Avalon Trust Co Buys 57 Shares of ServiceNow, Inc. (NYSE:NOW)

Avalon Trust Co lifted its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 75.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 133 shares of the information technology services provider’s stock after acquiring an additional 57 shares during the quarter. Avalon Trust Co’s holdings in ServiceNow were worth $141,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Atala Financial Inc purchased a new position in ServiceNow in the 4th quarter worth approximately $28,000. Truvestments Capital LLC purchased a new position in ServiceNow in the 3rd quarter worth approximately $30,000. LFA Lugano Financial Advisors SA purchased a new position in ServiceNow in the 4th quarter worth approximately $32,000. FPC Investment Advisory Inc. lifted its holdings in ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after purchasing an additional 29 shares in the last quarter. Finally, Noble Wealth Management PBC purchased a new position in ServiceNow in the 4th quarter worth approximately $34,000. 87.18% of the stock is currently owned by institutional investors.

Insider Transactions at ServiceNow

In other news, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the transaction, the chief executive officer now owns 2,595 shares of the company’s stock, valued at approximately $2,644,564.50. This represents a 32.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the sale, the insider now directly owns 3,649 shares in the company, valued at approximately $3,370,654.28. The trade was a 44.66 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on NOW shares. Redburn Atlantic started coverage on ServiceNow in a report on Wednesday, February 19th. They issued a “buy” rating on the stock. KeyCorp cut ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. Needham & Company LLC upped their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. TD Cowen upped their price objective on ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Finally, Guggenheim reaffirmed a “sell” rating and set a $716.00 price objective on shares of ServiceNow in a report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $1,114.24.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $845.75 on Friday. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock’s fifty day moving average is $992.95 and its two-hundred day moving average is $984.50. The company has a market capitalization of $174.22 billion, a PE ratio of 123.83, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (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%. As a group, analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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