Hoey Investments Inc. Acquires 1,445 Shares of ServiceNow, Inc. (NYSE:NOW)

Hoey Investments Inc. increased its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 52.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,187 shares of the information technology services provider's stock after buying an additional 1,445 shares during the quarter. ServiceNow accounts for 0.7% of Hoey Investments Inc.'s portfolio, making the stock its 14th biggest holding. Hoey Investments Inc.'s holdings in ServiceNow were worth $4,439,000 as of its most recent filing with the Securities & Exchange Commission.

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

ServiceNow Stock Down 6.0 %

Shares of NYSE:NOW traded down $46.35 during trading on Friday, hitting $727.72. 1,463,747 shares of the company were exchanged, compared to its average volume of 1,818,827. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The stock has a market cap of $149.91 billion, a price-to-earnings ratio of 106.41, a P/E/G ratio of 4.51 and a beta of 1.03. 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 fifty day moving average price of $925.88 and a two-hundred day moving average price of $981.19.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting 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, research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has authorized a stock repurchase program on Wednesday, January 29th that allows the company to buyback $3.00 billion in 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 programs are typically a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling

In other ServiceNow news, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the transaction, the insider now owns 3,027 shares in the company, valued at $3,204,200.58. This represents a 13.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Larry Quinlan sold 415 shares of the company's stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $1,007.41, for a total transaction of $418,075.15. Following the sale, the director now directly owns 1,737 shares of the company's stock, valued at $1,749,871.17. This represents a 19.28 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,351 shares of company stock valued at $20,050,076. Company insiders own 0.25% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on NOW. William Blair reaffirmed an "outperform" rating on shares of ServiceNow in a research note on Friday, March 7th. Redburn Atlantic started coverage on ServiceNow in a report on Wednesday, February 19th. They set a "buy" rating on the stock. Wells Fargo & Company boosted their target price on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an "overweight" rating in a research report on Thursday, December 5th. Raymond James assumed coverage on ServiceNow in a research report on Tuesday, December 24th. They issued an "outperform" rating and a $1,200.00 price objective for the company. Finally, The Goldman Sachs Group upped their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a research report on Friday, January 10th. 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 MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $1,086.00.

ServiceNow 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.