Optimize Financial Inc Takes $2.21 Million Position in ServiceNow, Inc. (NYSE:NOW)

Optimize Financial Inc purchased a new position in ServiceNow, Inc. (NYSE:NOW - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 2,084 shares of the information technology services provider's stock, valued at approximately $2,209,000. ServiceNow makes up about 1.7% of Optimize Financial Inc's investment portfolio, making the stock its 8th largest holding.

A number of other hedge funds have also bought and sold shares of the company. Crux Wealth Advisors bought a new stake in shares of ServiceNow in the 4th quarter valued at approximately $212,000. Nicolet Bankshares Inc. raised its holdings in shares of ServiceNow by 68.0% during the fourth quarter. Nicolet Bankshares Inc. now owns 652 shares of the information technology services provider's stock worth $691,000 after purchasing an additional 264 shares during the period. Fortis Capital Advisors LLC lifted its position in shares of ServiceNow by 16.8% in the 4th quarter. Fortis Capital Advisors LLC now owns 2,679 shares of the information technology services provider's stock worth $2,840,000 after buying an additional 386 shares during the last quarter. Rockefeller Capital Management L.P. boosted its holdings in shares of ServiceNow by 9.2% in the 4th quarter. Rockefeller Capital Management L.P. now owns 50,622 shares of the information technology services provider's stock valued at $53,403,000 after buying an additional 4,264 shares during the period. Finally, Monetary Management Group Inc. raised its stake in ServiceNow by 18.2% during the fourth quarter. Monetary Management Group Inc. now owns 1,985 shares of the information technology services provider's stock worth $2,104,000 after acquiring an additional 305 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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Insider Transactions at ServiceNow

In related news, General Counsel Russell S. Elmer sold 336 shares of the firm's stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total transaction of $341,896.80. Following the completion of the sale, the general counsel now directly owns 4,332 shares in the company, valued at approximately $4,408,026.60. This trade represents a 7.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of the business's stock in a transaction that occurred 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 transaction, the insider now directly owns 3,027 shares in the company, valued at $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,351 shares of company stock valued at $20,050,076 over the last ninety days. Corporate insiders own 0.25% of the company's stock.

ServiceNow Price Performance

Shares of NYSE NOW traded up $16.19 during trading on Tuesday, hitting $816.01. The company had a trading volume of 123,571 shares, compared to its average volume of 1,462,898. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The business's 50-day moving average is $870.99 and its 200 day moving average is $973.31. The company has a market cap of $168.92 billion, a P/E ratio of 119.02, a PEG ratio of 4.51 and a beta of 1.08. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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%. Equities research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has approved 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 purchase up to 1.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts have commented on NOW shares. Mizuho decreased their target price 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. Jefferies Financial Group dropped their target price on ServiceNow from $1,250.00 to $1,025.00 and set a "buy" rating on the stock in a research report on Tuesday. Truist Financial cut their target price on ServiceNow from $1,100.00 to $950.00 and set a "hold" rating on the stock in a research note on Monday, March 31st. JPMorgan Chase & Co. upped their price target on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 29th. Finally, Needham & Company LLC lifted their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company a "buy" rating in a research report on Thursday, January 30th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $1,061.00.

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.