Covea Finance Lowers Position in ServiceNow, Inc. (NYSE:NOW)

Covea Finance lowered its position in ServiceNow, Inc. (NYSE:NOW) by 25.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 36,565 shares of the information technology services provider’s stock after selling 12,635 shares during the period. ServiceNow comprises approximately 1.7% of Covea Finance’s holdings, making the stock its 17th largest position. Covea Finance’s holdings in ServiceNow were worth $38,763,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP grew its holdings in ServiceNow by 17.0% during the second quarter. Dimensional Fund Advisors LP now owns 274,844 shares of the information technology services provider’s stock worth $216,207,000 after acquiring an additional 39,984 shares during the period. Total Clarity Wealth Management Inc. grew its stake in shares of ServiceNow by 33.1% during the 2nd quarter. Total Clarity Wealth Management Inc. now owns 438 shares of the information technology services provider’s stock worth $345,000 after purchasing an additional 109 shares during the period. Citizens Financial Group Inc. RI increased its holdings in shares of ServiceNow by 209.8% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 3,021 shares of the information technology services provider’s stock valued at $2,377,000 after purchasing an additional 2,046 shares in the last quarter. WealthPLAN Partners LLC lifted its stake in shares of ServiceNow by 3.8% in the second quarter. WealthPLAN Partners LLC now owns 3,258 shares of the information technology services provider’s stock valued at $2,563,000 after purchasing an additional 118 shares during the period. Finally, Lmcg Investments LLC boosted its holdings in ServiceNow by 2.6% during the second quarter. Lmcg Investments LLC now owns 16,557 shares of the information technology services provider’s stock worth $13,025,000 after buying an additional 414 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Activity

In related news, insider Nicholas Tzitzon sold 313 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the completion of the transaction, the insider now directly owns 3,649 shares in the company, valued at $3,884,725.40. This represents a 7.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jacqueline P. Canney sold 76 shares of the firm’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 sale, the insider now owns 3,027 shares in the company, valued at $3,060,115.38. The trade was a 2.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,276 shares of company stock valued at $20,535,115. 0.25% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Raymond James started coverage on shares of ServiceNow in a research report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price target for the company. Sanford C. Bernstein lifted their price objective on ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. StockNews.com raised ServiceNow from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. Wells Fargo & Company lifted their price target on 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, Morgan Stanley cut shares of ServiceNow from an “overweight” rating to an “equal weight” rating and increased their price objective for the company from $900.00 to $960.00 in a research note on Monday, October 21st. 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 assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $1,071.39.

ServiceNow Stock Performance

Shares of NOW opened at $1,029.85 on Wednesday. The stock has a market capitalization of $212.15 billion, a PE ratio of 160.16, a price-to-earnings-growth ratio of 6.43 and a beta of 0.99. The business’s fifty day moving average price is $1,066.34 and its 200 day moving average price is $927.52. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,157.90.

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

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.