ServiceNow, Inc. (NYSE:NOW) Position Increased by Zullo Investment Group Inc.

Zullo Investment Group Inc. lifted its position in ServiceNow, Inc. (NYSE:NOW) by 7.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 898 shares of the information technology services provider’s stock after acquiring an additional 66 shares during the period. Zullo Investment Group Inc.’s holdings in ServiceNow were worth $952,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Polymer Capital Management HK LTD boosted its position in ServiceNow by 57.0% during the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after acquiring an additional 981 shares during the period. Union Bancaire Privee UBP SA acquired a new stake in shares of ServiceNow during the fourth quarter worth approximately $48,802,000. Dock Street Asset Management Inc. grew its position in ServiceNow by 3.4% during the fourth quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock valued at $35,147,000 after purchasing an additional 1,105 shares in the last quarter. Avidian Wealth Enterprises LLC increased its stake in ServiceNow by 39.4% in the 3rd quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock valued at $436,000 after buying an additional 138 shares during the period. Finally, Venturi Wealth Management LLC lifted its position in ServiceNow by 36.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock worth $2,565,000 after buying an additional 765 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Price Performance

Shares of NYSE:NOW opened at $986.61 on Thursday. The firm has a market capitalization of $203.24 billion, a PE ratio of 144.45, a PEG ratio of 4.64 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 business’s 50 day moving average is $1,061.97 and its 200-day moving average is $976.06. 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 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 year.

ServiceNow announced that its board has authorized a share buyback plan on Wednesday, January 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at ServiceNow

In related news, insider Paul John Smith sold 2,404 shares of ServiceNow stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $980.05, for a total transaction of $2,356,040.20. Following the completion of the transaction, the insider now directly owns 6,244 shares of the company’s stock, valued at $6,119,432.20. This trade represents a 27.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Anita M. Sands sold 2,229 shares of the company’s 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 $2,372,993.40. Following the sale, the director now directly owns 11,000 shares in the company, valued at $11,710,600. This represents a 16.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,806 shares of company stock valued at $16,065,122 in the last 90 days. 0.25% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

NOW has been the topic of a number of research reports. Redburn Atlantic assumed coverage on shares of ServiceNow in a research note on Wednesday. They issued a “buy” rating on the stock. JPMorgan Chase & Co. upped their target price on ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Robert W. Baird reduced their price target on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a report on Thursday, January 30th. Cantor Fitzgerald initiated coverage on ServiceNow in a report on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 price objective on the stock. Finally, The Goldman Sachs Group lifted their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research note on Friday, January 10th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $1,129.72.

ServiceNow 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.