OLD National Bancorp IN Boosts Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

OLD National Bancorp IN grew its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 116.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,292 shares of the information technology services provider's stock after acquiring an additional 695 shares during the quarter. OLD National Bancorp IN's holdings in ServiceNow were worth $1,370,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. JMP Securities restated a "market outperform" rating and set a $1,300.00 target price on shares of ServiceNow in a report on Thursday. Raymond James began coverage on ServiceNow in a report on Tuesday, December 24th. They issued an "outperform" rating and a $1,200.00 target price for the company. Piper Sandler lifted their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an "overweight" rating in a report on Monday, January 6th. Wells Fargo & Company boosted their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an "overweight" rating in a research report on Thursday, December 5th. Finally, Cantor Fitzgerald started coverage on shares of ServiceNow in a research report on Friday, January 17th. They set an "overweight" rating and a $1,332.00 price objective for the company. One investment analyst has rated the stock with a sell rating, four have given a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $1,129.93.

ServiceNow Stock Up 0.7 %

Shares of NYSE NOW opened at $1,020.17 on Friday. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The stock has a market cap of $210.16 billion, a P/E ratio of 149.37, a PEG ratio of 5.19 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. The business's fifty day simple moving average is $1,084.47 and its 200-day simple moving average is $952.71.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data 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 return on equity of 17.56% and a net margin of 12.97%. As a group, equities analysts predict that ServiceNow, Inc. will post 8.98 EPS for the current fiscal year.

ServiceNow announced that its board has authorized a share repurchase program 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 buy up to 1.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the completion of the sale, the insider now directly owns 3,027 shares of the company's stock, valued at approximately $3,204,200.58. The trade was a 13.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William R. Mcdermott sold 12,271 shares of the 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 transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,588,953.65. This trade represents a 82.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,731 shares of company stock worth $21,016,751 in the last 90 days. Corporate 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.