ServiceNow, Inc. (NYSE:NOW) Shares Acquired by Investment Management Corp of Ontario

Investment Management Corp of Ontario boosted its position in ServiceNow, Inc. (NYSE:NOW) by 25.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,189 shares of the information technology services provider’s stock after purchasing an additional 2,242 shares during the period. Investment Management Corp of Ontario’s holdings in ServiceNow were worth $11,862,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Quarry LP purchased a new stake in ServiceNow during the fourth quarter worth about $27,000. Atala Financial Inc acquired a new stake in shares of ServiceNow in the 4th quarter worth approximately $28,000. LFA Lugano Financial Advisors SA acquired a new stake in shares of ServiceNow in the 4th quarter worth approximately $32,000. Noble Wealth Management PBC acquired a new position in ServiceNow during the fourth quarter worth $34,000. Finally, FPC Investment Advisory Inc. boosted 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 worth $34,000 after purchasing an additional 29 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Performance

NYSE NOW opened at $981.13 on Friday. 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, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The firm has a market capitalization of $203.09 billion, a P/E ratio of 143.65, a P/E/G ratio of 4.51 and a beta of 0.97. The business’s 50-day simple moving average is $844.85 and its 200-day simple moving average is $970.48.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating analysts’ consensus estimates of $3.78 by $0.26. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The firm had revenue of $3.09 billion for the quarter, compared to analysts’ expectations of $3.09 billion. During the same period in the previous year, the company posted $3.41 earnings per share. ServiceNow’s revenue was up 18.6% compared to the same quarter last year. Equities analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its board has authorized a share repurchase 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 purchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. TD Securities reaffirmed a “buy” rating and set a $1,100.00 price target on shares of ServiceNow in a research note on Thursday, April 24th. Scotiabank set a $1,100.00 price target on shares of ServiceNow and gave the company an “outperform” rating in a report on Wednesday. Canaccord Genuity Group dropped their price objective on shares of ServiceNow from $1,275.00 to $900.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Citigroup upped their target price on ServiceNow from $1,128.00 to $1,160.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Oppenheimer reissued an “outperform” rating and set a $1,100.00 price target (up previously from $970.00) on shares of ServiceNow in a research report on Tuesday. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,055.83.

Insider Activity at ServiceNow

In related news, CEO William R. Mcdermott sold 1,263 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was 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 directly owns 2,595 shares of the company’s stock, valued at approximately $2,644,564.50. The trade was a 32.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, General Counsel Russell S. Elmer sold 191 shares of the stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $985.00, for a total transaction of $188,135.00. Following the completion of the sale, the general counsel now directly owns 4,332 shares of the company’s stock, valued at $4,267,020. This trade represents a 4.22 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 17,150 shares of company stock worth $16,550,424. 0.38% of the stock is currently owned by corporate insiders.

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.