OFI Invest Asset Management Buys New Position in ServiceNow, Inc. (NYSE:NOW)

OFI Invest Asset Management bought a new stake in ServiceNow, Inc. (NYSE:NOW) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 2,291 shares of the information technology services provider’s stock, valued at approximately $2,345,000.

A number of other institutional investors and hedge funds have also bought and sold shares of NOW. Avidian Wealth Enterprises LLC lifted its position in ServiceNow by 1.8% during the fourth quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock valued at $527,000 after purchasing an additional 9 shares in the last quarter. Redhawk Wealth Advisors Inc. raised its holdings in ServiceNow by 2.2% during the fourth quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $487,000 after acquiring an additional 10 shares during the period. Institute for Wealth Management LLC. raised its holdings in ServiceNow by 0.4% during the fourth quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock valued at $2,779,000 after acquiring an additional 11 shares during the period. TBH Global Asset Management LLC raised its holdings in ServiceNow by 3.8% during the fourth quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock valued at $320,000 after acquiring an additional 11 shares during the period. Finally, Onefund LLC raised its holdings in ServiceNow by 2.0% during the fourth quarter. Onefund LLC now owns 552 shares of the information technology services provider’s stock valued at $585,000 after acquiring an additional 11 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Down 1.9 %

Shares of NYSE:NOW opened at $850.54 on Monday. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The business has a 50 day simple moving average of $1,017.44 and a two-hundred day simple moving average of $985.92. The firm has a market capitalization of $175.21 billion, a PE ratio of 124.53, 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 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 (EPS) 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%. On average, equities analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has initiated 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 shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Raymond James assumed coverage on ServiceNow in a report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price target on the stock. Robert W. Baird decreased their price target on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a report on Thursday, January 30th. Mizuho raised their price target on ServiceNow from $1,070.00 to $1,210.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Oppenheimer lifted their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Finally, Citigroup reduced their target price on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

Insider Buying and Selling

In related news, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the transaction, the chief executive officer now owns 2,595 shares of the company’s stock, valued at $2,644,564.50. This represents a 32.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction 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 sale, the insider now directly owns 3,027 shares in the company, valued at $3,204,200.58. This trade represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,351 shares of company stock valued at $20,050,076 over the last quarter. 0.25% of the stock is owned by corporate insiders.

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.