Concord Wealth Partners Raises Holdings in ServiceNow, Inc. (NYSE:NOW)

Concord Wealth Partners boosted its stake in ServiceNow, Inc. (NYSE:NOW) by 9.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,443 shares of the information technology services provider’s stock after purchasing an additional 129 shares during the period. Concord Wealth Partners’ holdings in ServiceNow were worth $1,530,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Redhawk Wealth Advisors Inc. raised its position in shares of ServiceNow by 2.2% during the 4th quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $487,000 after buying an additional 10 shares in the last quarter. Catalyst Financial Partners LLC increased its stake in ServiceNow by 1.0% during the third quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider’s stock worth $1,025,000 after acquiring an additional 11 shares during the last quarter. Institute for Wealth Management LLC. raised its position in ServiceNow by 0.4% during the fourth quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock valued at $2,779,000 after purchasing an additional 11 shares during the period. First Affirmative Financial Network lifted its stake in shares of ServiceNow by 1.4% in the 3rd quarter. First Affirmative Financial Network now owns 895 shares of the information technology services provider’s stock valued at $801,000 after purchasing an additional 12 shares during the last quarter. Finally, Capital Advisors Ltd. LLC boosted its holdings in shares of ServiceNow by 14.6% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 94 shares of the information technology services provider’s stock worth $84,000 after purchasing an additional 12 shares during the period. Institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $1,020.17 on Friday. The stock has a market cap of $210.16 billion, a price-to-earnings ratio of 149.37, a PEG ratio of 5.19 and a beta of 0.99. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The company has a 50 day simple moving average of $1,083.66 and a two-hundred day simple moving average of $954.46. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.56% and a net margin of 12.97%. As a group, analysts predict that ServiceNow, Inc. will post 8.98 earnings per share for the current year.

ServiceNow declared that its board has authorized a stock repurchase plan on Wednesday, January 29th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts recently issued reports on NOW shares. Scotiabank started coverage on ServiceNow in a research report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price target for the company. Cantor Fitzgerald assumed coverage on shares of ServiceNow in a report on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 target price for the company. Oppenheimer increased 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 report on Thursday. JMP Securities reaffirmed a “market outperform” rating and set a $1,300.00 target price on shares of ServiceNow in a research note on Thursday. Finally, Barclays upped their price objective on ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,129.93.

Insider Activity at ServiceNow

In related news, insider Jacqueline P. Canney sold 76 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $1,010.94, for a total value of $76,831.44. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,060,115.38. The trade was a 2.45 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the sale, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,588,953.65. This trade represents a 82.54 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,731 shares of company stock worth $21,016,751. 0.25% of the stock is owned by company insiders.

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.