Abacus Planning Group Inc. Makes New Investment in ServiceNow, Inc. (NYSE:NOW)

Abacus Planning Group Inc. bought a new stake in shares of ServiceNow, Inc. (NYSE:NOW) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 217 shares of the information technology services provider’s stock, valued at approximately $230,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Truvestments Capital LLC purchased a new position in ServiceNow during the third quarter worth $30,000. Heck Capital Advisors LLC bought a new stake in shares of ServiceNow in the 4th quarter worth about $37,000. Stonebridge Financial Group LLC purchased a new position in shares of ServiceNow during the 4th quarter worth about $37,000. Bank of Jackson Hole Trust bought a new position in ServiceNow during the 4th quarter valued at about $40,000. Finally, DT Investment Partners LLC raised its position in ServiceNow by 77.3% in the 3rd 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. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Trading Down 1.1 %

NYSE NOW opened at $986.61 on Thursday. The stock has a market cap of $203.24 billion, a P/E ratio of 144.45, a P/E/G ratio of 4.59 and a beta of 0.99. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The company has a fifty day simple moving average of $1,061.97 and a two-hundred day simple moving average of $976.06.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, analysts forecast that ServiceNow, Inc. will post 8.93 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 buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity at ServiceNow

In other news, Director Anita M. Sands sold 2,229 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the sale, the director now owns 11,000 shares in the company, valued at $11,710,600. This represents a 16.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Nicholas Tzitzon sold 313 shares of ServiceNow 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 value of $333,219.80. Following the transaction, the insider now owns 3,649 shares of the company’s stock, valued at approximately $3,884,725.40. This represents a 7.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,806 shares of company stock worth $16,065,122 over the last quarter. Insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Cantor Fitzgerald started coverage on ServiceNow in a report on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 price target on the stock. Piper Sandler lifted their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Sanford C. Bernstein upped their price target on shares of ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Oppenheimer lifted their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Finally, TD Cowen upped their target price on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

ServiceNow 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.