OV Management LLC Increases Holdings in ServiceNow, Inc. (NYSE:NOW)

OV Management LLC increased its stake in ServiceNow, Inc. (NYSE:NOW) by 5.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,154 shares of the information technology services provider’s stock after purchasing an additional 233 shares during the quarter. ServiceNow makes up approximately 2.0% of OV Management LLC’s investment portfolio, making the stock its 12th biggest position. OV Management LLC’s holdings in ServiceNow were worth $4,404,000 as of its most recent filing with the SEC.

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

Analyst Upgrades and Downgrades

A number of research firms have weighed in on NOW. Truist Financial lowered their price objective on ServiceNow from $1,100.00 to $950.00 and set a “hold” rating on the stock in a research note on Monday. Raymond James started coverage on shares of ServiceNow in a research report on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 price target for the company. Robert W. Baird decreased their price target on ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 26th. StockNews.com lowered shares of ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th. Finally, Redburn Atlantic assumed coverage on ServiceNow in a research note on Wednesday, February 19th. They set a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,088.59.

ServiceNow Stock Performance

NOW stock opened at $797.39 on Tuesday. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The business’s fifty day simple moving average is $944.81 and its two-hundred day simple moving average is $984.23. The firm has a market cap of $164.26 billion, a price-to-earnings ratio of 116.75, a PEG 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.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 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%. Analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its Board of Directors has initiated a share repurchase program 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 purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at ServiceNow

In related news, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at approximately $2,644,564.50. This represents a 32.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value 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. This trade represents a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is owned by 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.