Financial Life Planners Makes New Investment in ServiceNow, Inc. (NYSE:NOW)

Financial Life Planners acquired a new stake in ServiceNow, Inc. (NYSE:NOW) in the fourth quarter, HoldingsChannel reports. The firm acquired 379 shares of the information technology services provider’s stock, valued at approximately $402,000.

Several other institutional investors and hedge funds have also modified their holdings of the company. World Investment Advisors LLC grew its position in shares of ServiceNow by 499,668.1% in 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. International Assets Investment Management LLC lifted its position in ServiceNow by 89,137.0% during the third quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock worth $1,059,912,000 after buying an additional 1,183,739 shares during the period. Bank of Montreal Can boosted its stake 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 worth $1,206,178,000 after buying an additional 935,848 shares during the last quarter. Wellington Management Group LLP grew its holdings in 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 valued at $2,834,797,000 after buying an additional 615,797 shares during the period. Finally, FMR LLC increased its stake in shares of ServiceNow by 9.9% during the 3rd quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock valued at $5,014,302,000 after acquiring an additional 502,845 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Activity

In other ServiceNow news, CEO William R. Mcdermott sold 12,271 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total value of $12,242,408.57. Following the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,588,953.65. This trade represents a 82.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Anita M. Sands sold 2,229 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the transaction, the director now directly owns 11,000 shares of the company’s stock, valued at approximately $11,710,600. This trade represents a 16.85 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,731 shares of company stock worth $21,016,751. 0.25% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms recently issued reports on NOW. Royal Bank of Canada reissued an “outperform” rating and issued a $1,210.00 target price on shares of ServiceNow in a research report on Thursday. UBS Group lifted their price target on shares of ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. The Goldman Sachs Group upped their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Cantor Fitzgerald assumed coverage on ServiceNow in a report on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 target price on the stock. Finally, Morgan Stanley lowered ServiceNow from an “overweight” rating to an “equal weight” rating and upped their price target for the stock from $900.00 to $960.00 in a research note on Monday, October 21st. One analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,129.93.

ServiceNow Stock Performance

Shares of NOW opened at $1,020.17 on Monday. The firm has a market cap of $210.16 billion, a price-to-earnings ratio of 149.37, a PEG ratio of 4.74 and a beta of 0.99. The business’s 50 day moving average is $1,083.66 and its two-hundred day moving average is $957.36. 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 52-week low of $637.99 and a 52-week high of $1,198.09.

ServiceNow (NYSE:NOW) last released 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 net margin of 12.97% and a return on equity of 17.11%. Analysts forecast that ServiceNow, Inc. will post 8.94 EPS for the current fiscal year.

ServiceNow announced that its board has authorized a share buyback plan on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

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.