Pines Wealth Management LLC Invests $497,000 in ServiceNow, Inc. (NYSE:NOW)

Pines Wealth Management LLC acquired a new stake in shares of ServiceNow, Inc. (NYSE:NOW) in the fourth quarter, HoldingsChannel reports. The firm acquired 485 shares of the information technology services provider’s stock, valued at approximately $497,000.

Several other hedge funds also recently bought and sold shares of the business. Mayfair Advisory Group LLC bought a new stake in shares of ServiceNow during the fourth quarter worth $215,000. MRA Advisory Group purchased a new position in ServiceNow in the 4th quarter worth about $466,000. Horizon Bancorp Inc. IN lifted its holdings in ServiceNow by 11.0% during the 4th quarter. Horizon Bancorp Inc. IN now owns 282 shares of the information technology services provider’s stock valued at $299,000 after buying an additional 28 shares in the last quarter. Marcum Wealth LLC boosted its position in ServiceNow by 7.1% in the 4th quarter. Marcum Wealth LLC now owns 680 shares of the information technology services provider’s stock valued at $721,000 after buying an additional 45 shares during the period. Finally, Gunderson Capital Management Inc. bought a new position in ServiceNow in the 4th quarter worth about $7,481,000. Institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Up 1.4 %

Shares of NOW stock opened at $1,029.85 on Wednesday. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,157.90. The firm has a market capitalization of $212.15 billion, a PE ratio of 160.16, a P/E/G ratio of 6.43 and a beta of 0.99. 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 stock’s 50-day simple moving average is $1,066.34 and its 200-day simple moving average is $927.52.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, topping the consensus estimate of $3.46 by $0.26. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The company had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.75 billion. During the same quarter in the prior year, the company earned $1.21 EPS. ServiceNow’s quarterly revenue was up 22.2% on a year-over-year basis. Equities analysts expect that ServiceNow, Inc. will post 7.07 earnings per share for the current year.

Analyst Ratings Changes

NOW has been the subject of a number of research reports. Scotiabank began coverage on ServiceNow in a report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price target for the company. Needham & Company LLC upped their target price on ServiceNow from $1,075.00 to $1,150.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Morgan Stanley downgraded ServiceNow from an “overweight” rating to an “equal weight” rating and increased their price target for the stock from $900.00 to $960.00 in a research report on Monday, October 21st. Wells Fargo & Company upped their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Finally, StockNews.com raised shares of ServiceNow from a “hold” rating to a “buy” rating in a research report on Tuesday, November 12th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $1,071.39.

Insider Buying and Selling

In related news, Director Anita M. Sands sold 2,229 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the sale, the director now directly owns 11,000 shares of the company’s stock, valued at $11,710,600. This trade represents a 16.85 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total value of $12,242,408.57. Following the transaction, the chief executive officer now owns 2,595 shares of the company’s stock, valued at approximately $2,588,953.65. This represents a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,276 shares of company stock valued at $20,535,115 over the last 90 days. 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.