Oak Harvest Investment Services Takes $2.59 Million Position in ServiceNow, Inc. (NYSE:NOW)

Oak Harvest Investment Services bought a new position in shares of ServiceNow, Inc. (NYSE:NOW) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 2,439 shares of the information technology services provider’s stock, valued at approximately $2,586,000.

Other large investors have also recently bought and sold shares of the company. Polymer Capital Management HK LTD grew its position in ServiceNow by 57.0% during the third quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after buying an additional 981 shares in the last quarter. Union Bancaire Privee UBP SA purchased a new position in shares of ServiceNow during the fourth quarter worth about $48,802,000. Avidian Wealth Enterprises LLC increased its position in shares of ServiceNow by 39.4% in the third quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock worth $436,000 after purchasing an additional 138 shares during the last quarter. Venturi Wealth Management LLC lifted its position in ServiceNow by 36.4% during the third quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock valued at $2,565,000 after purchasing an additional 765 shares during the last quarter. Finally, Cardano Risk Management B.V. purchased a new position in ServiceNow in the 4th quarter worth approximately $105,090,000. 87.18% of the stock is owned by institutional investors.

ServiceNow Stock Performance

NYSE:NOW opened at $1,011.67 on Friday. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The stock has a 50-day moving average price of $1,085.21 and a 200 day moving average price of $952.30. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $208.40 billion, a P/E ratio of 148.12, a P/E/G ratio of 5.19 and a beta of 0.99.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $1.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.67 by ($1.74). ServiceNow had a net margin of 12.97% and a return on equity of 17.56%. Equities research analysts forecast that ServiceNow, Inc. will post 8.98 EPS for the current fiscal year.

ServiceNow declared that its board has initiated a share buyback plan on Wednesday, January 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at ServiceNow

In related news, insider Nicholas Tzitzon sold 313 shares of ServiceNow stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the completion of the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,884,725.40. The trade was a 7.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jeffrey A. Miller sold 2,879 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the completion of the sale, the director now directly owns 42,920 shares in the company, valued at $43,740,630.40. This trade represents a 6.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,731 shares of company stock valued at $21,016,751. Insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Needham & Company LLC increased their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research report on Thursday. Barclays raised their target price on ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Truist Financial upped their price target on ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research report on Thursday, December 12th. UBS Group boosted their price target on shares of ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Finally, TD Cowen raised their target price on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $1,129.93.

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.