Horizon Investments LLC Increases Position in ServiceNow, Inc. (NYSE:NOW)

Horizon Investments LLC grew its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 35.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,212 shares of the information technology services provider's stock after buying an additional 1,619 shares during the quarter. Horizon Investments LLC's holdings in ServiceNow were worth $6,585,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Atala Financial Inc acquired a new stake in ServiceNow during the 4th quarter worth approximately $28,000. LFA Lugano Financial Advisors SA acquired a new stake in shares of ServiceNow during the 4th quarter valued at approximately $32,000. Noble Wealth Management PBC acquired a new stake in shares of ServiceNow during the 4th quarter valued at approximately $34,000. Truvestments Capital LLC acquired a new stake in shares of ServiceNow during the 3rd quarter valued at approximately $30,000. Finally, FPC Investment Advisory Inc. increased its position in ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock worth $34,000 after buying an additional 29 shares during the period. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Price Performance

NOW stock traded up $3.80 during mid-day trading on Friday, hitting $827.92. The company had a trading volume of 2,904,241 shares, compared to its average volume of 1,349,511. The company has a market capitalization of $170.55 billion, a price-to-earnings ratio of 121.22, a P/E/G ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The company has a 50-day moving average price of $971.31 and a 200 day moving average price of $983.30.

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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, meeting 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 anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total value of $481,635.70. Following the sale, the insider now owns 3,027 shares in the company, valued at $3,204,200.58. This represents a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction 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 completion of the sale, the insider now owns 3,649 shares in the company, valued at $3,370,654.28. The trade was a 44.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock worth $20,050,076 in the last three months. Corporate insiders own 0.25% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Scotiabank decreased their target price on ServiceNow from $1,230.00 to $1,050.00 and set a "sector outperform" rating for the company in a research note on Monday, March 17th. Jefferies Financial Group decreased their price objective on ServiceNow from $1,300.00 to $1,250.00 and set a "buy" rating for the company in a research report on Thursday, January 30th. Redburn Atlantic began coverage on ServiceNow in a research note on Wednesday, February 19th. They set a "buy" rating for the company. Needham & Company LLC raised their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the company a "buy" rating in a research note on Thursday, January 30th. Finally, TD Cowen raised their price objective on ServiceNow from $1,025.00 to $1,300.00 and gave the company a "buy" rating in a research note on Tuesday, December 10th. 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 company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus 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.