Congress Wealth Management LLC DE Boosts Holdings in ServiceNow, Inc. (NYSE:NOW)

Congress Wealth Management LLC DE grew its position in shares of ServiceNow, Inc. (NYSE:NOW) by 1.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,420 shares of the information technology services provider’s stock after purchasing an additional 417 shares during the period. Congress Wealth Management LLC DE’s holdings in ServiceNow were worth $29,070,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Polymer Capital Management HK LTD increased its stake in ServiceNow by 57.0% in the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after acquiring an additional 981 shares during the last quarter. Union Bancaire Privee UBP SA bought a new position in shares of ServiceNow in the fourth quarter worth approximately $48,802,000. Dock Street Asset Management Inc. raised its stake in ServiceNow by 3.4% in the fourth quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock valued at $35,147,000 after purchasing an additional 1,105 shares in the last quarter. Cardano Risk Management B.V. bought a new stake in ServiceNow during the fourth quarter valued at approximately $105,090,000. Finally, Rheos Capital Works Inc. purchased a new position in ServiceNow in the 4th quarter worth approximately $10,071,000. Institutional investors own 87.18% of the company’s stock.

ServiceNow Trading Up 0.5 %

Shares of NYSE NOW opened at $827.92 on Monday. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. 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 has a 50-day moving average of $971.31 and a 200 day moving average of $985.39. The stock has a market cap of $170.55 billion, a P/E ratio of 121.22, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. As a group, sell-side analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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

Insiders Place Their Bets

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 transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. The trade was a 44.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Gina Mastantuono sold 4,442 shares of the stock in a transaction that occurred on 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 sale, 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 three months, 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.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on NOW. William Blair restated an “outperform” rating on shares of ServiceNow in a research report on Friday, March 7th. Wells Fargo & Company raised their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. JPMorgan Chase & Co. upped their price objective on ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. Canaccord Genuity Group reissued a “buy” rating and set a $1,275.00 price objective on shares of ServiceNow in a report on Tuesday, March 11th. Finally, TD Cowen upped their target price on ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have given a buy rating to the company. Based on data from MarketBeat, ServiceNow presently has a consensus rating of “Moderate Buy” and an average target price of $1,100.31.

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.