First Hawaiian Bank Has $3.48 Million Position in ServiceNow, Inc. (NYSE:NOW)

First Hawaiian Bank raised its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 23.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,370 shares of the information technology services provider’s stock after buying an additional 829 shares during the quarter. First Hawaiian Bank’s holdings in ServiceNow were worth $3,479,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Quarry LP acquired a new position in shares of ServiceNow in the 4th quarter valued at approximately $27,000. Atala Financial Inc acquired a new position in shares of ServiceNow in the 4th quarter valued at approximately $28,000. LFA Lugano Financial Advisors SA acquired a new position in shares of ServiceNow in the 4th quarter valued at approximately $32,000. FPC Investment Advisory Inc. grew its position 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 purchasing an additional 29 shares during the period. Finally, Noble Wealth Management PBC acquired a new position in shares of ServiceNow in the 4th quarter valued at approximately $34,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 191 shares of the company’s stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $985.00, for a total value of $188,135.00. Following the transaction, the general counsel now directly owns 4,332 shares of the company’s stock, valued at $4,267,020. This represents a 4.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Jacqueline P. Canney sold 354 shares of ServiceNow stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total value of $284,831.94. Following the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at $2,435,554.47. This represents a 10.47% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,674 shares of company stock worth $2,510,213. Company insiders own 0.38% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on NOW. Evercore ISI boosted their price objective on ServiceNow from $925.00 to $1,000.00 and gave the company an “outperform” rating in a research report on Thursday, April 24th. Citigroup boosted their price objective on ServiceNow from $1,128.00 to $1,160.00 and gave the company a “buy” rating in a research report on Wednesday, May 7th. Raymond James decreased their price objective on ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating for the company in a research report on Tuesday, April 8th. Canaccord Genuity Group reduced their price target on ServiceNow from $1,275.00 to $900.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. Finally, Barclays set a $1,085.00 price target on ServiceNow in a research report on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $1,062.50.

ServiceNow Stock Down 0.7%

NOW opened at $1,019.98 on Thursday. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The stock’s fifty day simple moving average is $892.91 and its 200 day simple moving average is $975.64. 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 market cap of $211.12 billion, a PE ratio of 149.34, a price-to-earnings-growth ratio of 4.51 and a beta of 0.97.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating 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 business had revenue of $3.09 billion for the quarter, compared to analysts’ expectations of $3.09 billion. During the same quarter in the prior year, the business earned $3.41 EPS. The firm’s revenue for the quarter was up 18.6% on a year-over-year basis. As a group, research analysts expect 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 buyback 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 buy up to 1.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

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.