Valley Wealth Managers Inc. Grows Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Valley Wealth Managers Inc. grew its holdings in ServiceNow, Inc. (NYSE:NOW) by 5.6% during the fourth quarter, HoldingsChannel reports. The firm owned 624 shares of the information technology services provider’s stock after acquiring an additional 33 shares during the period. Valley Wealth Managers Inc.’s holdings in ServiceNow were worth $662,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Truvestments Capital LLC purchased a new position in ServiceNow in the 3rd quarter worth approximately $30,000. DT Investment Partners LLC raised 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 valued at $35,000 after buying an additional 17 shares during the period. Heck Capital Advisors LLC purchased a new stake in shares of ServiceNow during the 4th quarter valued at approximately $37,000. Stonebridge Financial Group LLC purchased a new stake in shares of ServiceNow during the 4th quarter valued at approximately $37,000. Finally, Oakworth Capital Inc. raised its position in shares of ServiceNow by 46.7% during the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after buying an additional 14 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Performance

Shares of NOW stock opened at $995.97 on Wednesday. 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 firm has a fifty day moving average price of $1,065.18 and a 200 day moving average price of $975.99. The company has a market cap of $205.17 billion, a P/E ratio of 145.82, a PEG ratio of 4.59 and a beta of 0.99. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09.

ServiceNow (NYSE:NOW) last issued its earnings results 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 net margin of 12.97% and a return on equity of 17.11%. Sell-side analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has initiated a stock 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 reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other ServiceNow news, General Counsel Russell S. Elmer sold 336 shares of the company’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total value of $341,896.80. Following the completion of the transaction, the general counsel now owns 4,332 shares in the company, valued at $4,408,026.60. This represents a 7.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Larry Quinlan sold 415 shares of the company’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $1,007.41, for a total transaction of $418,075.15. Following the completion of the transaction, the director now owns 1,737 shares of the company’s stock, valued at $1,749,871.17. This represents a 19.28 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,811 shares of company stock worth $11,159,073. Corporate insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

NOW has been the topic of several analyst reports. TD Cowen lifted their price target on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. JPMorgan Chase & Co. lifted their price target on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $1,210.00 price target on shares of ServiceNow in a research report on Thursday, January 30th. Needham & Company LLC lifted their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. Finally, Scotiabank initiated coverage on ServiceNow in a research report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 target price on the stock. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and an average price target of $1,129.72.

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.