Trifecta Capital Advisors LLC Has $8.66 Million Stock Position in ServiceNow, Inc. (NYSE:NOW)

Trifecta Capital Advisors LLC grew its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 12.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,171 shares of the information technology services provider’s stock after purchasing an additional 876 shares during the period. ServiceNow makes up 1.7% of Trifecta Capital Advisors LLC’s investment portfolio, making the stock its 15th biggest holding. Trifecta Capital Advisors LLC’s holdings in ServiceNow were worth $8,662,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. World Investment Advisors LLC increased its position 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 worth $4,268,731,000 after acquiring an additional 4,771,830 shares in the last quarter. Bank of Montreal Can increased its position in shares of ServiceNow by 216.6% during the third 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 acquiring an additional 935,848 shares in the last quarter. Wellington Management Group LLP increased its position in shares of ServiceNow by 24.1% during the third 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 in the last quarter. FMR LLC increased its position in shares of ServiceNow by 9.9% during the third quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock worth $5,014,302,000 after acquiring an additional 502,845 shares in the last quarter. Finally, Jennison Associates LLC grew its position in ServiceNow by 17.4% in the 4th quarter. Jennison Associates LLC now owns 2,352,111 shares of the information technology services provider’s stock worth $2,493,520,000 after purchasing an additional 348,187 shares in the last quarter. 87.18% of the stock is owned by institutional investors.

ServiceNow Stock Performance

NYSE NOW opened at $926.32 on Tuesday. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The stock has a market capitalization of $190.82 billion, a PE ratio of 135.63, a P/E/G ratio of 4.51 and a beta of 0.99. The company’s 50 day simple moving average is $1,050.62 and its two-hundred day simple moving average is $980.72.

ServiceNow (NYSE:NOW) last posted its earnings results 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 net margin of 12.97% and a return on equity of 17.11%. Analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has approved a stock 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 often an indication that the company’s board believes its shares are undervalued.

Insider Transactions at ServiceNow

In other news, Director Paul Edward Chamberlain sold 300 shares of the stock in a transaction on Friday, November 29th. The shares were sold at an average price of $1,047.95, for a total value of $314,385.00. Following the transaction, the director now owns 10,467 shares of the company’s stock, valued at $10,968,892.65. This represents a 2.79 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William R. Mcdermott sold 384 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $986.64, for a total transaction of $378,869.76. Following the completion of the transaction, the chief executive officer now directly owns 6,614 shares in the company, valued at $6,525,636.96. The trade was a 5.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 13,264 shares of company stock valued at $13,358,909 in the last quarter. Insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

NOW has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price objective on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Canaccord Genuity Group upped their price objective on shares of ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. Wells Fargo & Company upped their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Scotiabank initiated coverage on shares of ServiceNow in a research report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price objective for the company. Finally, Mizuho upped their price objective on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and a consensus target price of $1,129.72.

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.