Chicago Partners Investment Group LLC Has $786,000 Position in ServiceNow, Inc. (NYSE:NOW)

Chicago Partners Investment Group LLC boosted its stake in ServiceNow, Inc. (NYSE:NOW) by 3.2% in the fourth quarter, HoldingsChannel reports. The firm owned 749 shares of the information technology services provider’s stock after buying an additional 23 shares during the period. Chicago Partners Investment Group LLC’s holdings in ServiceNow were worth $786,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NOW. Truvestments Capital LLC bought a new stake in ServiceNow in the 3rd quarter valued at about $30,000. Heck Capital Advisors LLC bought a new stake in shares of ServiceNow during the fourth quarter valued at approximately $37,000. DT Investment Partners LLC raised its position in shares of ServiceNow by 77.3% during the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after purchasing an additional 17 shares during the period. Oakworth Capital Inc. grew its position in ServiceNow by 46.7% in the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after purchasing an additional 14 shares during the period. Finally, Synergy Asset Management LLC bought a new stake in ServiceNow during the 4th quarter valued at $50,000. 87.18% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Anita M. Sands sold 2,229 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the sale, the director now owns 11,000 shares of the company’s stock, valued at approximately $11,710,600. This represents a 16.85 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jacqueline P. Canney sold 66 shares of the firm’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $1,048.29, for a total transaction of $69,187.14. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,173,173.83. The trade was a 2.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,731 shares of company stock worth $21,016,751 over the last ninety days. Company insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

NOW has been the topic of a number of recent research reports. Cantor Fitzgerald initiated coverage on shares of ServiceNow in a research note on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 price objective on the stock. UBS Group lifted their price target on ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Robert W. Baird lowered their price objective on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a research note on Thursday. Truist Financial lifted their target price on ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research report on Thursday, December 12th. Finally, Citigroup increased their price target on ServiceNow from $1,071.00 to $1,432.00 and gave the company a “buy” rating in a research report on Monday, January 27th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, ServiceNow has an average rating of “Moderate Buy” and a consensus price target of $1,129.93.

ServiceNow Stock Up 0.7 %

NOW opened at $1,020.17 on Monday. The company has a 50 day moving average of $1,083.66 and a 200 day moving average of $955.82. 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, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The company has a market cap of $210.16 billion, a PE ratio of 149.37, a price-to-earnings-growth ratio of 5.19 and a beta of 0.99.

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

ServiceNow announced that its Board of Directors has initiated a share buyback plan 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 reacquire up to 1.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management 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.