IHT Wealth Management LLC Has $4.60 Million Position in ServiceNow, Inc. (NYSE:NOW)

IHT Wealth Management LLC cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 18.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,336 shares of the information technology services provider's stock after selling 992 shares during the quarter. IHT Wealth Management LLC's holdings in ServiceNow were worth $4,597,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Union Bancaire Privee UBP SA acquired a new stake in ServiceNow in the 4th quarter worth $48,802,000. Dock Street Asset Management Inc. increased its stake in ServiceNow by 3.4% during the fourth quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider's stock valued at $35,147,000 after acquiring an additional 1,105 shares during the period. Cardano Risk Management B.V. bought a new position in ServiceNow during the fourth quarter valued at about $105,090,000. Rheos Capital Works Inc. acquired a new position in ServiceNow in the 4th quarter valued at approximately $10,071,000. Finally, Czech National Bank lifted its position in shares of ServiceNow by 6.7% in the 4th quarter. Czech National Bank now owns 44,793 shares of the information technology services provider's stock worth $47,486,000 after acquiring an additional 2,829 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Trading Up 0.8 %

NYSE:NOW traded up $7.51 on Friday, hitting $946.08. 2,886,553 shares of the stock were exchanged, compared to its average volume of 1,956,232. 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, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The stock has a market capitalization of $195.84 billion, a price-to-earnings ratio of 138.52, a P/E/G ratio of 4.51 and a beta of 1.08. The company's 50-day moving average price is $839.67 and its 200 day moving average price is $967.34.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, hitting analysts' consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. On average, equities research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, January 29th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 354 shares of the firm's stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total value of $284,831.94. Following the transaction, the insider now directly owns 3,027 shares in the company, valued at $2,435,554.47. This trade represents a 10.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jeffrey A. Miller sold 2,282 shares of the company's stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $1,030.64, for a total value of $2,351,920.48. Following the completion of the sale, the director now owns 40,638 shares of the company's stock, valued at $41,883,148.32. This represents a 5.32 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,250 shares of company stock valued at $19,853,273. Company insiders own 0.38% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently commented on NOW. Sanford C. Bernstein restated an "outperform" rating and issued a $1,003.00 target price on shares of ServiceNow in a research note on Thursday. UBS Group reiterated a "buy" rating and set a $1,025.00 target price (up from $900.00) on shares of ServiceNow in a research report on Thursday. Cantor Fitzgerald reissued an "overweight" rating and issued a $1,048.00 target price on shares of ServiceNow in a research note on Thursday. Canaccord Genuity Group cut their price target on shares of ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a research note on Tuesday. Finally, Truist Financial lowered their price objective 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. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $1,032.94.

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.