Raymond James Financial Inc. Takes Position in ServiceNow, Inc. (NYSE:NOW)

Raymond James Financial Inc. purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 371,531 shares of the information technology services provider's stock, valued at approximately $393,868,000. Raymond James Financial Inc. owned 0.18% of ServiceNow as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of NOW. Promus Capital LLC acquired a new stake in shares of ServiceNow in the fourth quarter valued at approximately $48,000. Arizona State Retirement System grew its stake in shares of ServiceNow by 1.6% during the fourth quarter. Arizona State Retirement System now owns 59,745 shares of the information technology services provider's stock worth $63,337,000 after buying an additional 967 shares during the last quarter. Proficio Capital Partners LLC grew its stake in shares of ServiceNow by 45.6% in the fourth quarter. Proficio Capital Partners LLC now owns 629 shares of the information technology services provider's stock worth $667,000 after purchasing an additional 197 shares during the last quarter. M&T Bank Corp grew its stake in shares of ServiceNow by 0.8% in the fourth quarter. M&T Bank Corp now owns 35,857 shares of the information technology services provider's stock worth $38,013,000 after purchasing an additional 281 shares during the last quarter. Finally, NewSquare Capital LLC grew its stake in shares of ServiceNow by 5.2% in the fourth quarter. NewSquare Capital LLC now owns 6,187 shares of the information technology services provider's stock worth $6,559,000 after purchasing an additional 305 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at ServiceNow

In related news, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction on Thursday, January 16th. The stock was 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 $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the sale, the insider now directly owns 3,649 shares of the company's stock, valued at approximately $3,370,654.28. This represents a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock worth $20,050,076 over the last three months. Insiders own 0.25% of the company's stock.

ServiceNow Trading Up 1.1 %

Shares of NOW stock opened at $916.34 on Thursday. The company's 50-day moving average price is $1,026.73 and its 200-day moving average price is $984.57. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock has a market cap of $188.77 billion, a price-to-earnings ratio of 134.16, a PEG ratio of 4.51 and a beta of 0.99.

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, hitting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. As a group, equities analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its Board of Directors has authorized a stock buyback program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on NOW shares. JMP Securities restated a "market outperform" rating and issued a $1,300.00 target price on shares of ServiceNow in a report on Thursday, January 30th. Truist Financial upped their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a "hold" rating in a report on Thursday, December 12th. Scotiabank began coverage on shares of ServiceNow in a research report on Tuesday, November 19th. They issued a "sector outperform" rating and a $1,230.00 price objective for the company. Guggenheim reaffirmed a "sell" rating and issued a $716.00 price objective on shares of ServiceNow in a research report on Wednesday, January 22nd. Finally, The Goldman Sachs Group increased their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a research report on Friday, January 10th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,129.72.

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.

Want to see what other hedge funds are holding NOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ServiceNow, Inc. (NYSE:NOW - Free Report).

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.