RD Lewis Holdings Inc. Invests $832,000 in ServiceNow, Inc. (NYSE:NOW)

RD Lewis Holdings Inc. bought a new position in shares of ServiceNow, Inc. (NYSE:NOW) in the 4th quarter, HoldingsChannel reports. The fund bought 825 shares of the information technology services provider’s stock, valued at approximately $832,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Polymer Capital Management HK LTD boosted its holdings in ServiceNow by 57.0% during the third quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after purchasing an additional 981 shares during the last quarter. Union Bancaire Privee UBP SA purchased a new position in ServiceNow during the fourth quarter worth about $48,802,000. Dock Street Asset Management Inc. boosted its holdings in ServiceNow by 3.4% during the fourth quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock worth $35,147,000 after purchasing an additional 1,105 shares during the last quarter. Cardano Risk Management B.V. purchased a new position in ServiceNow during the fourth quarter worth about $105,090,000. Finally, Rheos Capital Works Inc. purchased a new position in ServiceNow during the fourth quarter worth about $10,071,000. 87.18% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on NOW. Robert W. Baird cut their price target on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a report on Thursday, January 30th. Raymond James began coverage on shares of ServiceNow in a report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price target on the stock. Needham & Company LLC boosted their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Citigroup dropped their target price on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. Finally, Wells Fargo & Company boosted their target price on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have assigned a buy rating to the company. According to data from MarketBeat, ServiceNow presently has a consensus rating of “Moderate Buy” and an average price target of $1,108.03.

Insider Buying and Selling

In other news, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction on 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 transaction, the insider now owns 3,027 shares of the company’s stock, valued at $3,204,200.58. This represents a 13.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the transaction, the insider now directly owns 3,649 shares in the company, valued at $3,370,654.28. The trade was a 44.66 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,351 shares of company stock valued at $20,050,076. Company insiders own 0.25% of the company’s stock.

ServiceNow Stock Performance

ServiceNow stock opened at $843.03 on Tuesday. The firm’s 50 day simple moving average is $988.28 and its 200 day simple moving average is $985.78. 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 firm has a market capitalization of $173.66 billion, a PE ratio of 123.43, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. As a group, analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal 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 outstanding shares. This repurchase authorization authorizes the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

ServiceNow Company 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.