Wedbush Securities Inc. Has $7.40 Million Position in ServiceNow, Inc. (NYSE:NOW)

Wedbush Securities Inc. raised its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 5.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,980 shares of the information technology services provider’s stock after purchasing an additional 365 shares during the period. Wedbush Securities Inc.’s holdings in ServiceNow were worth $7,400,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Atala Financial Inc acquired a new position in ServiceNow during the fourth quarter worth $28,000. LFA Lugano Financial Advisors SA bought a new position in ServiceNow in the 4th quarter worth approximately $32,000. FPC Investment Advisory Inc. lifted its stake in shares of ServiceNow by 725.0% during the fourth 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 period. Noble Wealth Management PBC acquired a new stake in shares of ServiceNow during the 4th quarter worth approximately $34,000. Finally, Heck Capital Advisors LLC bought a new stake in shares of ServiceNow during the 4th quarter valued at $37,000. Institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

ServiceNow stock opened at $720.69 on Friday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $148.46 billion, a PE ratio of 105.52, 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. The firm has a 50-day moving average price of $917.80 and a 200-day moving average price of $979.99.

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%. As a group, equities research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

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

Analyst Ratings Changes

A number of brokerages recently weighed in on NOW. UBS Group cut their price target on shares of ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating on the stock in a research report on Tuesday, March 11th. JMP Securities reaffirmed a “market outperform” rating and set a $1,300.00 price objective on shares of ServiceNow in a research report on Thursday, January 30th. Royal Bank of Canada set a $986.00 price target on shares of ServiceNow in a research note on Tuesday, March 11th. Raymond James began 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. Finally, Citigroup decreased their price objective on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and a consensus price target of $1,086.00.

Insider Activity

In other news, Director Larry Quinlan sold 415 shares of the stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $1,007.41, for a total value of $418,075.15. Following the sale, the director now owns 1,737 shares in the company, valued at $1,749,871.17. This represents a 19.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jacqueline P. Canney sold 292 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the sale, the insider now directly owns 3,027 shares in the company, valued at $3,080,123.85. This trade represents a 8.80 % decrease in their ownership of the stock. 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. 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.