Legacy Financial Advisors Inc. Raises Holdings in ServiceNow, Inc. (NYSE:NOW)

Legacy Financial Advisors Inc. boosted its position in ServiceNow, Inc. (NYSE:NOW) by 12.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 980 shares of the information technology services provider’s stock after purchasing an additional 106 shares during the period. Legacy Financial Advisors Inc.’s holdings in ServiceNow were worth $1,039,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of NOW. Union Bancaire Privee UBP SA purchased a new stake in shares of ServiceNow during the 4th quarter valued at $48,802,000. Dock Street Asset Management Inc. increased its stake in shares of ServiceNow by 3.4% in the fourth quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock valued at $35,147,000 after purchasing an additional 1,105 shares during the period. Cardano Risk Management B.V. acquired a new position in shares of ServiceNow during the fourth quarter valued at approximately $105,090,000. Rheos Capital Works Inc. bought a new stake in ServiceNow during the fourth quarter worth approximately $10,071,000. Finally, Czech National Bank boosted its holdings in ServiceNow by 6.7% during the fourth quarter. Czech National Bank now owns 44,793 shares of the information technology services provider’s stock worth $47,486,000 after buying an additional 2,829 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Price Performance

NOW opened at $825.78 on Thursday. The business’s 50-day moving average is $884.76 and its two-hundred day moving average is $974.96. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The firm has a market capitalization of $170.11 billion, a PE ratio of 120.91, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08.

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

ServiceNow announced that its Board of Directors has initiated a stock buyback plan 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 repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on NOW shares. Robert W. Baird cut their target price on shares of ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating for the company in a research report on Wednesday, March 26th. Raymond James cut their price target on shares of ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating on the stock in a report on Tuesday. Canaccord Genuity Group restated a “buy” rating and set a $1,275.00 price target on shares of ServiceNow in a report on Tuesday, March 11th. Stifel Nicolaus cut their price target on shares of ServiceNow from $1,175.00 to $950.00 and set a “buy” rating on the stock in a report on Wednesday, April 2nd. Finally, Redburn Atlantic started coverage on shares of ServiceNow in a report on Wednesday, February 19th. They set a “buy” rating on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and an average price target of $1,079.10.

Insider Buying and Selling

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. The trade was a 44.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Gina Mastantuono sold 4,442 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The shares were 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 owns 11,126 shares of the company’s stock, valued at $10,733,252.20. This trade represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock valued at $20,050,076 over the last quarter. 0.25% of the stock is currently owned by company insiders.

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.