Proficio Capital Partners LLC Grows Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Proficio Capital Partners LLC lifted its position in shares of ServiceNow, Inc. (NYSE:NOW) by 45.6% in the 4th quarter, Holdings Channel.com reports. The firm owned 629 shares of the information technology services provider’s stock after purchasing an additional 197 shares during the period. Proficio Capital Partners LLC’s holdings in ServiceNow were worth $667,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NOW. Truvestments Capital LLC acquired a new stake in ServiceNow during the 3rd quarter worth $30,000. FPC Investment Advisory Inc. raised its stake in ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after acquiring an additional 29 shares in the last quarter. Noble Wealth Management PBC acquired a new stake in ServiceNow during the 4th quarter worth $34,000. Heck Capital Advisors LLC acquired a new stake in ServiceNow during the 4th quarter worth $37,000. Finally, Stonebridge Financial Group LLC acquired a new stake in ServiceNow during the 4th quarter worth $37,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Stock Up 0.5 %

NOW stock opened at $827.92 on Friday. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The company has a market cap of $170.55 billion, a P/E ratio of 121.22, a P/E/G ratio of 4.51 and a beta of 1.03. 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 company’s 50-day moving average price is $971.31 and its 200 day moving average price is $984.34.

ServiceNow (NYSE:NOW) last announced 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 net margin of 12.97% and a return on equity of 17.11%. On average, research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has authorized a share 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 reacquire up to 1.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several brokerages recently commented on NOW. The Goldman Sachs Group lifted their price target on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Wells Fargo & Company lifted their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Canaccord Genuity Group restated a “buy” rating and issued a $1,275.00 price objective on shares of ServiceNow in a research note on Tuesday, March 11th. Scotiabank dropped their price objective on shares of ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating on the stock in a research note on Monday, March 17th. Finally, 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. One investment 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 stock. According to MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and an average target price of $1,100.31.

Insider Buying and Selling at ServiceNow

In other news, 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 value of $481,635.70. Following the completion of the transaction, the insider now owns 3,027 shares of the company’s stock, valued at $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Gina Mastantuono sold 4,442 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the completion of the transaction, the chief financial officer now directly owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. This represents a 28.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock valued at $20,050,076 over the last quarter. 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.