Heritage Investors Management Corp Raises Stock Position in ServiceNow, Inc. (NYSE:NOW)

Heritage Investors Management Corp grew its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 0.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,266 shares of the information technology services provider’s stock after buying an additional 54 shares during the quarter. Heritage Investors Management Corp’s holdings in ServiceNow were worth $24,665,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in NOW. Whipplewood Advisors LLC bought a new stake in shares of ServiceNow in the 4th quarter valued at approximately $269,000. Checchi Capital Advisers LLC raised its holdings in ServiceNow by 1.5% during the 4th quarter. Checchi Capital Advisers LLC now owns 1,481 shares of the information technology services provider’s stock valued at $1,570,000 after buying an additional 22 shares during the period. Impact Investors Inc bought a new stake in ServiceNow in the fourth quarter worth $1,692,000. Lake Street Advisors Group LLC lifted its position in ServiceNow by 17.4% in the fourth quarter. Lake Street Advisors Group LLC now owns 2,169 shares of the information technology services provider’s stock worth $2,299,000 after buying an additional 322 shares during the last quarter. Finally, Kirtland Hills Capital Management LLC boosted its stake in ServiceNow by 11.3% during the fourth quarter. Kirtland Hills Capital Management LLC now owns 1,504 shares of the information technology services provider’s stock worth $1,594,000 after buying an additional 153 shares during the period. Institutional investors own 87.18% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. TD Cowen increased 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. Mizuho increased their price objective on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Guggenheim restated a “sell” rating and set a $716.00 target price on shares of ServiceNow in a research report on Wednesday, January 22nd. The Goldman Sachs Group increased their price target on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Finally, StockNews.com lowered ServiceNow from a “buy” rating to a “hold” rating in a research note on Tuesday, February 11th. One research 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 assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $1,129.72.

Insider Activity

In other news, CEO William R. Mcdermott sold 1,263 shares of the firm’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at $2,644,564.50. This trade represents a 32.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Gina Mastantuono sold 4,442 shares of the business’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $964.70, for a total value of $4,285,197.40. Following the transaction, the chief financial officer now owns 11,126 shares in the company, valued at approximately $10,733,252.20. This trade represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 17,706 shares of company stock worth $17,644,106. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Stock Up 2.1 %

Shares of NYSE NOW opened at $941.79 on Thursday. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The stock’s fifty day simple moving average is $1,044.39 and its two-hundred day simple moving average is $981.23. The stock has a market capitalization of $194.01 billion, a PE ratio of 137.89, a price-to-earnings-growth ratio of 4.51 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 (NYSE:NOW) last issued its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its board has approved a share repurchase program 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 stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

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.