Alta Advisers Ltd Boosts Holdings in ServiceNow, Inc. (NYSE:NOW)

Alta Advisers Ltd boosted its stake in ServiceNow, Inc. (NYSE:NOW) by 13.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 683 shares of the information technology services provider’s stock after buying an additional 83 shares during the quarter. Alta Advisers Ltd’s holdings in ServiceNow were worth $724,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of NOW. Atala Financial Inc acquired a new position in ServiceNow in the 4th quarter valued at $28,000. LFA Lugano Financial Advisors SA acquired a new position in ServiceNow during the fourth quarter worth about $32,000. FPC Investment Advisory Inc. raised its holdings in ServiceNow by 725.0% in 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 during the last quarter. Noble Wealth Management PBC acquired a new position in shares of ServiceNow during the 4th quarter worth approximately $34,000. Finally, Heck Capital Advisors LLC acquired a new stake in shares of ServiceNow in the fourth quarter valued at approximately $37,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on NOW. Barclays cut their target price on ServiceNow from $1,200.00 to $967.00 and set an “overweight” rating for the company in a research note on Monday. Redburn Atlantic began coverage on shares of ServiceNow in a report on Wednesday, February 19th. They set a “buy” rating for the company. Guggenheim reiterated a “sell” rating and issued a $716.00 price objective on shares of ServiceNow in a research report on Wednesday, April 16th. Royal Bank of Canada set a $986.00 price target on ServiceNow in a research note on Tuesday, March 11th. Finally, William Blair restated an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-eight have given a buy rating to the company. According to data from MarketBeat, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,054.73.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 292 shares of the firm’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total value of $297,124.60. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,080,123.85. This trade represents a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of 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. In the last 90 days, insiders have sold 20,250 shares of company stock valued at $19,853,273. 0.38% of the stock is owned by corporate insiders.

ServiceNow Price Performance

Shares of NOW opened at $757.13 on Tuesday. The firm has a 50-day simple moving average of $848.45 and a 200-day simple moving average of $969.57. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The company has a market capitalization of $156.73 billion, a price-to-earnings ratio of 110.85, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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, equities research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its board has approved a stock repurchase program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

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.