Clarity Capital Partners LLC Makes New Investment in ServiceNow, Inc. (NYSE:NOW)

Clarity Capital Partners LLC acquired a new stake in shares of ServiceNow, Inc. (NYSE:NOW) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 275 shares of the information technology services provider’s stock, valued at approximately $292,000.

Several other large investors have also made changes to their positions in NOW. Truvestments Capital LLC acquired a new stake in ServiceNow in the 3rd quarter valued at $30,000. DT Investment Partners LLC grew its stake in shares of ServiceNow by 77.3% in the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after buying an additional 17 shares in the last quarter. Heck Capital Advisors LLC purchased a new stake in shares of ServiceNow during the 4th quarter valued at about $37,000. Stonebridge Financial Group LLC acquired a new position in ServiceNow during the 4th quarter worth approximately $37,000. Finally, Oakworth Capital Inc. boosted its holdings in ServiceNow by 46.7% in the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock worth $39,000 after acquiring an additional 14 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Trading Down 2.7 %

ServiceNow stock opened at $981.42 on Thursday. The firm has a 50-day moving average price of $1,078.82 and a two-hundred day moving average price of $969.48. The firm has a market capitalization of $202.17 billion, a price-to-earnings ratio of 143.69, a PEG ratio of 4.76 and a beta of 0.99. 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, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09.

ServiceNow (NYSE:NOW) last posted 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%. Sell-side analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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

Insider Activity

In other ServiceNow news, Director Anita M. Sands sold 2,229 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the completion of the transaction, the director now directly owns 11,000 shares in the company, valued at $11,710,600. This trade represents a 16.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Russell S. Elmer sold 1,867 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $1,023.97, for a total transaction of $1,911,751.99. Following the sale, the general counsel now owns 6,843 shares in the company, valued at $7,007,026.71. This represents a 21.44 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 25,224 shares of company stock worth $25,593,525. 0.25% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

NOW has been the topic of a number of recent research reports. Barclays boosted their target price on shares of ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Oppenheimer raised their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $1,210.00 target price on shares of ServiceNow in a research report on Thursday, January 30th. Evercore ISI increased their price target on ServiceNow from $950.00 to $1,000.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Finally, JMP Securities restated a “market outperform” rating and set a $1,300.00 price objective on shares of ServiceNow in a report on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $1,129.72.

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.