Capital A Wealth Management LLC Invests $313,000 in ServiceNow, Inc. (NYSE:NOW)

Capital A Wealth Management LLC acquired a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 295 shares of the information technology services provider's stock, valued at approximately $313,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Janus Henderson Group PLC lifted its position in ServiceNow by 1.5% in the fourth quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock worth $874,258,000 after purchasing an additional 12,533 shares during the period. Union Bancaire Privee UBP SA acquired a new stake in ServiceNow in the fourth quarter worth approximately $48,802,000. Dock Street Asset Management Inc. lifted its position in ServiceNow by 3.4% in 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 purchasing an additional 1,105 shares during the period. Rheos Capital Works Inc. acquired a new stake in ServiceNow in the fourth quarter worth approximately $10,071,000. Finally, FMR LLC lifted its position in ServiceNow by 4.9% in the fourth quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider's stock worth $6,232,339,000 after purchasing an additional 272,506 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on NOW. Wall Street Zen downgraded ServiceNow from a "buy" rating to a "hold" rating in a research report on Saturday, May 24th. Jefferies Financial Group cut their target price on shares of ServiceNow from $1,250.00 to $1,025.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Morgan Stanley increased their target price on ServiceNow from $881.00 to $950.00 and gave the company an "equal weight" rating in a report on Thursday, April 24th. Truist Financial upgraded ServiceNow from a "hold" rating to a "buy" rating and increased their target price for the company from $950.00 to $1,200.00 in a report on Thursday, May 1st. Finally, Citigroup increased their target price on ServiceNow from $1,128.00 to $1,160.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, ServiceNow presently has a consensus rating of "Moderate Buy" and an average target price of $1,062.50.

Insider Buying and Selling

In related news, Director Jonathan Chadwick sold 770 shares of the business's stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $931.62, for a total transaction of $717,347.40. Following the sale, the director now owns 3,205 shares of the company's stock, valued at $2,985,842.10. The trade was a 19.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jacqueline P. Canney sold 354 shares of the company's stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total transaction of $284,831.94. Following the completion of the transaction, the insider now owns 3,027 shares in the company, valued at approximately $2,435,554.47. This represents a 10.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,674 shares of company stock valued at $2,510,213 over the last quarter. Corporate insiders own 0.38% of the company's stock.

ServiceNow Trading Down 0.6%

Shares of NYSE NOW traded down $5.76 during midday trading on Thursday, hitting $1,015.55. 837,710 shares of the company traded hands, compared to its average volume of 1,522,048. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. 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 stock has a 50-day moving average price of $892.91 and a 200 day moving average price of $975.64. The firm has a market cap of $210.20 billion, a P/E ratio of 149.02, a P/E/G ratio of 4.51 and a beta of 0.97.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, topping the consensus estimate of $3.78 by $0.26. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The business had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.09 billion. During the same quarter in the previous year, the firm posted $3.41 earnings per share. ServiceNow's quarterly revenue was up 18.6% on a year-over-year basis. As a group, analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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