Gardner Lewis Asset Management L P Lowers Position in ServiceNow, Inc. (NYSE:NOW)

Gardner Lewis Asset Management L P cut its position in shares of ServiceNow, Inc. (NYSE:NOW) by 4.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,448 shares of the information technology services provider’s stock after selling 252 shares during the quarter. ServiceNow makes up about 1.4% of Gardner Lewis Asset Management L P’s holdings, making the stock its 25th biggest position. Gardner Lewis Asset Management L P’s holdings in ServiceNow were worth $5,776,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Avidian Wealth Enterprises LLC lifted its position in ServiceNow by 1.8% in the fourth quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock valued at $527,000 after purchasing an additional 9 shares during the last quarter. Redhawk Wealth Advisors Inc. increased its stake in shares of ServiceNow by 2.2% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock worth $487,000 after buying an additional 10 shares during the period. Institute for Wealth Management LLC. raised its holdings in ServiceNow by 0.4% during the 4th quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock valued at $2,779,000 after buying an additional 11 shares during the last quarter. TBH Global Asset Management LLC boosted its position in 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 boosted its position in 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 buying an additional 11 shares during the period. 87.18% of the stock is owned by institutional investors.

ServiceNow Stock Down 1.2 %

Shares of NYSE NOW opened at $828.73 on Friday. The firm has a market cap of $170.72 billion, a P/E ratio of 121.34, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The firm’s 50 day moving average price is $955.81 and its 200 day moving average price is $983.64.

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

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

Insider Activity at ServiceNow

In other news, CFO Gina Mastantuono sold 4,442 shares of the company’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the completion of the transaction, the chief financial officer now directly owns 11,126 shares in the company, valued at approximately $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 455 shares of the company’s stock in a transaction dated 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 completion of 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. In the last three months, insiders sold 20,351 shares of company stock worth $20,050,076. Corporate insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. StockNews.com cut ServiceNow from a “buy” rating to a “hold” rating in a research note on Tuesday, February 11th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $1,048.00 price objective on shares of ServiceNow in a research report on Tuesday, March 11th. Needham & Company LLC increased their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. Royal Bank of Canada set a $986.00 price objective on ServiceNow in a research report on Tuesday, March 11th. Finally, Robert W. Baird dropped their price objective on shares of ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating on the stock in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $1,093.76.

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.