Colonial Trust Co SC Grows Position in ServiceNow, Inc. (NYSE:NOW)

Colonial Trust Co SC raised its position in shares of ServiceNow, Inc. (NYSE:NOW) by 21.6% during the 4th quarter, Holdings Channel reports. The fund owned 214 shares of the information technology services provider’s stock after purchasing an additional 38 shares during the period. Colonial Trust Co SC’s holdings in ServiceNow were worth $227,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of ServiceNow by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider’s stock valued at $20,353,517,000 after acquiring an additional 190,430 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of ServiceNow by 6.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock valued at $8,434,235,000 after purchasing an additional 509,467 shares during the last quarter. FMR LLC increased its position in shares of ServiceNow by 4.9% during the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock valued at $6,232,339,000 after purchasing an additional 272,506 shares during the last quarter. Geode Capital Management LLC raised its holdings in ServiceNow by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider’s stock valued at $4,560,890,000 after buying an additional 100,670 shares during the period. Finally, Norges Bank bought a new stake in ServiceNow in the fourth quarter worth $2,603,360,000. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Performance

NOW stock opened at $975.86 on Friday. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The firm has a market cap of $202.00 billion, a price-to-earnings ratio of 142.88, a PEG ratio of 4.51 and a beta of 0.97. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The firm has a 50-day simple moving average of $843.35 and a two-hundred day simple moving average of $969.61.

ServiceNow (NYSE:NOW) last announced its 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 company had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.09 billion. ServiceNow’s revenue was up 18.6% compared to the same quarter last year. During the same period last year, the firm earned $3.41 earnings per share. On average, equities analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its board has authorized a stock buyback plan on Wednesday, January 29th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Bank of America lowered their target price on shares of ServiceNow from $1,280.00 to $1,025.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. Scotiabank set a $1,100.00 target price on ServiceNow and gave the company an “outperform” rating in a research report on Wednesday. Truist Financial raised ServiceNow from a “hold” rating to a “buy” rating and raised their price target for the stock from $950.00 to $1,200.00 in a research note on Thursday, May 1st. Raymond James cut their price objective on ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 8th. Finally, JPMorgan Chase & Co. decreased their target price on ServiceNow from $1,200.00 to $970.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,048.55.

Insider Activity

In other ServiceNow news, insider Jacqueline P. Canney sold 292 shares of the firm’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total value of $297,124.60. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,080,123.85. This trade represents a 8.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 1,263 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the transaction, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,644,564.50. This trade represents a 32.74 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,410 shares of company stock worth $15,821,524. Insiders own 0.38% 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.