Jag Capital Management LLC Makes New $10.63 Million Investment in ServiceNow, Inc. (NYSE:NOW)

Jag Capital Management LLC bought a new stake in ServiceNow, Inc. (NYSE:NOW) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 10,029 shares of the information technology services provider’s stock, valued at approximately $10,632,000. ServiceNow accounts for about 1.5% of Jag Capital Management LLC’s investment portfolio, making the stock its 26th biggest holding.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Ring Mountain Capital LLC bought a new stake in shares of ServiceNow in the 4th quarter valued at about $290,000. Exencial Wealth Advisors LLC raised its holdings in shares of ServiceNow by 16.5% in the 4th quarter. Exencial Wealth Advisors LLC now owns 558 shares of the information technology services provider’s stock valued at $592,000 after purchasing an additional 79 shares during the period. Commerzbank Aktiengesellschaft FI raised its holdings in shares of ServiceNow by 39.6% in the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 1,502 shares of the information technology services provider’s stock valued at $1,604,000 after purchasing an additional 426 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of ServiceNow by 4.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,292,922 shares of the information technology services provider’s stock valued at $1,370,652,000 after purchasing an additional 56,585 shares during the period. Finally, Steward Partners Investment Advisory LLC raised its holdings in shares of ServiceNow by 2.5% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 25,477 shares of the information technology services provider’s stock valued at $27,009,000 after purchasing an additional 617 shares during the period. 87.18% of the stock is owned by institutional investors.

Insider Activity

In other news, CFO Gina Mastantuono sold 4,442 shares of the firm’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the completion of the transaction, the chief financial officer now 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,370,654.28. The trade was a 44.66 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,351 shares of company stock valued at $20,050,076. Insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

NOW has been the topic of several research analyst reports. Citigroup lowered their price target on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. TD Cowen increased their price target on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Mizuho increased their price target on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the company an “outperform” rating in a report on Friday, December 13th. JPMorgan Chase & Co. increased their price target on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Finally, StockNews.com cut shares of ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $1,129.72.

ServiceNow Price Performance

Shares of NYSE:NOW opened at $909.80 on Tuesday. The company has a market cap of $187.42 billion, a price-to-earnings ratio of 133.21, a PEG ratio of 4.51 and a beta of 0.99. 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 firm has a 50 day simple moving average of $1,034.50 and a 200 day simple moving average of $984.50. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its Board of Directors has authorized a share repurchase program on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are 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.