Lake Street Advisors Group LLC Boosts Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Lake Street Advisors Group LLC raised its holdings in ServiceNow, Inc. (NYSE:NOW) by 17.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,169 shares of the information technology services provider’s stock after purchasing an additional 322 shares during the quarter. Lake Street Advisors Group LLC’s holdings in ServiceNow were worth $2,299,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. State Street Corp boosted its stake in shares of ServiceNow by 2.6% in the third quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider’s stock valued at $8,118,867,000 after buying an additional 226,023 shares in the last quarter. FMR LLC boosted its position in shares of ServiceNow by 9.9% during the 3rd quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock worth $5,014,302,000 after purchasing an additional 502,845 shares in the last quarter. World Investment Advisors LLC boosted its position in shares of ServiceNow by 499,668.1% during the 3rd quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock worth $4,268,731,000 after purchasing an additional 4,771,830 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of ServiceNow by 1.9% in the third quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider’s stock valued at $3,753,828,000 after purchasing an additional 78,378 shares during the period. Finally, Wellington Management Group LLP lifted its stake in shares of ServiceNow by 24.1% in the third quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock valued at $2,834,797,000 after purchasing an additional 615,797 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Performance

NYSE:NOW opened at $922.14 on Wednesday. The company has a market cap of $189.96 billion, a P/E ratio of 135.01, a P/E/G ratio of 4.51 and a beta of 0.99. The firm’s 50 day moving average is $1,046.77 and its two-hundred day moving average is $981.50. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15.

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

ServiceNow declared that its board has authorized a share buyback program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at ServiceNow

In other ServiceNow news, insider Paul John Smith sold 2,404 shares of the business’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $980.05, for a total transaction of $2,356,040.20. Following the transaction, the insider now owns 6,244 shares in the company, valued at $6,119,432.20. The trade was a 27.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Gina Mastantuono sold 4,442 shares of the company’s stock in a transaction dated Friday, February 21st. The stock was 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 directly owns 11,126 shares of the company’s stock, valued at $10,733,252.20. The trade was a 28.53 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,706 shares of company stock worth $17,644,106. Company insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

NOW has been the subject of a number of research analyst reports. Oppenheimer increased their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Cantor Fitzgerald assumed coverage on ServiceNow in a research note on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 price objective for the company. Piper Sandler boosted their target price 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. Scotiabank assumed coverage on ServiceNow in a research report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price target for the company. Finally, Robert W. Baird cut their price target on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company 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-five have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and an average price target of $1,129.72.

About ServiceNow

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.