Paragon Private Wealth Management LLC Boosts Stock Position in ServiceNow, Inc. (NYSE:NOW)

Paragon Private Wealth Management LLC lifted its holdings in ServiceNow, Inc. (NYSE:NOW) by 32.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 532 shares of the information technology services provider’s stock after purchasing an additional 130 shares during the quarter. Paragon Private Wealth Management LLC’s holdings in ServiceNow were worth $564,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. World Investment Advisors LLC boosted its stake in 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 buying an additional 4,771,830 shares during the period. Bank of Montreal Can boosted its stake in 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 buying an additional 935,848 shares during the period. Proficio Capital Partners LLC boosted its stake in ServiceNow by 154,255.3% during the fourth quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock worth $667,000 after buying an additional 666,383 shares during the period. Alphinity Investment Management Pty Ltd purchased a new position in ServiceNow during the fourth quarter worth $682,468,000. Finally, Wellington Management Group LLP boosted its stake in 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 buying an additional 615,797 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

NOW has been the subject of several recent analyst reports. Needham & Company LLC lifted their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Robert W. Baird dropped their price objective on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a research note on Thursday, January 30th. Oppenheimer lifted their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Truist Financial lifted their price objective on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research note on Thursday, December 12th. Finally, TD Cowen boosted their target price on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. One analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $1,129.72.

ServiceNow Stock Performance

NOW stock opened at $850.54 on Monday. The firm has a market cap of $175.21 billion, a price-to-earnings ratio of 124.53, a PEG ratio of 4.51 and a beta of 1.03. The firm has a 50-day simple moving average of $1,017.44 and a two-hundred day simple moving average of $985.92. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 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%. On average, equities analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its Board of Directors has approved 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 often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at ServiceNow

In related news, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,204,200.58. This trade represents a 13.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction 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. The trade was a 32.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is currently owned by 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.