ServiceNow, Inc. (NYSE:NOW) Shares Sold by Swiss National Bank

Swiss National Bank trimmed its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 4.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 581,900 shares of the information technology services provider’s stock after selling 26,600 shares during the quarter. Swiss National Bank’s holdings in ServiceNow were worth $616,884,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in NOW. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in ServiceNow in the 4th quarter worth $12,603,000. Rakuten Securities Inc. grew its position in shares of ServiceNow by 131.3% in the fourth quarter. Rakuten Securities Inc. now owns 657 shares of the information technology services provider’s stock valued at $696,000 after purchasing an additional 373 shares during the period. Avantax Advisory Services Inc. grew its position in shares of ServiceNow by 0.3% in the fourth quarter. Avantax Advisory Services Inc. now owns 10,171 shares of the information technology services provider’s stock valued at $10,783,000 after purchasing an additional 35 shares during the period. Jupiter Asset Management Ltd. increased its stake in shares of ServiceNow by 3.9% during the fourth quarter. Jupiter Asset Management Ltd. now owns 74,881 shares of the information technology services provider’s stock worth $79,383,000 after purchasing an additional 2,815 shares in the last quarter. Finally, Truvestments Capital LLC raised its position in shares of ServiceNow by 51.5% during the 4th quarter. Truvestments Capital LLC now owns 50 shares of the information technology services provider’s stock worth $53,000 after purchasing an additional 17 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Buying and Selling at ServiceNow

In related news, CEO William R. Mcdermott sold 1,263 shares of the business’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at $2,644,564.50. The trade was a 32.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction dated 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 completion of the sale, the insider now directly owns 3,027 shares in the company, valued at $3,204,200.58. This represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,351 shares of company stock valued at $20,050,076 in the last three months. 0.25% of the stock is owned by corporate insiders.

ServiceNow Stock Performance

NYSE:NOW opened at $844.27 on Thursday. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. 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 company has a 50 day moving average price of $1,002.41 and a 200 day moving average price of $984.53. The stock has a market capitalization of $173.92 billion, a P/E ratio of 123.61, a PEG ratio of 4.51 and a beta of 1.03.

ServiceNow (NYSE:NOW) last released its quarterly 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%. Equities research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

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

Analysts Set New Price Targets

NOW has been the topic of several research analyst reports. StockNews.com cut ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday, February 11th. Scotiabank initiated coverage on ServiceNow in a research note on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price target on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $1,048.00 price objective on shares of ServiceNow in a research note on Tuesday. JPMorgan Chase & Co. lifted their target price on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $1,275.00 target price on shares of ServiceNow in a report on Tuesday. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and an average target price of $1,114.24.

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.