Picton Mahoney Asset Management Has $21.74 Million Stock Position in ServiceNow, Inc. (NYSE:NOW)

Picton Mahoney Asset Management boosted its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 0.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,510 shares of the information technology services provider’s stock after buying an additional 42 shares during the period. Picton Mahoney Asset Management’s holdings in ServiceNow were worth $21,743,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the business. Postrock Partners LLC purchased a new position in ServiceNow in the fourth quarter valued at about $1,068,000. Intact Investment Management Inc. grew its stake in ServiceNow by 14.5% in the fourth quarter. Intact Investment Management Inc. now owns 1,900 shares of the information technology services provider’s stock valued at $2,014,000 after purchasing an additional 240 shares in the last quarter. Left Brain Wealth Management LLC grew its stake in ServiceNow by 21.8% in the fourth quarter. Left Brain Wealth Management LLC now owns 6,196 shares of the information technology services provider’s stock valued at $6,569,000 after purchasing an additional 1,111 shares in the last quarter. Atala Financial Inc purchased a new position in ServiceNow in the fourth quarter valued at about $28,000. Finally, Madison Investment Advisors LLC purchased a new position in ServiceNow in the fourth quarter valued at about $221,000. 87.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on NOW. Guggenheim restated a “sell” rating and issued a $716.00 target price on shares of ServiceNow in a research note on Wednesday, January 22nd. Jefferies Financial Group lowered their target price on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. The Goldman Sachs Group upped their price target on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Raymond James assumed coverage on ServiceNow in a research note on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price target for the company. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $1,210.00 price target on shares of ServiceNow in a research note on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,114.24.

Insider Transactions at ServiceNow

In other news, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at approximately $2,644,564.50. This represents a 32.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction that occurred 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 sale, the insider now 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 20,351 shares of company stock valued at $20,050,076. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Trading Up 4.2 %

ServiceNow stock opened at $845.75 on Friday. The business has a 50 day moving average price of $992.95 and a two-hundred day moving average price of $983.44. 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 stock has a market cap of $174.22 billion, a price-to-earnings ratio of 123.83, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09.

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

ServiceNow announced that its board has approved a share buyback program 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 repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

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.