Icon Advisers Inc. Co. Takes Position in ServiceNow, Inc. (NYSE:NOW)

Icon Advisers Inc. Co. bought a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 3,524 shares of the information technology services provider's stock, valued at approximately $3,736,000.

Several other hedge funds have also bought and sold shares of NOW. Atala Financial Inc acquired a new position in shares of ServiceNow during the fourth quarter valued at about $28,000. LFA Lugano Financial Advisors SA bought a new stake in ServiceNow during the fourth quarter worth $32,000. Noble Wealth Management PBC bought a new position in ServiceNow during the 4th quarter valued at $34,000. FPC Investment Advisory Inc. grew its stake in shares of ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock worth $34,000 after acquiring an additional 29 shares in the last quarter. Finally, Heck Capital Advisors LLC bought a new position in shares of ServiceNow during the fourth quarter valued at about $37,000. Institutional investors and hedge funds own 87.18% of the company's stock.

Insider Buying and Selling at ServiceNow

In related news, CEO William R. Mcdermott sold 1,263 shares of the company's stock in a transaction that occurred on Monday, February 10th. The stock was 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 in the company, valued at $2,644,564.50. This represents a 32.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction on Friday, February 21st. The shares were sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the completion of the sale, the chief financial officer now owns 11,126 shares in the company, valued at approximately $10,733,252.20. This trade represents a 28.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,250 shares of company stock valued at $19,853,273 in the last quarter. Company insiders own 0.38% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on NOW. StockNews.com cut shares of ServiceNow from a "buy" rating to a "hold" rating in a research report on Tuesday, February 11th. Mizuho reduced their price objective on ServiceNow from $1,210.00 to $1,100.00 and set an "outperform" rating for the company in a research note on Tuesday, March 11th. Oppenheimer boosted their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Morgan Stanley decreased their price objective on shares of ServiceNow from $960.00 to $881.00 and set an "equal weight" rating for the company in a report on Wednesday. Finally, Bank of America dropped their target price on shares of ServiceNow from $1,280.00 to $1,025.00 and set a "buy" rating on the stock in a research note on Tuesday. One research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-eight have given a buy rating to the stock. Based on data from MarketBeat.com, ServiceNow currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,057.17.

ServiceNow Price Performance

Shares of ServiceNow stock traded down $24.48 during trading on Friday, hitting $772.18. 1,802,088 shares of the stock traded hands, compared to its average volume of 1,480,412. The stock has a market cap of $159.84 billion, a price-to-earnings ratio of 113.06, a PEG ratio of 4.51 and a beta of 1.08. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The firm's fifty day moving average is $852.94 and its 200-day moving average is $969.52.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly 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%. Research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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

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.