Boston Family Office LLC Sells 356 Shares of ServiceNow, Inc. (NYSE:NOW)

Boston Family Office LLC lowered its position in ServiceNow, Inc. (NYSE:NOW) by 1.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 22,270 shares of the information technology services provider’s stock after selling 356 shares during the period. ServiceNow accounts for about 1.6% of Boston Family Office LLC’s holdings, making the stock its 16th biggest position. Boston Family Office LLC’s holdings in ServiceNow were worth $23,609,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Polymer Capital Management HK LTD raised its holdings in ServiceNow by 57.0% during the third quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after buying an additional 981 shares during the last quarter. Union Bancaire Privee UBP SA bought a new stake in shares of ServiceNow during the fourth quarter worth about $48,802,000. Dock Street Asset Management Inc. raised its holdings in shares of ServiceNow by 3.4% in the 4th quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock worth $35,147,000 after acquiring an additional 1,105 shares during the last quarter. Cardano Risk Management B.V. bought a new position in ServiceNow in the 4th quarter valued at about $105,090,000. Finally, Rheos Capital Works Inc. acquired a new position in ServiceNow during the 4th quarter valued at about $10,071,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Down 0.0 %

ServiceNow stock opened at $797.39 on Tuesday. The firm has a 50 day simple moving average of $944.81 and a 200 day simple moving average of $984.23. 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, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The firm has a market capitalization of $164.26 billion, a price-to-earnings ratio of 116.75, a P/E/G ratio of 4.51 and a beta of 1.03.

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

ServiceNow declared that its board has approved a share buyback program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at ServiceNow

In related news, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total value of $481,635.70. Following the sale, the insider now owns 3,027 shares in the company, valued at approximately $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction dated 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 transaction, the insider now owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. The trade was a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock valued at $20,050,076 in the last quarter. 0.25% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

NOW has been the topic of a number of recent research reports. UBS Group dropped their target price on ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating on the stock in a report on Tuesday, March 11th. Truist Financial dropped their price objective on ServiceNow from $1,100.00 to $950.00 and set a “hold” rating on the stock in a research note on Monday. Piper Sandler upped their target price on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. KeyCorp lowered shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. Finally, Scotiabank reduced their price objective on shares of ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating for the company in a research report on Monday, March 17th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $1,088.59.

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.