Element Wealth LLC Invests $223,000 in ServiceNow, Inc. (NYSE:NOW)

Element Wealth LLC bought a new position in ServiceNow, Inc. (NYSE:NOW) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 210 shares of the information technology services provider’s stock, valued at approximately $223,000.

A number of other large investors also recently bought and sold shares of the business. Avidian Wealth Enterprises LLC boosted its holdings in ServiceNow by 1.8% during the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock valued at $527,000 after acquiring an additional 9 shares during the period. Redhawk Wealth Advisors Inc. boosted its holdings in ServiceNow by 2.2% during the 4th quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $487,000 after acquiring an additional 10 shares during the period. Catalyst Financial Partners LLC boosted its holdings in ServiceNow by 1.0% during the 3rd quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider’s stock valued at $1,025,000 after acquiring an additional 11 shares during the period. Institute for Wealth Management LLC. lifted its holdings in shares of ServiceNow by 0.4% in the 4th quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock worth $2,779,000 after buying an additional 11 shares during the period. Finally, TBH Global Asset Management LLC lifted its holdings in shares of ServiceNow by 3.8% in the 4th quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock worth $320,000 after buying an additional 11 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on NOW shares. Canaccord Genuity Group upped their target price on ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Piper Sandler upped their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Guggenheim reiterated a “sell” rating and issued a $716.00 target price on shares of ServiceNow in a report on Wednesday, January 22nd. Oppenheimer upped their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Finally, Truist Financial boosted their price target on ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $1,129.72.

ServiceNow Stock Down 3.1 %

ServiceNow stock opened at $937.79 on Friday. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The company has a market cap of $193.18 billion, a PE ratio of 137.30, a PEG ratio of 4.51 and a beta of 0.99. The business’s 50-day simple moving average is $1,054.69 and its two-hundred day simple moving average is $977.09.

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 return on equity of 17.11% and a net margin of 12.97%. Equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its Board of Directors has initiated a share repurchase 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 reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Transactions at ServiceNow

In other news, insider Nicholas Tzitzon sold 313 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 value of $333,219.80. Following the sale, the insider now owns 3,649 shares in the company, valued at $3,884,725.40. This represents a 7.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William R. Mcdermott sold 384 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $986.64, for a total value of $378,869.76. Following the completion of the sale, the chief executive officer now owns 6,614 shares in the company, valued at $6,525,636.96. The trade was a 5.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,806 shares of company stock worth $16,065,122 over the last quarter. 0.25% of the stock is currently owned by insiders.

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.