Benchmark Investment Advisors LLC Acquires Shares of 1,193 ServiceNow, Inc. (NYSE:NOW)

Benchmark Investment Advisors LLC acquired a new position in ServiceNow, Inc. (NYSE:NOW) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,193 shares of the information technology services provider’s stock, valued at approximately $1,265,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Union Bancaire Privee UBP SA purchased a new stake in ServiceNow in the fourth quarter worth about $48,802,000. Dock Street Asset Management Inc. raised its position in shares of ServiceNow by 3.4% in the 4th quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock worth $35,147,000 after acquiring an additional 1,105 shares in the last quarter. Cardano Risk Management B.V. purchased a new position in shares of ServiceNow in the 4th quarter valued at approximately $105,090,000. Rheos Capital Works Inc. bought a new stake in shares of ServiceNow during the fourth quarter valued at approximately $10,071,000. Finally, Czech National Bank grew its stake in ServiceNow by 6.7% in the fourth quarter. Czech National Bank now owns 44,793 shares of the information technology services provider’s stock worth $47,486,000 after purchasing an additional 2,829 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on NOW shares. Robert W. Baird dropped their target price on shares of ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating on the stock in a report on Wednesday, March 26th. Jefferies Financial Group dropped their price objective on shares of 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. Scotiabank decreased their target price on shares of ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating for the company in a research note on Monday, March 17th. Piper Sandler boosted their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Finally, Royal Bank of Canada set a $986.00 price objective on ServiceNow in a research report on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $1,086.00.

ServiceNow Stock Down 6.9 %

ServiceNow stock opened at $720.69 on Friday. The stock has a market cap 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. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The stock has a fifty day moving average of $917.80 and a 200 day moving average of $980.64. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting 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, sell-side analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

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

Insider Buying and Selling at ServiceNow

In related news, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction that occurred on 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 directly owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. This represents a 13.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jeffrey A. Miller sold 2,282 shares of ServiceNow stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $1,030.64, for a total transaction of $2,351,920.48. Following the transaction, the director now directly owns 40,638 shares in the company, valued at $41,883,148.32. This represents a 5.32 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,351 shares of company stock valued at $20,050,076. Insiders own 0.25% of the company’s stock.

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.