Summit Global Investments Decreases Holdings in ServiceNow, Inc. (NYSE:NOW)

Summit Global Investments cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 49.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,822 shares of the information technology services provider’s stock after selling 1,790 shares during the quarter. Summit Global Investments’ holdings in ServiceNow were worth $1,932,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Mindset Wealth Management LLC grew its stake in shares of ServiceNow by 13.5% during the 4th quarter. Mindset Wealth Management LLC now owns 681 shares of the information technology services provider’s stock worth $722,000 after acquiring an additional 81 shares during the period. MRP Capital Investments LLC grew its stake in shares of ServiceNow by 4.4% during the 4th quarter. MRP Capital Investments LLC now owns 705 shares of the information technology services provider’s stock worth $747,000 after acquiring an additional 30 shares during the period. Whittier Trust Co. of Nevada Inc. grew its stake in shares of ServiceNow by 6.0% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 31,982 shares of the information technology services provider’s stock worth $33,904,000 after acquiring an additional 1,797 shares during the period. HUB Investment Partners LLC grew its stake in shares of ServiceNow by 1.0% during the 4th quarter. HUB Investment Partners LLC now owns 4,098 shares of the information technology services provider’s stock worth $4,344,000 after acquiring an additional 39 shares during the period. Finally, Whittier Trust Co. grew its stake in shares of ServiceNow by 1.9% during the 4th quarter. Whittier Trust Co. now owns 76,227 shares of the information technology services provider’s stock worth $80,808,000 after acquiring an additional 1,410 shares during the period. Institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $827.92 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The business’s 50 day simple moving average is $971.31 and its two-hundred day simple moving average is $984.34. The stock has a market capitalization of $170.55 billion, a P/E ratio of 121.22, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09.

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

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

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeffrey A. Miller sold 2,282 shares of the business’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $1,030.64, for a total value of $2,351,920.48. Following the transaction, the director now directly owns 40,638 shares in the company, valued at $41,883,148.32. This trade represents a 5.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock valued at $20,050,076 in the last ninety days. Company insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on NOW shares. Wells Fargo & Company increased 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. Oppenheimer raised their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Canaccord Genuity Group restated a “buy” rating and issued a $1,275.00 target price on shares of ServiceNow in a research note on Tuesday, March 11th. UBS Group cut their target price on ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating for the company in a research note on Tuesday, March 11th. Finally, Royal Bank of Canada set a $986.00 target price on ServiceNow in a research note on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have issued a buy rating to the company. Based on data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and an average price target of $1,100.31.

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.