Seaview Investment Managers LLC Makes New Investment in ServiceNow, Inc. (NYSE:NOW)

Seaview Investment Managers LLC purchased a new stake in ServiceNow, Inc. (NYSE:NOW) during the fourth quarter, HoldingsChannel.com reports. The firm purchased 354 shares of the information technology services provider’s stock, valued at approximately $375,000.

Several other hedge funds and other institutional investors have also made changes to their positions in NOW. Atala Financial Inc bought a new position in ServiceNow during the fourth quarter worth about $28,000. LFA Lugano Financial Advisors SA bought a new position in ServiceNow during the 4th quarter worth approximately $32,000. FPC Investment Advisory Inc. grew its holdings 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 purchasing an additional 29 shares during the period. Noble Wealth Management PBC acquired a new position in ServiceNow during the fourth quarter valued at approximately $34,000. Finally, Heck Capital Advisors LLC bought a new stake in ServiceNow in the fourth quarter valued at approximately $37,000. 87.18% of the stock is currently owned by institutional investors.

Insider Buying and Selling at ServiceNow

In other news, CFO Gina Mastantuono sold 4,442 shares of the firm’s stock in a transaction dated 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 sale, the chief financial officer now owns 11,126 shares in the company, valued at approximately $10,733,252.20. This trade represents a 28.53 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Russell S. Elmer sold 2,511 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $1,012.09, for a total transaction of $2,541,357.99. Following the completion of the transaction, the general counsel now owns 4,332 shares in the company, valued at approximately $4,384,373.88. This trade represents a 36.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,250 shares of company stock valued at $19,853,273 in the last quarter. 0.38% of the stock is currently owned by insiders.

ServiceNow Stock Down 3.1 %

Shares of NOW stock opened at $772.18 on Friday. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The stock has a market cap of $159.84 billion, a price-to-earnings ratio of 113.06, a PEG ratio of 4.51 and a beta of 1.08. The firm’s 50-day moving average is $852.94 and its 200-day moving average is $970.14. 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 (EPS) for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Sell-side analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its board has approved a share repurchase program on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

NOW has been the subject of several research analyst reports. Piper Sandler boosted their price target on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday, January 6th. The Goldman Sachs Group decreased their target price on ServiceNow from $1,200.00 to $1,050.00 and set a “buy” rating for the company in a research note on Thursday, April 10th. Stifel Nicolaus dropped their price target on ServiceNow from $1,175.00 to $950.00 and set a “buy” rating on the stock in a research report on Wednesday, April 2nd. Oppenheimer boosted their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Finally, StockNews.com downgraded shares of ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,057.17.

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.