Formidable Asset Management LLC Invests $233,000 in ServiceNow, Inc. (NYSE:NOW)

Formidable Asset Management LLC purchased a new position in ServiceNow, Inc. (NYSE:NOW) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 220 shares of the information technology services provider’s stock, valued at approximately $233,000.

Other large investors have also recently made changes to their positions in the company. Avior Wealth Management LLC grew its stake in ServiceNow by 6.6% during the 4th quarter. Avior Wealth Management LLC now owns 633 shares of the information technology services provider’s stock worth $671,000 after buying an additional 39 shares during the last quarter. Brighton Jones LLC grew its stake in ServiceNow by 1.1% during the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock worth $2,919,000 after buying an additional 30 shares during the last quarter. Geneos Wealth Management Inc. grew its stake in ServiceNow by 31.8% during the 4th quarter. Geneos Wealth Management Inc. now owns 572 shares of the information technology services provider’s stock worth $606,000 after buying an additional 138 shares during the last quarter. Moody Lynn & Lieberson LLC grew its stake in ServiceNow by 11.5% during the 4th quarter. Moody Lynn & Lieberson LLC now owns 32,784 shares of the information technology services provider’s stock worth $34,755,000 after buying an additional 3,383 shares during the last quarter. Finally, First Citizens Bank & Trust Co. grew its stake in ServiceNow by 35.9% during the 4th quarter. First Citizens Bank & Trust Co. now owns 1,230 shares of the information technology services provider’s stock worth $1,304,000 after buying an additional 325 shares during the last quarter. 87.18% of the stock is owned by institutional investors.

ServiceNow Stock Performance

NYSE NOW opened at $1,005.53 on Monday. The stock has a market capitalization of $208.14 billion, a price-to-earnings ratio of 147.22, a PEG ratio of 4.51 and a beta of 0.97. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock has a 50-day moving average of $881.74 and a 200 day moving average of $974.98.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping analysts’ consensus estimates of $3.78 by $0.26. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The company had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.09 billion. During the same quarter in the prior year, the firm posted $3.41 EPS. ServiceNow’s quarterly revenue was up 18.6% compared to the same quarter last year. Sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its board has initiated a share repurchase 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 purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Stifel Nicolaus boosted their target price on ServiceNow from $975.00 to $1,050.00 and gave the stock a “buy” rating in a research note on Tuesday, May 6th. Needham & Company LLC reiterated a “buy” rating and set a $1,050.00 price target on shares of ServiceNow in a research note on Tuesday, May 6th. Barclays set a $1,085.00 price target on ServiceNow in a research note on Wednesday, May 7th. Evercore ISI boosted their price target on ServiceNow from $925.00 to $1,000.00 and gave the company an “outperform” rating in a research note on Thursday, April 24th. Finally, Erste Group Bank upgraded ServiceNow from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 30th. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and a consensus target price of $1,062.50.

Insider Buying and Selling at ServiceNow

In other news, General Counsel Russell S. Elmer sold 62 shares of the company’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $1,023.00, for a total value of $63,426.00. Following the completion of the sale, the general counsel now directly owns 4,332 shares in the company, valued at $4,431,636. This represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jacqueline P. Canney sold 354 shares of the company’s stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total value of $284,831.94. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at $2,435,554.47. This trade represents a 10.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,619 shares of company stock valued at $5,230,568 over the last quarter. 0.38% of the stock is currently 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.