First American Bank Buys 94 Shares of ServiceNow, Inc. (NYSE:NOW)

First American Bank raised its position in shares of ServiceNow, Inc. (NYSE:NOW) by 1.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,768 shares of the information technology services provider’s stock after purchasing an additional 94 shares during the quarter. First American Bank’s holdings in ServiceNow were worth $6,115,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Truvestments Capital LLC purchased a new position in shares of ServiceNow in the 3rd quarter worth $30,000. FPC Investment Advisory Inc. grew its position in ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after buying an additional 29 shares during the period. Heck Capital Advisors LLC bought a new stake in ServiceNow during the fourth quarter valued at approximately $37,000. Stonebridge Financial Group LLC purchased a new stake in ServiceNow during the fourth quarter valued at approximately $37,000. Finally, Bank of Jackson Hole Trust purchased a new position in shares of ServiceNow during the 4th quarter worth $40,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on NOW shares. Needham & Company LLC raised their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Piper Sandler boosted their price target on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Canaccord Genuity Group boosted their target price on shares of ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Guggenheim restated a “sell” rating and issued a $716.00 target price on shares of ServiceNow in a report on Wednesday, January 22nd. Finally, Jefferies Financial Group decreased their price objective on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a report on Thursday, January 30th. One analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

Insider Buying and Selling

In other ServiceNow news, Director Larry Quinlan sold 415 shares of ServiceNow 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 directly owns 1,737 shares of the company’s stock, valued at $1,749,871.17. The trade was a 19.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jacqueline P. Canney sold 292 shares of the firm’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 $297,124.60. Following the transaction, the insider now owns 3,027 shares in the company, valued at approximately $3,080,123.85. This represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock valued at $20,050,076 over the last 90 days. Company insiders own 0.25% of the company’s stock.

ServiceNow Stock Performance

NYSE:NOW opened at $920.73 on Friday. The business has a fifty day simple moving average of $1,041.30 and a two-hundred day simple moving average of $980.81. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The company has a market capitalization of $189.67 billion, a P/E ratio of 134.81, a P/E/G ratio of 4.51 and a beta of 0.99.

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%. On average, analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its board has approved a share buyback program on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

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.