GKV Capital Management Co. Inc. Takes $2.29 Million Position in ServiceNow, Inc. (NYSE:NOW)

GKV Capital Management Co. Inc. purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 2,164 shares of the information technology services provider’s stock, valued at approximately $2,294,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Atala Financial Inc purchased a new stake in ServiceNow in the 4th quarter valued at $28,000. LFA Lugano Financial Advisors SA acquired a new stake in shares of ServiceNow in the 4th quarter valued at approximately $32,000. Noble Wealth Management PBC acquired a new stake in ServiceNow in the fourth quarter valued at $34,000. FPC Investment Advisory Inc. boosted 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 worth $34,000 after buying an additional 29 shares in the last quarter. Finally, Heck Capital Advisors LLC purchased a new stake in shares of ServiceNow during the 4th quarter worth approximately $37,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analysts Set New Price Targets

NOW has been the topic of a number of research reports. William Blair reissued an “outperform” rating on shares of ServiceNow in a research note on Friday, March 7th. JPMorgan Chase & Co. raised their price target on ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Cantor Fitzgerald reissued an “overweight” rating and set a $1,048.00 price objective on shares of ServiceNow in a research note on Wednesday. Redburn Atlantic started coverage on ServiceNow in a report on Wednesday, February 19th. They set a “buy” rating for the company. Finally, Citigroup lowered their price target on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-eight have assigned a buy rating to the stock. According to data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and a consensus target price of $1,057.17.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $796.62 on Thursday. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The stock has a market capitalization of $164.90 billion, a P/E ratio of 116.64, a P/E/G ratio of 4.51 and a beta of 1.08. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm’s 50-day moving average price is $862.65 and its two-hundred day moving average price is $971.02.

ServiceNow (NYSE:NOW) last posted 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 net margin of 12.97% and a return on equity of 17.11%. As a group, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its Board of Directors has approved a stock repurchase program on Wednesday, January 29th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other news, CFO Gina Mastantuono sold 4,442 shares of the business’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $964.70, for a total value of $4,285,197.40. Following the sale, the chief financial officer now owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. The trade was a 28.53 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William R. Mcdermott sold 1,263 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at $2,644,564.50. The trade was a 32.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,896 shares of company stock valued at $19,568,441 over the last 90 days. 0.38% 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.