Harvest Fund Management Co. Ltd Purchases 2,707 Shares of ServiceNow, Inc. (NYSE:NOW)

Harvest Fund Management Co. Ltd increased its position in ServiceNow, Inc. (NYSE:NOW) by 80.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,061 shares of the information technology services provider’s stock after purchasing an additional 2,707 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in ServiceNow were worth $6,422,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Atala Financial Inc bought a new stake in ServiceNow during the 4th quarter valued at $28,000. Truvestments Capital LLC bought a new stake in ServiceNow during the 3rd quarter valued at $30,000. LFA Lugano Financial Advisors SA bought a new stake in ServiceNow during the 4th quarter valued at $32,000. FPC Investment Advisory Inc. boosted its position in ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after acquiring an additional 29 shares in the last quarter. Finally, Noble Wealth Management PBC bought a new stake in ServiceNow during the 4th quarter valued at $34,000. Institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

NYSE:NOW opened at $830.11 on Wednesday. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The stock has a 50 day moving average of $983.82 and a two-hundred day moving average of $985.60. 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 firm has a market cap of $171.00 billion, a P/E ratio of 121.54, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has initiated a share repurchase plan on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several brokerages have issued reports on NOW. The Goldman Sachs Group increased their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Oppenheimer increased their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. UBS Group lowered their price objective on ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating for the company in a research report on Tuesday, March 11th. Royal Bank of Canada set a $986.00 price objective on ServiceNow in a research report on Tuesday, March 11th. Finally, StockNews.com cut ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $1,100.31.

Insiders Place Their Bets

In other ServiceNow news, CFO Gina Mastantuono sold 4,442 shares of the business’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 completion of the sale, the chief financial officer now directly owns 11,126 shares in the company, valued at approximately $10,733,252.20. The trade was a 28.53 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the sale, the insider now owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. This trade represents a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 20,351 shares of company stock worth $20,050,076. Corporate 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.