First National Bank of Hutchinson Purchases 50 Shares of ServiceNow, Inc. (NYSE:NOW)

First National Bank of Hutchinson lifted its position in ServiceNow, Inc. (NYSE:NOW) by 3.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,740 shares of the information technology services provider’s stock after buying an additional 50 shares during the period. ServiceNow comprises 1.1% of First National Bank of Hutchinson’s holdings, making the stock its 20th largest position. First National Bank of Hutchinson’s holdings in ServiceNow were worth $1,845,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. World Investment Advisors LLC increased its holdings in shares of ServiceNow by 499,668.1% in the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock worth $4,268,731,000 after acquiring an additional 4,771,830 shares in the last quarter. Bank of Montreal Can grew its position in shares of ServiceNow by 216.6% in the 3rd quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider’s stock valued at $1,206,178,000 after purchasing an additional 935,848 shares during the period. Proficio Capital Partners LLC increased its stake in ServiceNow by 154,255.3% during the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock worth $667,000 after purchasing an additional 666,383 shares in the last quarter. Alphinity Investment Management Pty Ltd acquired a new stake in ServiceNow during the 4th quarter worth approximately $682,468,000. Finally, Wellington Management Group LLP lifted its stake in ServiceNow by 24.1% in the third quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock valued at $2,834,797,000 after buying an additional 615,797 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Up 1.6 %

Shares of NOW opened at $843.60 on Thursday. The firm has a market cap of $173.78 billion, a P/E ratio of 123.51, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The firm’s 50-day simple moving average is $979.74 and its 200 day simple moving average is $984.61.

ServiceNow (NYSE:NOW) last announced its 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%. On average, analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its Board of Directors has initiated a share repurchase program on Wednesday, January 29th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the information technology services provider to purchase 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 stock is undervalued.

Insider Transactions at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow 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 completion of the sale, the insider now owns 3,649 shares in the company, valued at $3,370,654.28. The trade was a 44.66 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Gina Mastantuono sold 4,442 shares of the 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 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 disclosure for this sale can be found here. Over the last 90 days, insiders 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 equities research analysts recently commented on the stock. JPMorgan Chase & Co. raised their price objective on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. Royal Bank of Canada set a $986.00 price target on ServiceNow in a research note on Tuesday, March 11th. Guggenheim reaffirmed a “sell” rating and set a $716.00 price objective on shares of ServiceNow in a research report on Wednesday, January 22nd. The Goldman Sachs Group lifted 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. Finally, TD Cowen upped their price target on ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $1,100.31.

About ServiceNow

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.