ServiceNow, Inc. (NYSE:NOW) Shares Bought by Hillsdale Investment Management Inc.

Hillsdale Investment Management Inc. increased its stake in ServiceNow, Inc. (NYSE:NOW) by 45.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 415 shares of the information technology services provider’s stock after acquiring an additional 130 shares during the period. Hillsdale Investment Management Inc.’s holdings in ServiceNow were worth $440,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of NOW. Atala Financial Inc acquired a new position in shares of ServiceNow in the 4th quarter valued at $28,000. Truvestments Capital LLC acquired a new position in ServiceNow in the third quarter valued at $30,000. LFA Lugano Financial Advisors SA purchased a new stake in ServiceNow during the fourth quarter valued at about $32,000. FPC Investment Advisory Inc. increased its stake in ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after acquiring an additional 29 shares during the last quarter. Finally, Noble Wealth Management PBC purchased a new position in shares of ServiceNow in the 4th quarter worth about $34,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. The Goldman Sachs Group increased their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. JMP Securities reissued a “market outperform” rating and issued a $1,300.00 target price on shares of ServiceNow in a research note on Thursday, January 30th. Citigroup decreased their price target on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. TD Cowen raised their price objective on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Finally, JPMorgan Chase & Co. upped their target price on ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have given a buy rating to the stock. According to data from MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and an average price target of $1,100.31.

Insiders Place Their Bets

In related news, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction dated 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 sale, the insider now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William R. Mcdermott sold 1,263 shares of the business’s stock in a transaction dated 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 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. Insiders have sold 20,351 shares of company stock valued at $20,050,076 over the last three months. Company insiders own 0.25% of the company’s stock.

ServiceNow Trading Up 2.9 %

NYSE NOW opened at $851.56 on Tuesday. The firm has a market capitalization of $175.42 billion, a PE ratio of 124.68, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The company has a 50-day simple moving average of $968.10 and a 200-day simple moving average of $985.50. 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 posted its 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 return on equity of 17.11% and a net margin of 12.97%. On average, equities analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its Board of Directors has initiated a share buyback program on Wednesday, January 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its stock is undervalued.

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.