Milestone Asset Management LLC Takes Position in ServiceNow, Inc. (NYSE:NOW)

Milestone Asset Management LLC bought a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 707 shares of the information technology services provider's stock, valued at approximately $750,000.

A number of other hedge funds have also recently added to or reduced their stakes in NOW. Truvestments Capital LLC purchased a new stake in shares of ServiceNow during the 3rd quarter valued at $30,000. DT Investment Partners LLC grew its position in ServiceNow by 77.3% during the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider's stock valued at $35,000 after acquiring an additional 17 shares during the period. Oakworth Capital Inc. increased its stake in ServiceNow by 46.7% during the third quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider's stock worth $39,000 after acquiring an additional 14 shares during the last quarter. Dunhill Financial LLC raised its holdings in shares of ServiceNow by 70.0% in the 3rd quarter. Dunhill Financial LLC now owns 51 shares of the information technology services provider's stock worth $46,000 after purchasing an additional 21 shares during the period. Finally, Vestor Capital LLC acquired a new position in shares of ServiceNow in the 3rd quarter valued at about $48,000. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Stock Down 11.7 %

NYSE NOW traded down $134.35 during trading on Thursday, hitting $1,009.28. 4,473,016 shares of the company traded hands, compared to its average volume of 1,559,435. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The business has a fifty day simple moving average of $1,085.21 and a 200 day simple moving average of $952.30. The company has a market capitalization of $207.91 billion, a P/E ratio of 157.66, a PEG ratio of 5.11 and a beta of 0.99. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, January 29th. The information technology services provider reported $1.93 earnings per share for the quarter, missing the consensus estimate of $3.67 by ($1.74). ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. As a group, sell-side analysts predict that ServiceNow, Inc. will post 7.06 EPS for the current year.

ServiceNow declared that its board has authorized a stock 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 stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling

In other ServiceNow news, Director Anita M. Sands sold 2,229 shares of the firm's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the completion of the transaction, the director now owns 11,000 shares in the company, valued at $11,710,600. This trade represents a 16.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William R. Mcdermott sold 12,271 shares of the company's stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total value of $12,242,408.57. Following the completion of the sale, the chief executive officer now owns 2,595 shares in the company, valued at $2,588,953.65. This trade represents a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 20,731 shares of company stock valued at $21,016,751. Company insiders own 0.25% of the company's stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Truist Financial raised their price target on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a "hold" rating in a report on Thursday, December 12th. Robert W. Baird reduced their target price 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. UBS Group increased their price target on ServiceNow from $900.00 to $1,055.00 and gave the company a "buy" rating in a report on Tuesday, October 8th. BMO Capital Markets boosted their price objective on ServiceNow from $860.00 to $1,025.00 and gave the stock an "outperform" rating in a research note on Thursday, October 10th. Finally, Morgan Stanley lowered ServiceNow from an "overweight" rating to an "equal weight" rating and increased their target price for the company from $900.00 to $960.00 in a research note on Monday, October 21st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, ServiceNow has an average rating of "Moderate Buy" and an average target price of $1,127.34.

ServiceNow 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.