Concurrent Investment Advisors LLC Boosts Stake in ServiceNow, Inc. (NYSE:NOW)

Concurrent Investment Advisors LLC raised its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 12.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,962 shares of the information technology services provider's stock after acquiring an additional 328 shares during the quarter. Concurrent Investment Advisors LLC's holdings in ServiceNow were worth $3,140,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Truvestments Capital LLC bought a new stake in ServiceNow during the 3rd quarter valued at approximately $30,000. DT Investment Partners LLC boosted its position in ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider's stock valued at $35,000 after acquiring an additional 17 shares in the last quarter. Heck Capital Advisors LLC bought a new stake in ServiceNow during the 4th quarter valued at approximately $37,000. Stonebridge Financial Group LLC bought a new stake in shares of ServiceNow in the 4th quarter worth approximately $37,000. Finally, Bank of Jackson Hole Trust bought a new stake in shares of ServiceNow in the 4th quarter worth approximately $40,000. 87.18% of the stock is owned by institutional investors.

ServiceNow Stock Performance

Shares of NOW stock traded down $30.19 during mid-day trading on Friday, reaching $937.79. 2,001,299 shares of the company's stock traded hands, compared to its average volume of 1,645,842. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The firm has a 50 day moving average price of $1,058.36 and a two-hundred day moving average price of $976.01. 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 firm has a market capitalization of $193.18 billion, a PE ratio of 137.30, a price-to-earnings-growth ratio of 4.60 and a beta of 0.99.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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%. On average, research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts have recently commented on NOW shares. Stifel Nicolaus boosted their price target on ServiceNow from $900.00 to $990.00 and gave the stock a "buy" rating in a research report on Thursday, October 24th. Raymond James started coverage on ServiceNow in a research report on Tuesday, December 24th. They issued an "outperform" rating and a $1,200.00 price target on the stock. Needham & Company LLC boosted their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a "buy" rating in a research report on Thursday, January 30th. Evercore ISI boosted their price target on ServiceNow from $950.00 to $1,000.00 and gave the stock an "outperform" rating in a research report on Thursday, October 24th. Finally, Jefferies Financial Group decreased their price objective on shares of ServiceNow from $1,300.00 to $1,250.00 and set a "buy" rating for the company in a report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $1,129.72.

Insider Buying and Selling

In other ServiceNow news, insider Paul John Smith sold 2,404 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $980.05, for a total transaction of $2,356,040.20. Following the completion of the transaction, the insider now owns 6,244 shares of the company's stock, valued at $6,119,432.20. This represents a 27.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction dated 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 transaction, the chief executive officer now directly owns 2,595 shares of the company's stock, valued at $2,644,564.50. This trade represents a 32.74 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 15,806 shares of company stock valued at $16,065,122. Company 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.