Bridges Investment Management Inc. Lowers Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Bridges Investment Management Inc. reduced its position in ServiceNow, Inc. (NYSE:NOW) by 5.5% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 67,966 shares of the information technology services provider’s stock after selling 3,922 shares during the period. ServiceNow comprises approximately 1.0% of Bridges Investment Management Inc.’s holdings, making the stock its 29th biggest holding. Bridges Investment Management Inc.’s holdings in ServiceNow were worth $72,052,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Avidian Wealth Enterprises LLC lifted its stake in shares of ServiceNow by 1.8% in the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock worth $527,000 after acquiring an additional 9 shares during the period. Redhawk Wealth Advisors Inc. lifted its stake in shares of ServiceNow by 2.2% in the 4th quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock worth $487,000 after acquiring an additional 10 shares during the period. Institute for Wealth Management LLC. lifted its stake in shares of ServiceNow by 0.4% in the 4th quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock worth $2,779,000 after acquiring an additional 11 shares during the period. TBH Global Asset Management LLC lifted its stake in shares of ServiceNow by 3.8% in the 4th quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock worth $320,000 after acquiring an additional 11 shares during the period. Finally, Onefund LLC lifted its stake in shares of ServiceNow by 2.0% in the 4th quarter. Onefund LLC now owns 552 shares of the information technology services provider’s stock worth $585,000 after acquiring an additional 11 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NOW has been the subject of a number of research analyst reports. Piper Sandler upped their price target on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Wells Fargo & Company increased their target price on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Redburn Atlantic began coverage on shares of ServiceNow in a research note on Wednesday, February 19th. They set a “buy” rating for the company. Citigroup cut their target price on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Finally, Raymond James began coverage on shares of ServiceNow in a research note on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 target price for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $1,129.72.

ServiceNow Stock Performance

NYSE:NOW opened at $929.56 on Friday. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The firm’s fifty day simple moving average is $1,038.07 and its 200 day simple moving average is $982.80. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $191.49 billion, a PE ratio of 136.10, a PEG ratio of 4.51 and a beta of 0.99.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has initiated a share repurchase program on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. This trade represents a 44.66 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Gina Mastantuono sold 4,442 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the sale, the chief financial officer now owns 11,126 shares of the company’s stock, valued at $10,733,252.20. This trade represents a 28.53 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 20,351 shares of company stock valued at $20,050,076. Company 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.