Darden Wealth Group Inc Acquires 925 Shares of ServiceNow, Inc. (NYSE:NOW)

Darden Wealth Group Inc increased its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 91.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,940 shares of the information technology services provider’s stock after acquiring an additional 925 shares during the quarter. ServiceNow comprises 1.4% of Darden Wealth Group Inc’s portfolio, making the stock its 14th biggest holding. Darden Wealth Group Inc’s holdings in ServiceNow were worth $2,057,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the business. Union Bancaire Privee UBP SA acquired a new stake in shares of ServiceNow during the 4th quarter worth about $48,802,000. Dock Street Asset Management Inc. boosted its holdings in shares of ServiceNow by 3.4% during the fourth 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 during the period. Cardano Risk Management B.V. bought a new position in shares of ServiceNow during the fourth quarter worth approximately $105,090,000. Rheos Capital Works Inc. bought a new stake in ServiceNow in the 4th quarter valued at $10,071,000. Finally, Czech National Bank grew its holdings in ServiceNow by 6.7% in the 4th quarter. Czech National Bank now owns 44,793 shares of the information technology services provider’s stock valued at $47,486,000 after buying an additional 2,829 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

Insider Activity at ServiceNow

In related news, insider Jacqueline P. Canney sold 455 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total value of $481,635.70. Following the sale, the insider now owns 3,027 shares in the company, valued at $3,204,200.58. This represents a 13.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jeffrey A. Miller sold 2,282 shares of the business’s stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $1,030.64, for a total value of $2,351,920.48. Following the sale, the director now directly owns 40,638 shares of the company’s stock, valued at $41,883,148.32. This represents a 5.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock valued at $20,050,076 in the last three months. Corporate insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. increased their target price on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. UBS Group lowered their price objective on ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating on the stock in a research note on Tuesday, March 11th. TD Cowen raised their price target on ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Citigroup cut their price objective on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $1,048.00 target price on shares of ServiceNow in a report on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $1,086.00.

ServiceNow Trading Down 6.9 %

Shares of NOW stock opened at $720.69 on Friday. The stock has a market cap of $148.46 billion, a price-to-earnings ratio of 105.52, a PEG ratio of 4.51 and a beta of 1.03. The stock has a 50-day moving average of $917.80 and a 200-day moving average of $980.64. 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.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, equities research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

About ServiceNow

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.