Argus Investors Counsel Inc. Takes Position in ServiceNow, Inc. (NYSE:NOW)

Argus Investors Counsel Inc. bought a new stake in ServiceNow, Inc. (NYSE:NOW) during the fourth quarter, Holdings Channel reports. The institutional investor bought 190 shares of the information technology services provider’s stock, valued at approximately $201,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Truvestments Capital LLC purchased a new stake in shares of ServiceNow during the 3rd quarter worth $30,000. DT Investment Partners LLC boosted its position in shares of ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after purchasing an additional 17 shares in the last quarter. Heck Capital Advisors LLC purchased a new stake in shares of ServiceNow in the 4th quarter worth about $37,000. Oakworth Capital Inc. grew its stake in ServiceNow by 46.7% in the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after acquiring an additional 14 shares during the last quarter. Finally, Dunhill Financial LLC grew its stake in ServiceNow by 70.0% in the 3rd quarter. Dunhill Financial LLC now owns 51 shares of the information technology services provider’s stock valued at $46,000 after acquiring an additional 21 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Nicholas Tzitzon sold 313 shares of ServiceNow stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the completion of the sale, the insider now directly owns 3,649 shares in the company, valued at $3,884,725.40. The trade was a 7.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 66 shares of ServiceNow stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $1,048.29, for a total value of $69,187.14. Following the sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,173,173.83. This represents a 2.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,778 shares of company stock worth $21,042,138. 0.25% of the stock is currently owned by company insiders.

ServiceNow Trading Up 1.6 %

Shares of NOW opened at $1,026.25 on Thursday. The business’s 50-day moving average price is $1,081.55 and its 200 day moving average price is $961.64. The stock has a market capitalization of $211.41 billion, a P/E ratio of 150.26, a P/E/G ratio of 4.74 and a beta of 0.99. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year 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.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, hitting 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 8.94 earnings per share for the current year.

ServiceNow announced that its board has authorized a stock 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 purchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on NOW. Jefferies Financial Group lowered their price objective on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. Robert W. Baird lowered their price objective on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a research report on Thursday, January 30th. Morgan Stanley downgraded shares of ServiceNow from an “overweight” rating to an “equal weight” rating and raised their price target for the stock from $900.00 to $960.00 in a research report on Monday, October 21st. JMP Securities restated a “market outperform” rating and set a $1,300.00 price objective on shares of ServiceNow in a research note on Thursday, January 30th. Finally, Oppenheimer raised their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company 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.