Lineweaver Wealth Advisors LLC Raises Holdings in ServiceNow, Inc. (NYSE:NOW)

Lineweaver Wealth Advisors LLC boosted its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 11.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,104 shares of the information technology services provider’s stock after acquiring an additional 219 shares during the quarter. Lineweaver Wealth Advisors LLC’s holdings in ServiceNow were worth $2,232,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of NOW. Modera Wealth Management LLC purchased a new stake in ServiceNow during the third quarter worth $244,000. Pallas Capital Advisors LLC increased its stake in shares of ServiceNow by 8.0% in the 3rd quarter. Pallas Capital Advisors LLC now owns 2,410 shares of the information technology services provider’s stock valued at $2,305,000 after purchasing an additional 179 shares in the last quarter. Strategic Blueprint LLC acquired a new position in ServiceNow in the 3rd quarter worth about $241,000. Valmark Advisers Inc. boosted its position in ServiceNow by 6.0% during the third quarter. Valmark Advisers Inc. now owns 2,332 shares of the information technology services provider’s stock worth $2,086,000 after purchasing an additional 133 shares in the last quarter. Finally, Fidelis Capital Partners LLC grew its holdings in ServiceNow by 6.9% in the third quarter. Fidelis Capital Partners LLC now owns 1,277 shares of the information technology services provider’s stock valued at $1,159,000 after purchasing an additional 82 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently weighed in on NOW. Needham & Company LLC upped their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. The Goldman Sachs Group boosted their price target on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Guggenheim reaffirmed a “sell” rating and set a $716.00 price objective on shares of ServiceNow in a report on Wednesday, January 22nd. JPMorgan Chase & Co. boosted their target price on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Finally, TD Cowen raised 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 note on Tuesday, December 10th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

Insider Buying and Selling

In related news, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the completion of the transaction, the chief financial officer now owns 11,126 shares in the company, valued at approximately $10,733,252.20. The trade was a 28.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the sale, the insider now owns 3,027 shares in the company, valued at approximately $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,706 shares of company stock valued at $17,644,106. Company insiders own 0.25% of the company’s stock.

ServiceNow Stock Performance

NYSE NOW opened at $941.79 on Thursday. The stock has a fifty day simple moving average of $1,044.39 and a 200-day simple moving average of $981.23. 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 stock has a market cap of $194.01 billion, a PE ratio of 137.89, a P/E/G ratio of 4.51 and a beta of 0.99. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Equities analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

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.