Vise Technologies Inc. Raises Stake in ServiceNow, Inc. (NYSE:NOW)

Vise Technologies Inc. boosted its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 46.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,194 shares of the information technology services provider’s stock after acquiring an additional 1,641 shares during the period. Vise Technologies Inc.’s holdings in ServiceNow were worth $5,506,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Connecticut Wealth Management LLC lifted its position in ServiceNow by 1.0% during the 4th quarter. Connecticut Wealth Management LLC now owns 1,697 shares of the information technology services provider’s stock valued at $1,799,000 after acquiring an additional 17 shares during the period. Gordian Capital Singapore Pte Ltd lifted its position in ServiceNow by 22.8% during the 4th quarter. Gordian Capital Singapore Pte Ltd now owns 452 shares of the information technology services provider’s stock valued at $479,000 after acquiring an additional 84 shares during the period. City National Bank of Florida MSD purchased a new position in ServiceNow during the 4th quarter valued at about $411,000. Cornerstone Advisory LLC purchased a new position in ServiceNow during the 4th quarter valued at about $220,000. Finally, Focus Partners Advisor Solutions LLC lifted its position in ServiceNow by 78.1% during the 4th quarter. Focus Partners Advisor Solutions LLC now owns 1,617 shares of the information technology services provider’s stock valued at $1,714,000 after acquiring an additional 709 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Price Performance

Shares of NYSE:NOW opened at $1,015.74 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The company has a market capitalization of $210.26 billion, a P/E ratio of 148.72, a P/E/G ratio of 4.51 and a beta of 0.97. The firm’s 50 day simple moving average is $878.23 and its two-hundred day simple moving average is $975.16.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating the consensus estimate of $3.78 by $0.26. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The business had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. During the same quarter in the previous year, the firm earned $3.41 earnings per share. The company’s revenue for the quarter was up 18.6% on a year-over-year basis. Research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

Insider Activity at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 66 shares of ServiceNow stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $1,023.00, for a total value of $67,518.00. Following the sale, the insider now owns 3,027 shares of the company’s stock, valued at $3,096,621. The trade was a 2.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Gina Mastantuono sold 292 shares of the business’s stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $985.00, for a total transaction of $287,620.00. Following the completion of the sale, the chief financial officer now owns 11,198 shares in the company, valued at $11,030,030. This represents a 2.54% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,619 shares of company stock valued at $5,230,568. Corporate insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Redburn Atlantic assumed coverage on shares of ServiceNow in a report on Wednesday, February 19th. They issued a “buy” rating for the company. Morgan Stanley lifted their target price on shares of ServiceNow from $881.00 to $950.00 and gave the stock an “equal weight” rating in a report on Thursday, April 24th. Jefferies Financial Group decreased their target price on shares of ServiceNow from $1,250.00 to $1,025.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. Truist Financial raised shares of ServiceNow from a “hold” rating to a “buy” rating and lifted their target price for the stock from $950.00 to $1,200.00 in a report on Thursday, May 1st. Finally, Royal Bank of Canada lifted their target price on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the stock an “outperform” rating in a report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $1,062.50.

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.