ServiceNow, Inc. (NYSE:NOW) Stock Position Lowered by Vestmark Advisory Solutions Inc.

Vestmark Advisory Solutions Inc. trimmed its position in shares of ServiceNow, Inc. (NYSE:NOW) by 8.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 7,570 shares of the information technology services provider’s stock after selling 665 shares during the period. Vestmark Advisory Solutions Inc.’s holdings in ServiceNow were worth $8,025,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Avidian Wealth Enterprises LLC lifted its position in shares of ServiceNow by 1.8% in the fourth quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock worth $527,000 after purchasing an additional 9 shares in the last quarter. Redhawk Wealth Advisors Inc. increased its stake in ServiceNow by 2.2% in the 4th quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $487,000 after buying an additional 10 shares during the period. Institute for Wealth Management LLC. lifted its position in 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 buying an additional 11 shares in the last quarter. TBH Global Asset Management LLC boosted its stake in shares of ServiceNow by 3.8% during the 4th quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock valued at $320,000 after buying an additional 11 shares during the period. Finally, Onefund LLC grew its holdings in shares of ServiceNow by 2.0% during the 4th quarter. Onefund LLC now owns 552 shares of the information technology services provider’s stock valued at $585,000 after acquiring an additional 11 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

NOW has been the subject of a number of research reports. Canaccord Genuity Group lifted their price objective on ServiceNow from $1,200.00 to $1,275.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. Cantor Fitzgerald began coverage on ServiceNow in a report on Friday, January 17th. They set an “overweight” rating and a $1,332.00 price target for the company. JMP Securities reaffirmed a “market outperform” rating and set a $1,300.00 price objective on shares of ServiceNow in a research report on Thursday, January 30th. Citigroup decreased 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 report on Tuesday, February 4th. Finally, Oppenheimer increased their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

ServiceNow Price Performance

Shares of NOW stock opened at $916.34 on Thursday. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The company has a market capitalization of $188.77 billion, a P/E ratio of 134.16, a P/E/G ratio of 4.51 and a beta of 0.99. The stock has a 50 day moving average of $1,026.73 and a two-hundred day moving average of $984.57. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, equities analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its board has initiated a share repurchase plan on Wednesday, January 29th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Activity at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the sale, the insider now directly owns 3,649 shares in the company, valued at $3,370,654.28. This represents a 44.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total value of $481,635.70. Following the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,351 shares of company stock valued at $20,050,076 over the last quarter. 0.25% of the stock is owned by company insiders.

ServiceNow Company 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.