Synovus Financial Corp Has $12.65 Million Position in ServiceNow, Inc. (NYSE:NOW)

Synovus Financial Corp decreased its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 11.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,929 shares of the information technology services provider’s stock after selling 1,542 shares during the quarter. Synovus Financial Corp’s holdings in ServiceNow were worth $12,646,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NOW. Norges Bank bought a new stake in shares of ServiceNow during the fourth quarter worth approximately $2,603,360,000. Proficio Capital Partners LLC boosted its stake in ServiceNow by 154,255.3% in the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock valued at $667,000 after purchasing an additional 666,383 shares during the period. Alphinity Investment Management Pty Ltd bought a new stake in ServiceNow in the 4th quarter valued at $682,468,000. Raymond James Financial Inc. acquired a new position in ServiceNow in the 4th quarter valued at $393,868,000. Finally, Jennison Associates LLC increased its position in ServiceNow by 17.4% during the 4th quarter. Jennison Associates LLC now owns 2,352,111 shares of the information technology services provider’s stock worth $2,493,520,000 after buying an additional 348,187 shares during the period. 87.18% of the stock is owned by institutional investors.

Insider Transactions at ServiceNow

In related news, CEO William R. Mcdermott sold 1,263 shares of ServiceNow stock in a transaction on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the completion of the transaction, the chief executive officer now owns 2,595 shares of the company’s stock, valued at $2,644,564.50. This trade represents a 32.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Russell S. Elmer sold 2,511 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $1,012.09, for a total transaction of $2,541,357.99. Following the completion of the transaction, the general counsel now owns 4,332 shares in the company, valued at approximately $4,384,373.88. The trade was a 36.69 % 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 ninety days. 0.25% of the stock is owned by insiders.

ServiceNow Trading Up 0.3 %

NOW opened at $785.78 on Friday. The company’s 50 day moving average price is $875.51 and its two-hundred day moving average price is $973.27. The firm has a market capitalization of $162.66 billion, a price-to-earnings ratio of 115.05, a PEG ratio of 4.51 and a beta of 1.08. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10.

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

ServiceNow declared that its Board of Directors has initiated a stock buyback plan on Wednesday, January 29th that allows the company to repurchase $3.00 billion in outstanding 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 typically an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts recently commented on NOW shares. Needham & Company LLC upped their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. Stifel Nicolaus decreased their target price on shares of ServiceNow from $1,175.00 to $950.00 and set a “buy” rating on the stock in a research report on Wednesday, April 2nd. The Goldman Sachs Group lowered their target price on shares of ServiceNow from $1,200.00 to $1,050.00 and set a “buy” rating on the stock in a report on Thursday. Truist Financial cut their price target on ServiceNow from $1,100.00 to $950.00 and set a “hold” rating for the company in a research note on Monday, March 31st. Finally, Oppenheimer raised their price objective 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. One research 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’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $1,073.93.

About ServiceNow

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.