ServiceNow, Inc. (NYSE:NOW) Position Boosted by UNIVEST FINANCIAL Corp

UNIVEST FINANCIAL Corp lifted its stake in ServiceNow, Inc. (NYSE:NOW) by 1.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,210 shares of the information technology services provider’s stock after purchasing an additional 82 shares during the quarter. UNIVEST FINANCIAL Corp’s holdings in ServiceNow were worth $6,583,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Atala Financial Inc purchased a new position in ServiceNow in the fourth quarter valued at about $28,000. Truvestments Capital LLC bought a new stake in shares of ServiceNow in the 3rd quarter valued at approximately $30,000. LFA Lugano Financial Advisors SA bought a new position in ServiceNow during the fourth quarter valued at approximately $32,000. FPC Investment Advisory Inc. lifted its stake in ServiceNow by 725.0% in the fourth 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 during the last quarter. Finally, Noble Wealth Management PBC acquired a new position in shares of ServiceNow during the 4th quarter worth $34,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Wells Fargo & Company upped their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. StockNews.com downgraded ServiceNow from a “buy” rating to a “hold” rating in a research note on Tuesday, February 11th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $1,275.00 target price on shares of ServiceNow in a research report on Tuesday, March 11th. Scotiabank dropped their price target on shares of ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating on the stock in a research report on Monday, March 17th. Finally, UBS Group decreased their price objective on shares of ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating for the company in a report on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $1,100.31.

ServiceNow Stock Performance

Shares of NYSE:NOW opened at $860.50 on Wednesday. The stock has a market capitalization of $177.26 billion, a price-to-earnings ratio of 125.99, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The business’s fifty day moving average price is $964.71 and its two-hundred day moving average price is $985.75. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week 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.

ServiceNow (NYSE:NOW) last announced its quarterly 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, analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its board has initiated a stock 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 buy up to 1.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Insider Transactions at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction 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 completion of the sale, the insider now directly owns 3,649 shares in the company, valued at approximately $3,370,654.28. This trade represents a 44.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Jacqueline P. Canney sold 455 shares of the company’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the transaction, the insider now owns 3,027 shares in the company, valued at approximately $3,204,200.58. This trade represents a 13.07 % 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 owned by corporate insiders.

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.