Westbourne Investments Inc. Acquires Shares of 1,750 ServiceNow, Inc. (NYSE:NOW)

Westbourne Investments Inc. bought a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,750 shares of the information technology services provider's stock, valued at approximately $1,855,000. ServiceNow comprises about 1.1% of Westbourne Investments Inc.'s portfolio, making the stock its 26th biggest holding.

A number of other institutional investors have also recently made changes to their positions in the company. Quarry LP acquired a new stake in ServiceNow during the 4th quarter worth $27,000. Atala Financial Inc acquired a new position in ServiceNow during the fourth quarter worth about $28,000. LFA Lugano Financial Advisors SA purchased a new stake in ServiceNow during the 4th quarter valued at about $32,000. FPC Investment Advisory Inc. raised its holdings in ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock valued at $34,000 after acquiring an additional 29 shares during the last quarter. Finally, Noble Wealth Management PBC acquired a new position in shares of ServiceNow during the 4th quarter worth approximately $34,000. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Stock Up 0.1 %

NYSE:NOW traded up $1.04 during trading hours on Monday, hitting $978.40. The company's stock had a trading volume of 1,245,682 shares, compared to its average volume of 1,511,479. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $202.53 billion, a P/E ratio of 143.25, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. The stock has a fifty day moving average of $839.29 and a 200-day moving average of $968.74.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, beating analysts' consensus estimates of $3.78 by $0.26. The business had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The business's revenue for the quarter was up 18.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.41 EPS. On average, equities analysts forecast 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 buyback program on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on NOW shares. Piper Sandler reduced their price objective on ServiceNow from $1,200.00 to $1,120.00 and set an "overweight" rating on the stock in a research report on Thursday, April 24th. Stifel Nicolaus set a $975.00 price objective on shares of ServiceNow and gave the company a "buy" rating in a report on Thursday, April 24th. Evercore ISI lifted their target price on shares of ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. Needham & Company LLC dropped their price target on shares of ServiceNow from $1,200.00 to $1,050.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Finally, Robert W. Baird lifted their price target on shares of ServiceNow from $1,010.00 to $1,150.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, ServiceNow has an average rating of "Moderate Buy" and an average target price of $1,041.00.

Insiders Place Their Bets

In related news, CFO Gina Mastantuono sold 4,442 shares of the company's stock in a transaction dated 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 completion of the sale, the chief financial officer now directly owns 11,126 shares of the company's stock, valued at $10,733,252.20. This represents a 28.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the transaction, the insider now directly owns 3,649 shares in the company, valued at approximately $3,370,654.28. This trade represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,107 shares of company stock valued at $18,591,520. 0.38% of the stock is owned by corporate 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.