Kovitz Investment Group Partners LLC Purchases 16,696 Shares of ServiceNow, Inc. (NYSE:NOW)

Kovitz Investment Group Partners LLC lifted its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 136.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 28,944 shares of the information technology services provider's stock after purchasing an additional 16,696 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in ServiceNow were worth $30,684,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in NOW. Atala Financial Inc acquired a new stake in shares of ServiceNow in the 4th quarter worth about $28,000. LFA Lugano Financial Advisors SA bought a new stake in shares of ServiceNow during the fourth quarter valued at approximately $32,000. FPC Investment Advisory Inc. boosted its position in shares of ServiceNow by 725.0% during 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. Noble Wealth Management PBC bought a new position in ServiceNow in the 4th quarter worth approximately $34,000. Finally, Heck Capital Advisors LLC bought a new stake in ServiceNow during the 4th quarter valued at $37,000. Institutional investors own 87.18% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on NOW. UBS Group reaffirmed a "buy" rating and issued a $1,025.00 price objective (up previously from $900.00) on shares of ServiceNow in a report on Thursday. Needham & Company LLC decreased their price target on ServiceNow from $1,200.00 to $1,050.00 and set a "buy" rating for the company in a research note on Thursday. Raymond James dropped their price objective on ServiceNow from $1,200.00 to $1,000.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 8th. Wells Fargo & Company raised their target price on ServiceNow from $1,100.00 to $1,150.00 and gave the company an "overweight" rating in a research note on Thursday. Finally, Robert W. Baird upped their price target on shares of ServiceNow from $1,010.00 to $1,150.00 and gave the company an "outperform" rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-nine have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $1,032.94.

Insider Activity

In other ServiceNow news, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the completion of the sale, the chief financial officer now directly owns 11,126 shares in the company, valued at $10,733,252.20. The trade was a 28.53 % 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, insider Jacqueline P. Canney sold 292 shares of the business's stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the completion of the sale, the insider now directly owns 3,027 shares of the company's stock, valued at $3,080,123.85. This represents a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,250 shares of company stock worth $19,853,273 in the last three months. 0.38% of the stock is owned by insiders.

ServiceNow Stock Up 0.8 %

Shares of NYSE:NOW traded up $7.51 during trading on Friday, reaching $946.08. 2,886,611 shares of the company traded hands, compared to its average volume of 1,504,540. The firm has a fifty day simple moving average of $838.68 and a 200 day simple moving average of $967.87. 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 1-year low of $637.99 and a 1-year high of $1,198.09. The firm has a market cap of $195.84 billion, a P/E ratio of 138.52, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results 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 return on equity of 17.11% and a net margin of 12.97%. Analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors has authorized a share repurchase program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.

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.