Clearstead Trust LLC Acquires 30 Shares of ServiceNow, Inc. (NYSE:NOW)

Clearstead Trust LLC grew its holdings in ServiceNow, Inc. (NYSE:NOW) by 0.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,855 shares of the information technology services provider’s stock after acquiring an additional 30 shares during the period. ServiceNow accounts for 1.1% of Clearstead Trust LLC’s portfolio, making the stock its 17th largest holding. Clearstead Trust LLC’s holdings in ServiceNow were worth $5,147,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in NOW. United Bank bought a new stake in shares of ServiceNow during the 3rd quarter valued at $480,000. Harbour Investments Inc. raised its position in shares of ServiceNow by 14.0% during the 3rd quarter. Harbour Investments Inc. now owns 269 shares of the information technology services provider’s stock valued at $241,000 after purchasing an additional 33 shares during the period. Cable Hill Partners LLC bought a new stake in shares of ServiceNow during the 3rd quarter valued at $211,000. Balboa Wealth Partners raised its position in shares of ServiceNow by 24.0% during the 3rd quarter. Balboa Wealth Partners now owns 1,680 shares of the information technology services provider’s stock valued at $1,503,000 after purchasing an additional 325 shares during the period. Finally, Broderick Brian C bought a new stake in shares of ServiceNow during the 3rd quarter valued at $537,000. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Trading Up 4.2 %

Shares of NOW opened at $845.75 on Friday. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The company has a 50-day moving average of $992.95 and a 200 day moving average of $983.44. The firm has a market capitalization of $174.22 billion, a price-to-earnings ratio of 123.83, a PEG ratio of 4.51 and a beta of 1.03. 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 data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. On average, research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its Board of Directors has initiated a share repurchase program on Wednesday, January 29th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the sale, the insider now owns 3,027 shares in the company, valued at approximately $3,204,200.58. The trade was a 13.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William R. Mcdermott sold 1,263 shares of the business’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the completion of the sale, the chief executive officer now 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 disclosure for this sale can be found here. In the last quarter, insiders sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

NOW has been the topic of several recent analyst reports. William Blair restated an “outperform” rating on shares of ServiceNow in a research report on Friday, March 7th. Mizuho cut their target price on shares of ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a research note on Tuesday. Raymond James assumed coverage on shares of ServiceNow in a research note on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 target price for the company. Oppenheimer raised their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Finally, Scotiabank started coverage on shares of ServiceNow in a research note on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 target price for the company. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and an average price target of $1,114.24.

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.