United Bank Boosts Holdings in ServiceNow, Inc. (NYSE:NOW)

United Bank grew its position in shares of ServiceNow, Inc. (NYSE:NOW) by 46.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 784 shares of the information technology services provider’s stock after purchasing an additional 247 shares during the period. United Bank’s holdings in ServiceNow were worth $831,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in NOW. CreativeOne Wealth LLC purchased a new position in ServiceNow in the third quarter worth about $1,071,000. Public Sector Pension Investment Board lifted its holdings in shares of ServiceNow by 15.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 9,084 shares of the information technology services provider’s stock worth $8,125,000 after buying an additional 1,200 shares during the period. Captrust Financial Advisors grew its holdings in ServiceNow by 4.8% during the 3rd quarter. Captrust Financial Advisors now owns 22,940 shares of the information technology services provider’s stock worth $20,517,000 after acquiring an additional 1,054 shares in the last quarter. Eventide Asset Management LLC increased its holdings in ServiceNow by 161.9% during the third quarter. Eventide Asset Management LLC now owns 5,552 shares of the information technology services provider’s stock valued at $4,966,000 after buying an additional 3,432 shares during the period. Finally, Arete Wealth Advisors LLC increased its holdings in shares of ServiceNow by 47.4% in the 3rd quarter. Arete Wealth Advisors LLC now owns 1,555 shares of the information technology services provider’s stock valued at $1,387,000 after acquiring an additional 500 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on NOW. StockNews.com lowered shares of ServiceNow from a “buy” rating to a “hold” rating in a research note on Tuesday, February 11th. Truist Financial increased their price target on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a report on Thursday, December 12th. Mizuho reduced their price objective on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a research note on Tuesday, March 11th. JPMorgan Chase & Co. lifted their target price on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Finally, Needham & Company LLC increased their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,093.76.

Insiders Place Their Bets

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the sale, the insider now owns 3,649 shares of the company’s stock, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the transaction, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. The trade was a 13.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,351 shares of company stock worth $20,050,076 over the last 90 days. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Trading Down 3.8 %

Shares of NOW stock opened at $796.61 on Friday. The company has a 50-day moving average of $950.30 and a two-hundred day moving average of $984.09. The firm has a market cap of $164.10 billion, a PE ratio of 116.63, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its board has initiated a share repurchase program on Wednesday, January 29th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits 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 leadership believes its stock is 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.