Concurrent Investment Advisors LLC Acquires 328 Shares of ServiceNow, Inc. (NYSE:NOW)

Concurrent Investment Advisors LLC increased its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 12.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,962 shares of the information technology services provider’s stock after purchasing an additional 328 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in ServiceNow were worth $3,140,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Truvestments Capital LLC bought a new stake in shares of ServiceNow in the third quarter worth approximately $30,000. DT Investment Partners LLC grew its stake in shares of ServiceNow by 77.3% in the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after acquiring an additional 17 shares during the period. Heck Capital Advisors LLC bought a new stake in shares of ServiceNow in the fourth quarter worth approximately $37,000. Stonebridge Financial Group LLC bought a new stake in shares of ServiceNow in the fourth quarter worth approximately $37,000. Finally, Bank of Jackson Hole Trust bought a new stake in shares of ServiceNow in the fourth quarter worth approximately $40,000. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Trading Down 1.9 %

Shares of NYSE NOW opened at $968.19 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The business’s 50 day moving average price is $1,058.36 and its 200-day moving average price is $976.01. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The company has a market cap of $199.45 billion, a price-to-earnings ratio of 141.76, a PEG ratio of 4.64 and a beta of 0.99.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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, sell-side analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its Board of Directors has initiated a stock repurchase plan 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 plans are often a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

NOW has been the subject of several recent research reports. Piper Sandler boosted their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday, January 6th. JMP Securities reissued a “market outperform” rating and set a $1,300.00 price target on shares of ServiceNow in a research note on Thursday, January 30th. Redburn Atlantic started coverage on ServiceNow in a research note on Wednesday. They set a “buy” rating for the company. Jefferies Financial Group dropped their price target on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. Finally, Truist Financial increased their price target on ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

Insiders Place Their Bets

In other ServiceNow news, insider Nicholas Tzitzon sold 313 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the transaction, the insider now directly owns 3,649 shares in the company, valued at $3,884,725.40. This trade represents a 7.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Paul John Smith sold 2,404 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $980.05, for a total value of $2,356,040.20. Following the transaction, the insider now owns 6,244 shares in the company, valued at $6,119,432.20. The trade was a 27.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,806 shares of company stock worth $16,065,122 in the last ninety days. 0.25% of the stock is owned by company insiders.

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.