ServiceNow, Inc. (NYSE:NOW) Shares Bought by Corient Private Wealth LLC

Corient Private Wealth LLC boosted its holdings in ServiceNow, Inc. (NYSE:NOW) by 12.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 296,113 shares of the information technology services provider’s stock after buying an additional 32,927 shares during the quarter. Corient Private Wealth LLC owned 0.14% of ServiceNow worth $312,926,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in NOW. Avidian Wealth Enterprises LLC boosted its stake in shares of 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 buying an additional 9 shares during the period. Redhawk Wealth Advisors Inc. boosted its position in shares of 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 in the last quarter. Institute for Wealth Management LLC. boosted its position in shares of ServiceNow by 0.4% during the 4th quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock valued at $2,779,000 after acquiring an additional 11 shares in the last quarter. TBH Global Asset Management LLC boosted its position in shares of ServiceNow by 3.8% during the 4th quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock valued at $320,000 after acquiring an additional 11 shares in the last quarter. Finally, Onefund LLC boosted its position in ServiceNow by 2.0% in the fourth quarter. Onefund LLC now owns 552 shares of the information technology services provider’s stock valued at $585,000 after buying an additional 11 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Performance

Shares of NOW stock opened at $845.75 on Friday. The firm 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. The firm has a fifty day simple moving average of $992.95 and a two-hundred day simple moving average of $984.50. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data 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 net margin of 12.97% and a return on equity of 17.11%. Analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its Board of Directors has authorized a share repurchase program on Wednesday, January 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on NOW shares. Raymond James assumed coverage on shares of ServiceNow in a research report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 target price on the stock. Piper Sandler upped their price target on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday, January 6th. StockNews.com cut shares of ServiceNow from a “buy” rating to a “hold” rating in a research note on Tuesday, February 11th. Redburn Atlantic began coverage on shares of ServiceNow in a research report on Wednesday, February 19th. They issued a “buy” rating on the stock. Finally, Wells Fargo & Company raised their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $1,114.24.

Insiders Place Their Bets

In other ServiceNow news, CFO Gina Mastantuono sold 4,442 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $964.70, for a total transaction 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 $10,733,252.20. This trade represents a 28.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the transaction, the insider now owns 3,649 shares of the company’s stock, valued at $3,370,654.28. This represents a 44.66 % 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 three months. 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.