Uniting Wealth Partners LLC Makes New $2.12 Million Investment in ServiceNow, Inc. (NYSE:NOW)

Uniting Wealth Partners LLC acquired a new position in shares of ServiceNow, Inc. (NYSE:NOW) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 2,000 shares of the information technology services provider’s stock, valued at approximately $2,120,000. ServiceNow accounts for about 1.0% of Uniting Wealth Partners LLC’s portfolio, making the stock its 13th largest position.

Other hedge funds have also modified their holdings of the company. Atala Financial Inc acquired a new position in ServiceNow in the fourth quarter valued at $28,000. LFA Lugano Financial Advisors SA purchased a new stake in shares of ServiceNow in the fourth quarter worth about $32,000. FPC Investment Advisory Inc. boosted its holdings in ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after acquiring an additional 29 shares during the period. Noble Wealth Management PBC acquired a new stake in ServiceNow during the 4th quarter valued at $34,000. Finally, Heck Capital Advisors LLC purchased a new stake in ServiceNow during the 4th quarter worth $37,000. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $824.64 on Thursday. The business has a fifty day simple moving average of $933.06 and a 200 day simple moving average of $982.64. The firm has a market capitalization of $169.88 billion, a price-to-earnings ratio of 120.74, a PEG ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. 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 announced its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Sell-side analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its board has approved a share buyback plan on Wednesday, January 29th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NOW. Guggenheim reaffirmed a “sell” rating and set a $716.00 target price on shares of ServiceNow in a research report on Wednesday, January 22nd. Raymond James started coverage on ServiceNow in a research note on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 target price for the company. Cantor Fitzgerald restated an “overweight” rating and issued a $1,048.00 price target on shares of ServiceNow in a research note on Tuesday, March 11th. Truist Financial reduced their price objective on shares of ServiceNow from $1,100.00 to $950.00 and set a “hold” rating on the stock in a research note on Monday. Finally, UBS Group cut their target price on shares of ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating on the stock in a research note on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $1,087.21.

Insider Buying and Selling at ServiceNow

In related news, CEO William R. Mcdermott sold 1,263 shares of ServiceNow stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the transaction, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Gina Mastantuono sold 4,442 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the completion of the sale, 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 90 days, insiders sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is currently owned by corporate insiders.

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.