Western Pacific Wealth Management LP Reduces Stock Position in ServiceNow, Inc. (NYSE:NOW)

Western Pacific Wealth Management LP lessened its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 21.4% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 158 shares of the information technology services provider’s stock after selling 43 shares during the period. Western Pacific Wealth Management LP’s holdings in ServiceNow were worth $167,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of NOW. Truvestments Capital LLC purchased a new position in ServiceNow during the third quarter worth approximately $30,000. Heck Capital Advisors LLC purchased a new position in shares of ServiceNow in the fourth quarter valued at $37,000. DT Investment Partners LLC lifted 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 acquiring an additional 17 shares in the last quarter. Oakworth Capital Inc. boosted its stake in shares of ServiceNow by 46.7% during 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, Synergy Asset Management LLC bought a new position in ServiceNow during the 4th quarter valued at $50,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Price Performance

Shares of NOW opened at $1,020.17 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. The firm has a market capitalization of $210.16 billion, a PE ratio of 149.37, a P/E/G ratio of 5.19 and a beta of 0.99. The stock has a 50 day simple moving average of $1,083.66 and a 200 day simple moving average of $955.82. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data 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 17.56%. Sell-side analysts predict that ServiceNow, Inc. will post 8.98 EPS for the current fiscal year.

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

Analyst Ratings Changes

Several research analysts have recently commented on the stock. StockNews.com lowered shares of ServiceNow from a “buy” rating to a “hold” rating in a report on Friday. Barclays lifted their price objective on shares of ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Morgan Stanley downgraded ServiceNow from an “overweight” rating to an “equal weight” rating and upped their target price for the stock from $900.00 to $960.00 in a research report on Monday, October 21st. Truist Financial raised 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. Finally, Evercore ISI lifted their price target on ServiceNow from $950.00 to $1,000.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $1,129.93.

Insiders Place Their Bets

In related news, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the completion of the transaction, the insider now owns 3,027 shares in the company, valued at approximately $3,204,200.58. This represents a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Nicholas Tzitzon sold 313 shares of ServiceNow stock in a transaction on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the completion of the sale, the insider now owns 3,649 shares in the company, valued at $3,884,725.40. The trade was a 7.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,731 shares of company stock worth $21,016,751. Corporate insiders own 0.25% of the company’s stock.

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.