ServiceNow, Inc. (NYSE:NOW) Holdings Boosted by Parallel Advisors LLC

by · The Cerbat Gem

Parallel Advisors LLC boosted its position in shares of ServiceNow, Inc. (NYSE:NOW – Free Report) by 7.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,470 shares of the information technology services provider’s stock after purchasing an additional 388 shares during the period. Parallel Advisors LLC’s holdings in ServiceNow were worth $5,799,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. United Bank acquired a new stake in shares of ServiceNow in the 3rd quarter valued at $480,000. Harbour Investments Inc. raised its position in shares of ServiceNow by 14.0% during the third quarter. Harbour Investments Inc. now owns 269 shares of the information technology services provider’s stock valued at $241,000 after buying an additional 33 shares during the last quarter. Accredited Investors Inc. bought a new stake in ServiceNow in the third quarter valued at about $234,000. Atlanta Consulting Group Advisors LLC bought a new stake in ServiceNow in the third quarter valued at about $384,000. Finally, Claro Advisors LLC increased its stake in ServiceNow by 31.8% in the third quarter. Claro Advisors LLC now owns 1,195 shares of the information technology services provider’s stock valued at $1,069,000 after acquiring an additional 288 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. The trade was a 13.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the sale, the insider now directly owns 3,649 shares in the company, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is currently owned by corporate insiders.

ServiceNow Stock Performance

NYSE NOW opened at $843.03 on Tuesday. The firm has a 50-day moving average of $988.28 and a 200-day moving average of $985.78. 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 market cap of $173.66 billion, a PE ratio of 123.43, a P/E/G ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09.

ServiceNow (NYSE:NOW – Get Free Report) last issued its quarterly earnings data 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 net margin of 12.97% and a return on equity of 17.11%. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its board has authorized a share 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 purchase up to 1.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several analysts have weighed in on NOW shares. Wells Fargo & Company upped their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. William Blair restated an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. Redburn Atlantic assumed coverage on shares of ServiceNow in a report on Wednesday, February 19th. They issued a “buy” rating on the stock. UBS Group cut their target price on shares of ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating on the stock in a report on Tuesday, March 11th. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $1,275.00 price objective on shares of ServiceNow in a research report on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $1,108.03.

Read Our Latest Stock Analysis on NOW

About ServiceNow

(Free Report)

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.

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