ServiceNow, Inc. (NYSE:NOW) Shares Acquired by Summit Trail Advisors LLC

Summit Trail Advisors LLC lifted its position in ServiceNow, Inc. (NYSE:NOW) by 18.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,646 shares of the information technology services provider’s stock after acquiring an additional 420 shares during the quarter. Summit Trail Advisors LLC’s holdings in ServiceNow were worth $2,806,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in NOW. McGlone Suttner Wealth Management Inc. purchased a new stake in shares of ServiceNow in the 3rd quarter valued at approximately $262,000. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH lifted its position in ServiceNow by 1,929.2% in the 3rd quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 3,409 shares of the information technology services provider’s stock worth $3,049,000 after buying an additional 3,241 shares in the last quarter. Thomasville National Bank lifted its position in ServiceNow by 9.3% in the 3rd quarter. Thomasville National Bank now owns 15,305 shares of the information technology services provider’s stock worth $13,689,000 after buying an additional 1,307 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its position in ServiceNow by 14.8% in the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 729 shares of the information technology services provider’s stock worth $652,000 after buying an additional 94 shares in the last quarter. Finally, Paladin Wealth LLC purchased a new stake in ServiceNow in the 3rd quarter worth approximately $611,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Buying and Selling at ServiceNow

In other news, Director Anita M. Sands sold 2,229 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the transaction, the director now owns 11,000 shares of the company’s stock, valued at approximately $11,710,600. This trade represents a 16.85 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,588,953.65. This trade represents a 82.54 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,702 shares of company stock worth $20,965,306. 0.25% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Sanford C. Bernstein upped their target price on ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Citigroup cut their price objective on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a research report on Tuesday, February 4th. Scotiabank initiated coverage on shares of ServiceNow in a research report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 target price for the company. Canaccord Genuity Group raised their price target on shares of ServiceNow from $1,200.00 to $1,275.00 and gave the company a “buy” rating in a report on Thursday, January 30th. Finally, StockNews.com downgraded shares of ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $1,129.72.

ServiceNow Trading Up 1.3 %

Shares of ServiceNow stock opened at $1,021.52 on Tuesday. The stock has a market capitalization of $210.43 billion, a P/E ratio of 149.56, a price-to-earnings-growth ratio of 4.76 and a beta of 0.99. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The company has a 50-day simple moving average of $1,080.32 and a 200 day simple moving average of $966.85. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09.

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

ServiceNow declared that its board has authorized a stock repurchase program on Wednesday, January 29th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are 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.