one8zero8 LLC Takes $366,000 Position in ServiceNow, Inc. (NYSE:NOW)

one8zero8 LLC purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 345 shares of the information technology services provider’s stock, valued at approximately $366,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. United Bank purchased a new position in shares of ServiceNow in the third quarter valued at $480,000. Harbour Investments Inc. boosted its position in ServiceNow by 14.0% in the 3rd quarter. Harbour Investments Inc. now owns 269 shares of the information technology services provider’s stock valued at $241,000 after buying an additional 33 shares during the last quarter. Empowered Funds LLC grew its stake in shares of ServiceNow by 34.0% during the third quarter. Empowered Funds LLC now owns 7,087 shares of the information technology services provider’s stock valued at $6,339,000 after acquiring an additional 1,797 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its position in shares of ServiceNow by 28.2% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 205,164 shares of the information technology services provider’s stock worth $183,497,000 after acquiring an additional 45,099 shares during the last quarter. Finally, WESPAC Advisors SoCal LLC lifted its stake in shares of ServiceNow by 5.6% in the third quarter. WESPAC Advisors SoCal LLC now owns 3,894 shares of the information technology services provider’s stock worth $3,483,000 after acquiring an additional 205 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Analysts Set New Price Targets

NOW has been the topic of several analyst reports. Piper Sandler lifted their price objective on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Needham & Company LLC upped their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a report on Thursday, January 30th. William Blair reissued an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. Oppenheimer upped 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, Raymond James assumed coverage on ServiceNow in a research note on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 price target for the company. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and a consensus target price of $1,114.24.

ServiceNow Trading Up 4.2 %

Shares of NOW stock opened at $845.75 on Monday. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The firm has a market capitalization of $174.22 billion, a PE ratio of 123.83, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The stock has a fifty day moving average of $992.95 and a two-hundred day moving average of $985.70. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data 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 net margin of 12.97% and a return on equity of 17.11%. As a group, research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its board has authorized a stock buyback plan 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 buy up to 1.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insider Transactions at ServiceNow

In other ServiceNow news, CFO Gina Mastantuono sold 4,442 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $964.70, for a total value of $4,285,197.40. Following the completion of the sale, the chief financial officer now directly owns 11,126 shares in the company, valued at $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the transaction, 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 three months, insiders sold 20,351 shares of company stock valued at $20,050,076. Company insiders own 0.25% of the company’s stock.

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.