Nixon Peabody Trust Co. Purchases New Holdings in ServiceNow, Inc. (NYSE:NOW)

Nixon Peabody Trust Co. bought a new position in ServiceNow, Inc. (NYSE:NOW) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 6,433 shares of the information technology services provider’s stock, valued at approximately $6,820,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Truvestments Capital LLC purchased a new stake in shares of ServiceNow in the 3rd quarter worth approximately $30,000. FPC Investment Advisory Inc. lifted its position in ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after acquiring an additional 29 shares during the last quarter. Noble Wealth Management PBC purchased a new stake in ServiceNow during the fourth quarter valued at approximately $34,000. Heck Capital Advisors LLC purchased a new stake in ServiceNow during the fourth quarter valued at approximately $37,000. Finally, Stonebridge Financial Group LLC purchased a new position in shares of ServiceNow in the fourth quarter worth $37,000. 87.18% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on NOW shares. Truist Financial raised 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. StockNews.com cut shares of ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday, February 11th. Guggenheim reiterated a “sell” rating and issued a $716.00 price objective on shares of ServiceNow in a research note on Wednesday, January 22nd. Citigroup cut their price objective on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. Finally, Canaccord Genuity Group increased their price objective on shares of ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and an average price target of $1,129.72.

ServiceNow Price Performance

Shares of NOW opened at $929.56 on Friday. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The stock has a market cap of $191.49 billion, a PE ratio of 136.10, a P/E/G ratio of 4.51 and a beta of 0.99. The firm has a 50-day simple moving average of $1,038.07 and a two-hundred day simple moving average of $981.66. 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 announced 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 net margin of 12.97% and a return on equity of 17.11%. As a group, analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors 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 buy up to 1.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other ServiceNow news, CFO Gina Mastantuono sold 4,442 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the completion of the transaction, the chief financial officer now owns 11,126 shares in the company, valued at $10,733,252.20. The trade was a 28.53 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction 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 represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock worth $20,050,076 in the last 90 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.