Waverly Advisors LLC Increases Position in ServiceNow, Inc. (NYSE:NOW)

Waverly Advisors LLC boosted its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 110.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,842 shares of the information technology services provider's stock after acquiring an additional 965 shares during the quarter. Waverly Advisors LLC's holdings in ServiceNow were worth $1,953,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of NOW. Quarry LP acquired a new stake in ServiceNow in the fourth quarter valued at approximately $27,000. Atala Financial Inc acquired a new stake in shares of ServiceNow in the fourth quarter worth approximately $28,000. LFA Lugano Financial Advisors SA acquired a new stake in shares of ServiceNow in the fourth quarter worth approximately $32,000. FPC Investment Advisory Inc. boosted its stake in shares of ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock worth $34,000 after acquiring an additional 29 shares during the last quarter. Finally, Noble Wealth Management PBC purchased a new position in ServiceNow during the fourth quarter worth approximately $34,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on NOW shares. Scotiabank set a $1,100.00 price objective on ServiceNow and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. Guggenheim boosted their price objective on ServiceNow from $716.00 to $724.00 and gave the company a "sell" rating in a report on Thursday, April 24th. Royal Bank of Canada boosted their target price on ServiceNow from $1,060.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 6th. Oppenheimer reissued an "outperform" rating and set a $1,100.00 target price (up from $970.00) on shares of ServiceNow in a research note on Tuesday, May 6th. Finally, Evercore ISI upped their price objective on ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, ServiceNow currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,062.50.

Insider Activity

In related news, CFO Gina Mastantuono sold 84 shares of ServiceNow stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $1,023.00, for a total value of $85,932.00. Following the transaction, the chief financial officer now owns 11,218 shares in the company, valued at approximately $11,476,014. This trade represents a 0.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Russell S. Elmer sold 62 shares of ServiceNow stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total value of $63,426.00. Following the completion of the transaction, the general counsel now owns 4,332 shares in the company, valued at $4,431,636. The trade was a 1.41% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,619 shares of company stock valued at $5,230,568 over the last quarter. Company insiders own 0.38% of the company's stock.

ServiceNow Price Performance

NYSE NOW traded down $10.24 during mid-day trading on Friday, hitting $1,005.53. The stock had a trading volume of 1,387,522 shares, compared to its average volume of 1,528,633. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The company has a market cap of $208.14 billion, a price-to-earnings ratio of 147.22, a P/E/G ratio of 4.51 and a beta of 0.97. The company has a 50 day simple moving average of $881.74 and a 200 day simple moving average of $975.26. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15.

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

ServiceNow declared that its Board of Directors has approved a share buyback program 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 buy up to 1.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.

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.