Summit Financial LLC Has $2.15 Million Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Summit Financial LLC boosted its stake in ServiceNow, Inc. (NYSE:NOW) by 12.4% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 2,023 shares of the information technology services provider’s stock after buying an additional 223 shares during the period. Summit Financial LLC’s holdings in ServiceNow were worth $2,145,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Avidian Wealth Enterprises LLC raised its holdings in shares of ServiceNow by 1.8% during the fourth quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock valued at $527,000 after purchasing an additional 9 shares during the period. Redhawk Wealth Advisors Inc. increased its stake in 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 purchasing an additional 10 shares in the last quarter. Institute for Wealth Management LLC. raised its holdings 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 worth $2,779,000 after buying an additional 11 shares during the last quarter. TBH Global Asset Management LLC lifted its stake in shares of ServiceNow by 3.8% in the fourth quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock valued at $320,000 after buying an additional 11 shares in the last quarter. Finally, Onefund LLC grew its holdings in shares of ServiceNow by 2.0% during the fourth quarter. Onefund LLC now owns 552 shares of the information technology services provider’s stock valued at $585,000 after buying an additional 11 shares during the last quarter. 87.18% of the stock is owned by institutional investors.

ServiceNow Price Performance

NYSE:NOW opened at $797.39 on Tuesday. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The firm has a market capitalization of $164.26 billion, a price-to-earnings ratio of 116.75, a P/E/G ratio of 4.51 and a beta of 1.03. The stock has a fifty day moving average of $944.81 and a 200 day moving average of $984.23.

ServiceNow (NYSE:NOW) last announced its earnings results 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 net margin of 12.97% and a return on equity of 17.11%. On average, research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at ServiceNow

In other news, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the sale, the insider now directly owns 3,027 shares in the company, valued at approximately $3,204,200.58. The trade was a 13.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jeffrey A. Miller sold 2,282 shares of the company’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $1,030.64, for a total transaction of $2,351,920.48. Following the completion of the sale, the director now directly owns 40,638 shares of the company’s stock, valued at $41,883,148.32. This trade represents a 5.32 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,351 shares of company stock valued at $20,050,076 over the last 90 days. 0.25% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. TD Cowen boosted their price objective on ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Wells Fargo & Company lifted their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $1,275.00 price objective on shares of ServiceNow in a research report 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 stock an “overweight” rating in a research report on Wednesday, January 29th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $1,048.00 price target on shares of ServiceNow in a research report on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $1,088.59.

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.