Meitav Investment House Ltd. Invests $318,000 in ServiceNow, Inc. (NYSE:NOW)

Meitav Investment House Ltd. purchased a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 300 shares of the information technology services provider's stock, valued at approximately $318,000.

Other institutional investors also recently modified their holdings of the company. Truvestments Capital LLC purchased a new stake in shares of ServiceNow during the 3rd quarter valued at approximately $30,000. DT Investment Partners LLC increased its holdings in ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider's stock worth $35,000 after acquiring an additional 17 shares during the period. Heck Capital Advisors LLC bought a new stake in ServiceNow during the 4th quarter worth approximately $37,000. Stonebridge Financial Group LLC bought a new stake in ServiceNow during the 4th quarter worth approximately $37,000. Finally, Bank of Jackson Hole Trust bought a new stake in ServiceNow during the 4th quarter worth approximately $40,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NOW has been the topic of a number of analyst reports. Wells Fargo & Company upped their target price on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an "overweight" rating in a report on Thursday, December 5th. Jefferies Financial Group decreased their price target on shares of ServiceNow from $1,300.00 to $1,250.00 and set a "buy" rating on the stock in a report on Thursday, January 30th. KeyCorp lowered shares of ServiceNow from an "overweight" rating to a "sector weight" rating in a report on Friday, December 13th. Robert W. Baird decreased their price target on shares of ServiceNow from $1,250.00 to $1,200.00 and set an "outperform" rating on the stock in a report on Thursday, January 30th. Finally, Redburn Atlantic began coverage on shares of ServiceNow in a report on Wednesday. They issued a "buy" rating on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, ServiceNow currently has a consensus rating of "Moderate Buy" and an average price target of $1,129.72.

ServiceNow Trading Down 3.1 %

Shares of NYSE:NOW traded down $30.19 on Friday, hitting $937.79. The company had a trading volume of 2,001,299 shares, compared to its average volume of 1,645,842. The firm's 50-day simple moving average is $1,058.36 and its two-hundred day simple moving average is $976.01. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year 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 firm has a market capitalization of $193.18 billion, a price-to-earnings ratio of 137.30, a P/E/G ratio of 4.60 and a beta of 0.99.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS 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%. Equities 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 share repurchase plan on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board believes its shares are undervalued.

Insider Transactions at ServiceNow

In related news, insider Nicholas Tzitzon sold 313 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $333,219.80. Following the completion of the transaction, the insider now directly owns 3,649 shares in the company, valued at $3,884,725.40. This trade represents a 7.90 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William R. Mcdermott sold 384 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $986.64, for a total transaction of $378,869.76. Following the completion of the transaction, the chief executive officer now owns 6,614 shares of the company's stock, valued at approximately $6,525,636.96. The trade was a 5.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,806 shares of company stock valued at $16,065,122. Company insiders own 0.25% of the company's stock.

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.