,007.41, for a total value of $418,075.15. Following the transaction, the director now directly owns 1,737 shares of the company’s stock, valued at approximately $1,749,871.17. The trade was a 19.28 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 66 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $1,048.29, for a total transaction of $69,187.14. Following the sale, the insider now directly owns 3,027 shares in the company, valued at approximately $3,173,173.83. This trade represents a 2.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,702 shares of company stock valued at $20,965,306 in the last three months. 0.25% of the stock is currently owned by insiders.

ServiceNow Stock Performance

Shares of NOW stock opened at $1,021.52 on Tuesday. The firm has a market capitalization of $210.43 billion, a PE ratio of 149.56, a price-to-earnings-growth ratio of 4.76 and a beta of 0.99. The firm has a fifty day simple moving average of $1,080.32 and a two-hundred day simple moving average of $966.85. 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 quarterly earnings data 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 net margin of 12.97% and a return on equity of 17.11%. Analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its board has approved a stock buyback plan on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership 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.