Jupiter Asset Management Ltd. Raises Holdings in ServiceNow, Inc. (NYSE:NOW)

Jupiter Asset Management Ltd. boosted its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 3.9% in the 4th quarter, Holdings Channel.com reports. The fund owned 74,881 shares of the information technology services provider’s stock after buying an additional 2,815 shares during the quarter. ServiceNow makes up about 0.8% of Jupiter Asset Management Ltd.’s holdings, making the stock its 23rd biggest holding. Jupiter Asset Management Ltd.’s holdings in ServiceNow were worth $79,383,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of NOW. Truvestments Capital LLC purchased a new position in ServiceNow during the third quarter worth about $30,000. FPC Investment Advisory Inc. grew its stake in shares of ServiceNow by 725.0% in 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 in the last quarter. Noble Wealth Management PBC acquired a new stake in shares of ServiceNow in the fourth quarter valued at $34,000. Heck Capital Advisors LLC purchased a new stake in shares of ServiceNow in the 4th quarter valued at $37,000. Finally, Stonebridge Financial Group LLC acquired a new position in ServiceNow during the 4th quarter worth about $37,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Up 3.4 %

Shares of NYSE NOW opened at $810.27 on Wednesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The firm’s 50-day moving average is $1,006.72 and its two-hundred day moving average is $985.52. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The company has a market capitalization of $166.92 billion, a PE ratio of 118.63, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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 fiscal year.

ServiceNow declared that its Board of Directors has approved a share buyback plan on Wednesday, January 29th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Robert W. Baird cut their price target on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a research note on Thursday, January 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $1,048.00 price target on shares of ServiceNow in a research report on Tuesday. Canaccord Genuity Group restated a “buy” rating and set a $1,275.00 target price on shares of ServiceNow in a research note on Tuesday. Redburn Atlantic began coverage on shares of ServiceNow in a research note on Wednesday, February 19th. They issued a “buy” rating for the company. Finally, 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 report on Monday, January 6th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $1,114.24.

Insiders Place Their Bets

In other ServiceNow news, CEO William R. Mcdermott sold 1,263 shares of ServiceNow stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the sale, the chief executive officer now owns 2,595 shares in the company, valued at $2,644,564.50. The trade was a 32.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Gina Mastantuono sold 4,442 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the transaction, the chief financial officer now directly owns 11,126 shares of the company’s stock, valued at $10,733,252.20. This trade represents a 28.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock valued at $20,050,076 in the last ninety days. Insiders own 0.25% of the company’s stock.

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.