ServiceNow, Inc. (NYSE:NOW) Holdings Lifted by Laffer Tengler Investments Inc.

Laffer Tengler Investments Inc. lifted its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 14.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,852 shares of the information technology services provider’s stock after buying an additional 1,099 shares during the period. ServiceNow makes up about 1.8% of Laffer Tengler Investments Inc.’s investment portfolio, making the stock its 15th largest holding. Laffer Tengler Investments Inc.’s holdings in ServiceNow were worth $9,384,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. World Investment Advisors LLC increased its holdings in shares of ServiceNow by 499,668.1% during the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock valued at $4,268,731,000 after purchasing an additional 4,771,830 shares during the period. Bank of Montreal Can grew its position in ServiceNow by 216.6% in the 3rd quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider’s stock valued at $1,206,178,000 after buying an additional 935,848 shares in the last quarter. Proficio Capital Partners LLC grew its position in ServiceNow by 154,255.3% in the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock valued at $667,000 after buying an additional 666,383 shares in the last quarter. Alphinity Investment Management Pty Ltd acquired a new position in ServiceNow during the 4th quarter valued at about $682,468,000. Finally, Wellington Management Group LLP lifted its stake in shares of ServiceNow by 24.1% in the 3rd quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock worth $2,834,797,000 after acquiring an additional 615,797 shares during the period. 87.18% of the stock is owned by institutional investors.

Insider Activity at ServiceNow

In other news, CEO William R. Mcdermott sold 1,263 shares of the firm’s stock in a transaction on 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 transaction, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,644,564.50. This trade represents a 32.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Gina Mastantuono sold 4,442 shares of the company’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the completion of the sale, the chief financial officer now owns 11,126 shares of the company’s stock, valued at $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,351 shares of company stock valued at $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. Wells Fargo & Company boosted their target price on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. JMP Securities restated a “market outperform” rating and issued a $1,300.00 price objective on shares of ServiceNow in a report on Thursday, January 30th. Piper Sandler lifted their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Robert W. Baird cut their price target on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a report on Thursday, January 30th. Finally, Jefferies Financial Group lowered 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. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $1,129.72.

ServiceNow Trading Down 0.5 %

ServiceNow stock opened at $906.15 on Wednesday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The company’s fifty day simple moving average is $1,030.51 and its 200-day simple moving average is $985.06. The stock has a market cap of $186.67 billion, a P/E ratio of 132.67, a P/E/G ratio of 4.51 and a beta of 0.99.

ServiceNow (NYSE:NOW) last issued its earnings results 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 return on equity of 17.11% and a net margin of 12.97%. As a group, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its Board of Directors has approved a stock repurchase plan on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

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.