Zevenbergen Capital Investments LLC Cuts Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Zevenbergen Capital Investments LLC cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 3.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 164,475 shares of the information technology services provider’s stock after selling 5,479 shares during the quarter. ServiceNow makes up 3.6% of Zevenbergen Capital Investments LLC’s portfolio, making the stock its 9th largest position. Zevenbergen Capital Investments LLC owned about 0.08% of ServiceNow worth $174,363,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Atala Financial Inc bought a new stake in shares of ServiceNow during the 4th quarter valued at $28,000. LFA Lugano Financial Advisors SA acquired a new position in shares of ServiceNow in the fourth quarter valued at approximately $32,000. Noble Wealth Management PBC bought a new stake in shares of ServiceNow in the fourth quarter worth $34,000. Truvestments Capital LLC bought a new stake in ServiceNow in the third quarter valued at approximately $30,000. Finally, FPC Investment Advisory Inc. raised its stake in ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after buying an additional 29 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Up 0.5 %

NOW opened at $827.92 on Monday. 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 business’s fifty day moving average is $971.31 and its two-hundred day moving average is $985.39. The company has a market cap of $170.55 billion, a price-to-earnings ratio of 121.22, a PEG 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 released its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its Board of Directors has approved a stock buyback 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 buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Activity at ServiceNow

In other news, Director Jeffrey A. Miller sold 2,282 shares of the 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 completion of 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. This represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,351 shares of company stock valued at $20,050,076. Insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on NOW shares. Mizuho reduced their price objective on shares of ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a report on Tuesday, March 11th. Redburn Atlantic began coverage on shares of ServiceNow in a research note on Wednesday, February 19th. They set a “buy” rating for the company. Oppenheimer boosted their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Jefferies Financial Group lowered their price target on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. Finally, The Goldman Sachs Group boosted their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price 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.