Great Lakes Retirement Inc. Makes New Investment in ServiceNow, Inc. (NYSE:NOW)

Great Lakes Retirement Inc. purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 962 shares of the information technology services provider’s stock, valued at approximately $1,020,000.

Several other large investors also recently bought and sold shares of NOW. Polymer Capital Management HK LTD boosted its position in shares of ServiceNow by 57.0% during the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after acquiring an additional 981 shares in the last quarter. Union Bancaire Privee UBP SA acquired a new position in shares of ServiceNow during the 4th quarter worth about $48,802,000. Dock Street Asset Management Inc. boosted its position in shares of ServiceNow by 3.4% during the 4th quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock worth $35,147,000 after acquiring an additional 1,105 shares in the last quarter. Avidian Wealth Enterprises LLC boosted its position in shares of ServiceNow by 39.4% during the 3rd quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock worth $436,000 after acquiring an additional 138 shares in the last quarter. Finally, Venturi Wealth Management LLC boosted its position in shares of ServiceNow by 36.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock worth $2,565,000 after acquiring an additional 765 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Performance

Shares of NOW stock opened at $981.42 on Thursday. The company has a market cap of $202.17 billion, a price-to-earnings ratio of 143.69, a price-to-earnings-growth ratio of 4.76 and a beta of 0.99. The stock has a 50 day simple moving average of $1,078.82 and a 200-day simple moving average of $969.48. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month 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 issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (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, equities analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its board has authorized a stock repurchase program 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 reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Raymond James initiated coverage on ServiceNow in a research report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price objective for the company. TD Cowen upped their target price on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. StockNews.com cut ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday. JMP Securities reissued a “market outperform” rating and issued a $1,300.00 target price on shares of ServiceNow in a research report on Thursday, January 30th. Finally, Mizuho upped their target price on ServiceNow from $1,070.00 to $1,210.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,129.72.

Insider Activity at ServiceNow

In related news, insider Jacqueline P. Canney sold 94 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $1,016.54, for a total value of $95,554.76. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,077,066.58. This trade represents a 3.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total value of $12,242,408.57. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at $2,588,953.65. The trade was a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,224 shares of company stock valued at $25,593,525 in the last ninety days. Corporate insiders own 0.25% of the company’s stock.

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.