Envestnet Asset Management Inc. Reduces Position in ServiceNow, Inc. (NYSE:NOW)

Envestnet Asset Management Inc. trimmed its position in ServiceNow, Inc. (NYSE:NOW) by 9.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 590,143 shares of the information technology services provider’s stock after selling 58,739 shares during the period. Envestnet Asset Management Inc. owned 0.29% of ServiceNow worth $625,622,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently modified their holdings of the company. Union Bancaire Privee UBP SA acquired a new position in ServiceNow in the fourth quarter valued at approximately $48,802,000. Dock Street Asset Management Inc. boosted its holdings in ServiceNow by 3.4% during the fourth quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock worth $35,147,000 after buying an additional 1,105 shares in the last quarter. Cardano Risk Management B.V. acquired a new stake in ServiceNow during the fourth quarter valued at $105,090,000. Rheos Capital Works Inc. purchased a new position in ServiceNow in the fourth quarter valued at $10,071,000. Finally, Czech National Bank boosted its stake in shares of ServiceNow by 6.7% during the 4th quarter. Czech National Bank now owns 44,793 shares of the information technology services provider’s stock worth $47,486,000 after acquiring an additional 2,829 shares in the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Stock Down 6.9 %

Shares of NYSE NOW opened at $720.69 on Friday. The stock has a market cap of $148.46 billion, a P/E ratio of 105.52, a PEG ratio of 4.51 and a beta of 1.03. The business’s fifty day simple moving average is $917.80 and its 200-day simple moving average is $979.99. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. 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 (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 return on equity of 17.11% and a net margin of 12.97%. As a group, equities analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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

Insider Buying and Selling

In other news, insider Jacqueline P. Canney sold 455 shares of the company’s stock in a transaction dated 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 completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’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 sale, the insider now directly owns 3,649 shares in the company, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock worth $20,050,076 over the last 90 days. 0.25% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on NOW shares. StockNews.com cut ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday, February 11th. William Blair reaffirmed an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. Needham & Company LLC increased their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a report on Thursday, January 30th. Robert W. Baird cut their price target on ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating for the company in a report on Wednesday, March 26th. Finally, Redburn Atlantic started coverage on shares of ServiceNow in a research report on Wednesday, February 19th. They set a “buy” rating on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $1,086.00.

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.