Pinnacle Wealth Planning Services Inc. Decreases Stake in ServiceNow, Inc. (NYSE:NOW)

Pinnacle Wealth Planning Services Inc. lowered its position in ServiceNow, Inc. (NYSE:NOW) by 29.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 803 shares of the information technology services provider’s stock after selling 332 shares during the quarter. Pinnacle Wealth Planning Services Inc.’s holdings in ServiceNow were worth $851,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in NOW. Van ECK Associates Corp lifted its position in shares of ServiceNow by 0.8% during the 3rd quarter. Van ECK Associates Corp now owns 12,255 shares of the information technology services provider’s stock worth $11,124,000 after buying an additional 99 shares during the last quarter. Catalyst Capital Advisors LLC purchased a new stake in shares of ServiceNow during the 3rd quarter worth approximately $66,000. NorthRock Partners LLC lifted its position in shares of ServiceNow by 8.4% during the 3rd quarter. NorthRock Partners LLC now owns 673 shares of the information technology services provider’s stock worth $602,000 after buying an additional 52 shares during the last quarter. Avidian Wealth Enterprises LLC lifted its position in shares of ServiceNow by 39.4% during the 3rd quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock worth $436,000 after buying an additional 138 shares during the last quarter. Finally, Catalina Capital Group LLC lifted its position in shares of ServiceNow by 25.5% during the 3rd quarter. Catalina Capital Group LLC now owns 713 shares of the information technology services provider’s stock worth $638,000 after buying an additional 145 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on NOW shares. The Goldman Sachs Group boosted their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. JPMorgan Chase & Co. lifted their target price on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. KeyCorp cut shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. Wells Fargo & Company lifted their target price on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Finally, Raymond James initiated coverage on shares of ServiceNow in a report on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 target price on the stock. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.72.

ServiceNow Price Performance

Shares of NYSE NOW opened at $916.34 on Thursday. The firm has a market capitalization of $188.77 billion, a P/E ratio of 134.16, a PEG ratio of 4.51 and a beta of 0.99. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The company’s fifty day moving average is $1,026.73 and its two-hundred day moving average is $984.57. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS 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%. Analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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

Insiders Place Their Bets

In related news, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total value of $481,635.70. Following the sale, the insider now directly owns 3,027 shares in the company, valued at $3,204,200.58. The trade was a 13.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Larry Quinlan sold 415 shares of the business’s stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $1,007.41, for a total transaction of $418,075.15. Following the completion of the sale, the director now owns 1,737 shares in the company, valued at $1,749,871.17. This represents a 19.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,351 shares of company stock worth $20,050,076. Corporate insiders own 0.25% of the company’s stock.

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.