Cary Street Partners Financial LLC Invests $625,000 in ServiceNow, Inc. (NYSE:NOW)

Cary Street Partners Financial LLC purchased a new stake in ServiceNow, Inc. (NYSE:NOW) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 590 shares of the information technology services provider’s stock, valued at approximately $625,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Fulton Bank N.A. boosted its holdings in ServiceNow by 14.6% in the 4th quarter. Fulton Bank N.A. now owns 1,881 shares of the information technology services provider’s stock worth $1,994,000 after buying an additional 240 shares during the last quarter. Hudson Valley Investment Advisors Inc. ADV purchased a new position in shares of ServiceNow in the fourth quarter valued at approximately $223,000. Fortitude Family Office LLC boosted its stake in shares of ServiceNow by 18.8% in the fourth quarter. Fortitude Family Office LLC now owns 95 shares of the information technology services provider’s stock worth $101,000 after acquiring an additional 15 shares during the last quarter. ORG Partners LLC increased its position in shares of ServiceNow by 15.2% during the fourth quarter. ORG Partners LLC now owns 159 shares of the information technology services provider’s stock worth $169,000 after purchasing an additional 21 shares in the last quarter. Finally, Hilltop National Bank raised its stake in ServiceNow by 22.8% in the 4th quarter. Hilltop National Bank now owns 420 shares of the information technology services provider’s stock valued at $445,000 after purchasing an additional 78 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

Shares of NOW opened at $975.86 on Friday. The company has a market cap of $202.00 billion, a P/E ratio of 142.88, a PEG ratio of 4.51 and a beta of 0.97. 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 quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm’s 50 day moving average price is $843.35 and its 200 day moving average price is $969.61.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.78 by $0.26. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The business had revenue of $3.09 billion for the quarter, compared to analysts’ expectations of $3.09 billion. During the same period last year, the firm earned $3.41 earnings per share. The company’s revenue for the quarter was up 18.6% compared to the same quarter last year. On average, research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley upped their target price on shares of ServiceNow from $881.00 to $950.00 and gave the stock an “equal weight” rating in a report on Thursday, April 24th. Citigroup upped their price objective on shares of ServiceNow from $1,128.00 to $1,160.00 and gave the company a “buy” rating in a research note on Wednesday. William Blair reissued an “outperform” rating on shares of ServiceNow in a research note on Friday, March 7th. Guggenheim upped their price target on ServiceNow from $716.00 to $724.00 and gave the company a “sell” rating in a research report on Thursday, April 24th. Finally, Raymond James reduced their price objective on ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $1,048.55.

Insider Transactions at ServiceNow

In related news, Director Deborah Black sold 598 shares of the business’s stock in a transaction on Friday, April 25th. The shares were sold at an average price of $940.23, for a total transaction of $562,257.54. Following the completion of the transaction, the director now owns 428 shares in the company, valued at approximately $402,418.44. The trade was a 58.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William R. Mcdermott sold 1,263 shares of the firm’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the sale, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,644,564.50. This represents a 32.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,410 shares of company stock valued at $15,821,524. 0.38% of the stock is currently owned by corporate insiders.

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.