Catalyst Financial Partners LLC Raises Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Catalyst Financial Partners LLC raised its position in shares of ServiceNow, Inc. (NYSE:NOW) by 1.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,161 shares of the information technology services provider’s stock after buying an additional 15 shares during the quarter. Catalyst Financial Partners LLC’s holdings in ServiceNow were worth $1,231,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. World Investment Advisors LLC lifted its position in ServiceNow by 499,668.1% during the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock valued at $4,268,731,000 after acquiring an additional 4,771,830 shares during the last quarter. International Assets Investment Management LLC lifted its holdings in shares of ServiceNow by 89,137.0% during the 3rd quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock valued at $1,059,912,000 after purchasing an additional 1,183,739 shares during the last quarter. Bank of Montreal Can boosted its position in shares of ServiceNow by 216.6% in the 3rd quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider’s stock worth $1,206,178,000 after purchasing an additional 935,848 shares in the last quarter. Wellington Management Group LLP increased its position in ServiceNow by 24.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock valued at $2,834,797,000 after buying an additional 615,797 shares in the last quarter. Finally, FMR LLC boosted its holdings in ServiceNow by 9.9% in the third quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock worth $5,014,302,000 after acquiring an additional 502,845 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Up 0.7 %

ServiceNow stock opened at $989.70 on Friday. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The stock has a market capitalization of $203.88 billion, a PE ratio of 144.90, a price-to-earnings-growth ratio of 4.76 and a beta of 0.99. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The business has a 50 day simple moving average of $1,075.99 and a 200-day simple moving average of $969.56.

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 analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. On average, analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

A number of analysts recently commented on NOW shares. Oppenheimer lifted their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Royal Bank of Canada reiterated an “outperform” rating and set a $1,210.00 price objective on shares of ServiceNow in a research note on Thursday, January 30th. Barclays upped their target price on ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Cantor Fitzgerald initiated coverage on ServiceNow in a research report on Friday, January 17th. They set an “overweight” rating and a $1,332.00 price target for the company. Finally, Evercore ISI raised their price objective on ServiceNow from $950.00 to $1,000.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and an average target price of $1,129.72.

Insider Activity at ServiceNow

In other news, insider Nicholas Tzitzon sold 313 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 $333,219.80. Following the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,884,725.40. This trade represents a 7.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Jacqueline P. Canney sold 94 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $1,016.54, for a total transaction of $95,554.76. Following the transaction, the insider now owns 3,027 shares in the company, valued at $3,077,066.58. The trade was a 3.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 23,257 shares of company stock valued at $23,579,376. 0.25% of the stock is owned by corporate insiders.

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.