Riggs Asset Managment Co. Inc. Has $1.99 Million Stake in ServiceNow, Inc. (NYSE:NOW)

Riggs Asset Managment Co. Inc. grew its position in ServiceNow, Inc. (NYSE:NOW) by 0.8% during the fourth quarter, HoldingsChannel reports. The firm owned 1,864 shares of the information technology services provider’s stock after buying an additional 14 shares during the quarter. Riggs Asset Managment Co. Inc.’s holdings in ServiceNow were worth $1,990,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of NOW. Truvestments Capital LLC acquired a new position in ServiceNow during the 3rd quarter worth $30,000. DT Investment Partners LLC increased its stake in shares of ServiceNow by 77.3% in the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after purchasing an additional 17 shares during the period. Heck Capital Advisors LLC acquired a new position in shares of ServiceNow during the 4th quarter worth about $37,000. Oakworth Capital Inc. grew its holdings in ServiceNow by 46.7% in the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after buying an additional 14 shares during the last quarter. Finally, Dunhill Financial LLC increased its position in ServiceNow by 70.0% in the 3rd quarter. Dunhill Financial LLC now owns 51 shares of the information technology services provider’s stock worth $46,000 after buying an additional 21 shares during the period. 87.18% of the stock is owned by institutional investors.

ServiceNow Stock Up 0.7 %

Shares of NOW opened at $1,020.17 on Friday. The business’s fifty day moving average price is $1,083.66 and its two-hundred day moving average price is $955.82. The firm has a market capitalization of $210.16 billion, a price-to-earnings ratio of 149.37, a PEG ratio of 5.19 and a beta of 0.99. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.56% and a net margin of 12.97%. On average, analysts predict that ServiceNow, Inc. will post 8.98 earnings per share for the current year.

ServiceNow announced that its board has initiated a share repurchase program on Wednesday, January 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. The Goldman Sachs Group increased their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research report on Friday, January 10th. KeyCorp lowered shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. JMP Securities reiterated a “market outperform” rating and issued a $1,300.00 target price on shares of ServiceNow in a research note on Thursday. JPMorgan Chase & Co. boosted their price target on ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Barclays lifted their price objective on ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $1,129.93.

Insider Transactions at ServiceNow

In other news, insider Jacqueline P. Canney sold 76 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $1,010.94, for a total value of $76,831.44. Following the completion of the transaction, the insider now owns 3,027 shares of the company’s stock, valued at $3,060,115.38. The trade was a 2.45 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Anita M. Sands sold 2,229 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the completion of the transaction, the director now directly owns 11,000 shares of the company’s stock, valued at approximately $11,710,600. The trade was a 16.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,731 shares of company stock worth $21,016,751 in the last quarter. 0.25% of the stock is owned by company insiders.

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.