Spinnaker Trust Invests $212,000 in ServiceNow, Inc. (NYSE:NOW)

Spinnaker Trust bought a new stake in ServiceNow, Inc. (NYSE:NOW) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 200 shares of the information technology services provider’s stock, valued at approximately $212,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Avidian Wealth Enterprises LLC increased its stake in ServiceNow by 1.8% in the fourth quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock valued at $527,000 after acquiring an additional 9 shares during the period. Redhawk Wealth Advisors Inc. increased its stake in ServiceNow by 2.2% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $487,000 after acquiring an additional 10 shares during the period. Catalyst Financial Partners LLC increased its stake in ServiceNow by 1.0% in the third quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider’s stock valued at $1,025,000 after acquiring an additional 11 shares during the period. Institute for Wealth Management LLC. increased its stake in ServiceNow by 0.4% in the fourth quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock valued at $2,779,000 after acquiring an additional 11 shares during the period. Finally, Capital Advisors Ltd. LLC increased its stake in ServiceNow by 14.6% in the third quarter. Capital Advisors Ltd. LLC now owns 94 shares of the information technology services provider’s stock valued at $84,000 after acquiring an additional 12 shares during the period. Institutional investors own 87.18% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on NOW. Jefferies Financial Group decreased their price objective on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. Sanford C. Bernstein upped their price objective on shares of ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. The Goldman Sachs Group upped 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 note on Friday, January 10th. Needham & Company LLC upped their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Finally, Oppenheimer upped their price objective 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. One analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $1,129.72.

Insider Transactions at ServiceNow

In other news, General Counsel Russell S. Elmer sold 81 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $1,016.54, for a total transaction of $82,339.74. Following the completion of the sale, the general counsel now owns 6,843 shares of the company’s stock, valued at $6,956,183.22. This represents a 1.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Anita M. Sands sold 2,229 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the sale, the director now directly owns 11,000 shares of the company’s stock, valued at $11,710,600. This represents a 16.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 23,257 shares of company stock valued at $23,579,376 over the last quarter. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Stock Down 0.4 %

Shares of NYSE:NOW opened at $985.67 on Friday. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The company has a market capitalization of $203.05 billion, a PE ratio of 144.31, a PEG ratio of 4.76 and a beta of 0.99. The company has a 50 day moving average price of $1,070.53 and a two-hundred day moving average price of $971.00.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting 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 earnings per share for the current year.

ServiceNow declared that its board has authorized a share repurchase plan on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management 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.