Bestgate Wealth Advisors LLC Invests $340,000 in ServiceNow, Inc. (NYSE:NOW)

Bestgate Wealth Advisors LLC bought a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 321 shares of the information technology services provider's stock, valued at approximately $340,000.

Several other large investors have also recently bought and sold shares of the stock. Polymer Capital Management HK LTD boosted its stake in shares of ServiceNow by 57.0% during the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider's stock worth $2,416,000 after acquiring an additional 981 shares during the period. Union Bancaire Privee UBP SA bought a new stake in shares of ServiceNow during the 4th quarter worth about $48,802,000. Dock Street Asset Management Inc. grew its stake in ServiceNow by 3.4% in the 4th quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider's stock valued at $35,147,000 after buying an additional 1,105 shares during the last quarter. Cardano Risk Management B.V. bought a new position in ServiceNow in the 4th quarter valued at about $105,090,000. Finally, Rheos Capital Works Inc. acquired a new stake in ServiceNow during the fourth quarter worth approximately $10,071,000. 87.18% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at ServiceNow

In related news, CEO William R. Mcdermott sold 1,263 shares of ServiceNow stock in a transaction on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the completion of the transaction, the chief executive officer now owns 2,595 shares of the company's stock, valued at $2,644,564.50. This trade represents a 32.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Russell S. Elmer sold 2,511 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the sale, the general counsel now owns 4,332 shares of the company's stock, valued at approximately $4,384,373.88. The trade was a 36.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock worth $20,050,076 over the last ninety days. 0.25% of the stock is owned by insiders.

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ServiceNow Trading Up 0.5 %

NYSE:NOW traded up $3.80 during mid-day trading on Friday, hitting $827.92. 2,904,241 shares of the company's stock were exchanged, compared to its average volume of 1,351,375. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. 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 $170.55 billion, a P/E ratio of 121.22, a PEG ratio of 4.51 and a beta of 1.03. The company has a 50 day simple moving average of $971.31 and a 200-day simple moving average of $984.34.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting analysts' consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its board has approved a share repurchase 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 purchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. UBS Group lowered their target price on ServiceNow from $1,250.00 to $1,000.00 and set a "buy" rating on the stock in a research note on Tuesday, March 11th. The Goldman Sachs Group lifted 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. Robert W. Baird decreased their target price on shares of ServiceNow from $1,250.00 to $1,200.00 and set an "outperform" rating on the stock in a research report on Thursday, January 30th. TD Cowen lifted their price target on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the company a "buy" rating in a research report on Tuesday, December 10th. Finally, Raymond James started coverage on ServiceNow in a research note on Tuesday, December 24th. They set an "outperform" rating and a $1,200.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have issued a buy rating to the company. According to data from MarketBeat, ServiceNow has a consensus rating of "Moderate Buy" and an average price target of $1,100.31.

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.