Wrapmanager Inc. Has $1.62 Million Stake in ServiceNow, Inc. (NYSE:NOW)

Wrapmanager Inc. lowered its position in ServiceNow, Inc. (NYSE:NOW) by 16.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,525 shares of the information technology services provider’s stock after selling 309 shares during the period. Wrapmanager Inc.’s holdings in ServiceNow were worth $1,617,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Transcendent Capital Group LLC lifted its position in shares of ServiceNow by 8.3% in the fourth quarter. Transcendent Capital Group LLC now owns 524 shares of the information technology services provider’s stock worth $556,000 after buying an additional 40 shares during the last quarter. Trifecta Capital Advisors LLC raised its stake in shares of ServiceNow by 12.0% in the 4th quarter. Trifecta Capital Advisors LLC now owns 8,171 shares of the information technology services provider’s stock valued at $8,662,000 after acquiring an additional 876 shares in the last quarter. Pine Valley Investments Ltd Liability Co bought a new position in shares of ServiceNow in the 4th quarter valued at approximately $219,000. Rothschild Investment LLC lifted its holdings in ServiceNow by 7.1% in the 4th quarter. Rothschild Investment LLC now owns 348 shares of the information technology services provider’s stock worth $369,000 after purchasing an additional 23 shares during the last quarter. Finally, Crestwood Advisors Group LLC boosted its position in ServiceNow by 2.3% during the fourth quarter. Crestwood Advisors Group LLC now owns 10,795 shares of the information technology services provider’s stock worth $11,444,000 after purchasing an additional 241 shares during the period. Institutional investors own 87.18% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on NOW. KeyCorp cut shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. Piper Sandler lifted their target price on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Canaccord Genuity Group raised their price target on ServiceNow from $1,200.00 to $1,275.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. Jefferies Financial Group cut their price objective on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. Finally, Redburn Atlantic assumed coverage on ServiceNow in a research report on Wednesday, February 19th. They issued a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,129.72.

ServiceNow Trading Down 1.3 %

NOW opened at $926.32 on Tuesday. The firm’s fifty day moving average is $1,050.62 and its two-hundred day moving average is $980.72. The firm has a market cap of $190.82 billion, a PE ratio of 135.63, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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%. Equities research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has initiated a share repurchase 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 stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, General Counsel Russell S. Elmer sold 1,023 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $988.00, for a total value of $1,010,724.00. Following the sale, the general counsel now directly owns 4,332 shares of the company’s stock, valued at approximately $4,280,016. The trade was a 19.10 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 292 shares of the company’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,080,123.85. The trade was a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 13,264 shares of company stock worth $13,358,909 over the last quarter. 0.25% of the stock is currently owned by company 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.