Pier 88 Investment Partners LLC Invests $2.01 Million in ServiceNow, Inc. (NYSE:NOW)

Pier 88 Investment Partners LLC purchased a new position in ServiceNow, Inc. (NYSE:NOW - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 1,900 shares of the information technology services provider's stock, valued at approximately $2,014,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of NOW. Axiom Investors LLC DE boosted its stake in ServiceNow by 67.3% in the 4th quarter. Axiom Investors LLC DE now owns 398,594 shares of the information technology services provider's stock worth $422,557,000 after purchasing an additional 160,378 shares during the period. O Shaughnessy Asset Management LLC boosted its position in shares of ServiceNow by 11.8% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 23,572 shares of the information technology services provider's stock worth $24,989,000 after buying an additional 2,493 shares during the period. United Bank grew its holdings in shares of ServiceNow by 46.0% during the fourth quarter. United Bank now owns 784 shares of the information technology services provider's stock valued at $831,000 after buying an additional 247 shares in the last quarter. CIBC Private Wealth Group LLC raised its position in ServiceNow by 248.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 90,640 shares of the information technology services provider's stock valued at $95,089,000 after buying an additional 64,609 shares during the period. Finally, IPG Investment Advisors LLC acquired a new position in ServiceNow during the fourth quarter valued at $1,611,000. Institutional investors and hedge funds own 87.18% of the company's stock.

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Insider Activity at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the transaction, the insider now owns 3,649 shares in the company, valued at approximately $3,370,654.28. This represents a 44.66 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

NOW has been the topic of several research analyst reports. TD Cowen lifted their target price on ServiceNow from $1,025.00 to $1,300.00 and gave the company a "buy" rating in a research note on Tuesday, December 10th. Piper Sandler boosted their price objective on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an "overweight" rating in a research report on Monday, January 6th. Citigroup dropped their price objective on shares of ServiceNow from $1,432.00 to $1,426.00 and set a "buy" rating on the stock in a research note on Tuesday, February 4th. UBS Group decreased their target price on shares of ServiceNow from $1,250.00 to $1,000.00 and set a "buy" rating for the company in a research note on Tuesday, March 11th. Finally, William Blair reaffirmed an "outperform" rating on shares of ServiceNow in a research note on Friday, March 7th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $1,087.21.

ServiceNow Stock Performance

NYSE NOW traded down $50.87 during midday trading on Thursday, hitting $773.16. The company had a trading volume of 1,534,297 shares, compared to its average volume of 1,422,106. The firm has a fifty day simple moving average of $933.06 and a two-hundred day simple moving average of $982.64. The stock has a market cap of $159.27 billion, a price-to-earnings ratio of 113.32, a P/E/G ratio of 4.51 and a beta of 1.03. 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 fifty-two week low of $637.99 and a fifty-two week high of $1,198.09.

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

ServiceNow announced that its Board of Directors has initiated a share repurchase program 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 buy up to 1.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's leadership believes its stock is undervalued.

About ServiceNow

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.