Visionary Wealth Advisors Has $1.77 Million Stake in ServiceNow, Inc. (NYSE:NOW)

Visionary Wealth Advisors raised its holdings in ServiceNow, Inc. (NYSE:NOW) by 3.0% in the fourth quarter, Holdings Channel reports. The fund owned 1,671 shares of the information technology services provider’s stock after acquiring an additional 48 shares during the period. Visionary Wealth Advisors’ holdings in ServiceNow were worth $1,771,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Carnegie Investment Counsel acquired a new position in shares of ServiceNow during the fourth quarter worth about $257,000. Merit Financial Group LLC boosted its position in shares of ServiceNow by 79.6% during the fourth quarter. Merit Financial Group LLC now owns 3,049 shares of the information technology services provider’s stock worth $3,232,000 after buying an additional 1,351 shares during the period. Cascade Investment Group Inc. boosted its position in shares of ServiceNow by 25.8% during the fourth quarter. Cascade Investment Group Inc. now owns 400 shares of the information technology services provider’s stock worth $424,000 after buying an additional 82 shares during the period. Annex Advisory Services LLC boosted its position in shares of ServiceNow by 18.8% during the fourth quarter. Annex Advisory Services LLC now owns 21,947 shares of the information technology services provider’s stock worth $23,266,000 after buying an additional 3,471 shares during the period. Finally, Diversify Wealth Management LLC boosted its position in shares of ServiceNow by 0.6% during the fourth quarter. Diversify Wealth Management LLC now owns 6,531 shares of the information technology services provider’s stock worth $6,692,000 after buying an additional 42 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently commented on NOW shares. Wells Fargo & Company increased their price target on ServiceNow from $1,100.00 to $1,150.00 and gave the company an “overweight” rating in a research report on Thursday, April 24th. UBS Group reissued a “buy” rating and set a $1,025.00 price target (up from $900.00) on shares of ServiceNow in a research report on Thursday, April 24th. Erste Group Bank raised ServiceNow from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 30th. Jefferies Financial Group reduced their price target on ServiceNow from $1,250.00 to $1,025.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. Finally, StockNews.com cut ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $1,062.50.

Insider Buying and Selling

In related news, insider Jacqueline P. Canney sold 66 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $1,023.00, for a total transaction of $67,518.00. Following the sale, the insider now owns 3,027 shares of the company’s stock, valued at $3,096,621. This represents a 2.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Deborah Black sold 598 shares of the stock in a transaction that occurred on Friday, April 25th. The stock was sold at an average price of $940.23, for a total value of $562,257.54. Following the sale, the director now directly owns 428 shares in the company, valued at $402,418.44. This represents a 58.28% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,061 shares of company stock valued at $9,515,766 over the last 90 days. 0.38% of the stock is owned by corporate insiders.

ServiceNow Price Performance

Shares of NYSE NOW opened at $1,025.55 on Tuesday. The firm has a market cap of $212.29 billion, a P/E ratio of 150.15, a price-to-earnings-growth ratio of 4.51 and a beta of 0.97. 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, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The business’s 50 day moving average is $867.15 and its 200-day moving average is $974.13.

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

ServiceNow announced that its Board of Directors has initiated a share buyback program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding 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 of directors believes its stock is undervalued.

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.