Clare Market Investments LLC Purchases New Stake in ServiceNow, Inc. (NYSE:NOW)

Clare Market Investments LLC purchased a new stake in ServiceNow, Inc. (NYSE:NOW) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 3,083 shares of the information technology services provider’s stock, valued at approximately $3,268,000. ServiceNow comprises 0.8% of Clare Market Investments LLC’s portfolio, making the stock its 21st largest holding.

Several other hedge funds have also added to or reduced their stakes in the company. Independent Advisor Alliance lifted its stake in ServiceNow by 21.4% in the fourth quarter. Independent Advisor Alliance now owns 8,217 shares of the information technology services provider’s stock valued at $8,711,000 after buying an additional 1,448 shares during the period. Marvin & Palmer Associates Inc. acquired a new position in ServiceNow in the fourth quarter valued at about $3,213,000. Paragon Private Wealth Management LLC lifted its stake in ServiceNow by 32.3% in the fourth quarter. Paragon Private Wealth Management LLC now owns 532 shares of the information technology services provider’s stock valued at $564,000 after buying an additional 130 shares during the period. Johnson Investment Counsel Inc. lifted its stake in ServiceNow by 1.8% in the fourth quarter. Johnson Investment Counsel Inc. now owns 8,080 shares of the information technology services provider’s stock valued at $8,566,000 after buying an additional 139 shares during the period. Finally, Gallagher Capital Advisors LLC acquired a new position in ServiceNow in the fourth quarter valued at about $3,876,000. Institutional investors own 87.18% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Citigroup cut their target price on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. Truist Financial raised their price target on ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research report on Thursday, December 12th. StockNews.com lowered ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $1,210.00 price target on shares of ServiceNow in a research report on Thursday, January 30th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $1,300.00 price target on shares of ServiceNow in a research report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.72.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $850.54 on Monday. The company has a current ratio of 1.10, a quick 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 stock has a 50 day moving average of $1,017.44 and a 200-day moving average of $985.92. The company has a market capitalization of $175.21 billion, a P/E ratio of 124.53, a P/E/G ratio of 4.51 and a beta of 1.03.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 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%. As a group, equities research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its Board of Directors has authorized a stock buyback plan on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction that occurred 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 directly owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. This trade represents a 28.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William R. Mcdermott sold 1,263 shares of ServiceNow stock in a transaction on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the transaction, the chief executive officer now directly 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 disclosure for this sale can be found here. In 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.