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

Hoey Investments Inc. increased its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 52.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,187 shares of the information technology services provider's stock after buying an additional 1,445 shares during the quarter. ServiceNow comprises approximately 0.7% of Hoey Investments Inc.'s holdings, making the stock its 14th largest position. Hoey Investments Inc.'s holdings in ServiceNow were worth $4,439,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Edmond DE Rothschild Holding S.A. grew its stake in shares of ServiceNow by 12.7% in the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 850 shares of the information technology services provider's stock worth $901,000 after purchasing an additional 96 shares in the last quarter. Pier 88 Investment Partners LLC bought a new position in ServiceNow in the 4th quarter valued at about $2,014,000. Axiom Investors LLC DE increased its stake in ServiceNow by 67.3% during the 4th quarter. Axiom Investors LLC DE now owns 398,594 shares of the information technology services provider's stock valued at $422,557,000 after buying an additional 160,378 shares during the period. O Shaughnessy Asset Management LLC raised its position in shares of ServiceNow by 11.8% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 23,572 shares of the information technology services provider's stock worth $24,989,000 after buying an additional 2,493 shares in the last quarter. Finally, United Bank lifted its stake in shares of ServiceNow by 46.0% in the 4th quarter. United Bank now owns 784 shares of the information technology services provider's stock worth $831,000 after acquiring an additional 247 shares during the period. 87.18% of the stock is currently owned by institutional investors.

Remove Ads

ServiceNow Price Performance

NYSE NOW traded up $13.08 on Wednesday, hitting $824.64. 1,619,815 shares of the company were exchanged, compared to its average volume of 1,418,699. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The firm has a 50 day moving average of $939.07 and a two-hundred day moving average of $983.75. 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 company has a market cap of $169.88 billion, a P/E ratio of 120.74, a P/E/G ratio of 4.51 and a beta of 1.03.

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

ServiceNow declared that its Board of Directors has authorized a share buyback program on Wednesday, January 29th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling at ServiceNow

In related news, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the completion of the sale, the insider now directly owns 3,027 shares of the company's stock, valued at approximately $3,204,200.58. This represents a 13.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the sale, the insider now owns 3,649 shares in the company, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,351 shares of company stock worth $20,050,076. Company insiders own 0.25% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Needham & Company LLC upped their target price 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. Royal Bank of Canada set a $986.00 target price on ServiceNow in a research note on Tuesday, March 11th. Mizuho lowered their target price on ServiceNow from $1,210.00 to $1,100.00 and set an "outperform" rating on the stock in a report on Tuesday, March 11th. JMP Securities restated a "market outperform" rating and set a $1,300.00 target price on shares of ServiceNow in a report on Thursday, January 30th. Finally, KeyCorp downgraded shares of ServiceNow from an "overweight" rating to a "sector weight" rating in a research report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $1,087.21.

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.