World Equity Group Inc. Invests $952,000 in ServiceNow, Inc. (NYSE:NOW)

World Equity Group Inc. purchased a new position in ServiceNow, Inc. (NYSE:NOW) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 898 shares of the information technology services provider’s stock, valued at approximately $952,000.

Other hedge funds have also bought and sold shares of the company. Truvestments Capital LLC acquired a new position in ServiceNow in the third quarter worth about $30,000. FPC Investment Advisory Inc. boosted its stake in ServiceNow by 725.0% in the fourth 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 period. Heck Capital Advisors LLC acquired a new position in ServiceNow in the fourth quarter valued at approximately $37,000. Stonebridge Financial Group LLC acquired a new position in shares of ServiceNow during the fourth quarter worth approximately $37,000. Finally, Bank of Jackson Hole Trust acquired a new position in shares of ServiceNow during the fourth quarter worth approximately $40,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Anita M. Sands sold 2,229 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the transaction, the director now owns 11,000 shares of the company’s stock, valued at $11,710,600. This trade represents a 16.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William R. Mcdermott sold 1,263 shares of the firm’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,644,564.50. This trade represents a 32.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,806 shares of company stock valued at $16,065,122 over the last ninety days. 0.25% of the stock is currently owned by corporate insiders.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $937.79 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The company has a market cap of $193.18 billion, a PE ratio of 137.30, a P/E/G ratio of 4.51 and a beta of 0.99. The business has a 50 day moving average of $1,054.69 and a 200 day moving average of $978.38. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results 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 return on equity of 17.11% and a net margin of 12.97%. As a group, equities research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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

Wall Street Analyst Weigh In

Several equities research analysts recently commented on NOW shares. TD Cowen boosted their target price on ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Mizuho boosted their target price on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Jefferies Financial Group lowered their price target on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. Guggenheim restated a “sell” rating and set a $716.00 price target on shares of ServiceNow in a report on Wednesday, January 22nd. Finally, Scotiabank initiated coverage on shares of ServiceNow in a report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price objective for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

ServiceNow 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.