Mirova Buys 149 Shares of ServiceNow, Inc. (NYSE:NOW)

Mirova lifted its position in shares of ServiceNow, Inc. (NYSE:NOW) by 2.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,748 shares of the information technology services provider’s stock after purchasing an additional 149 shares during the quarter. ServiceNow accounts for 1.1% of Mirova’s portfolio, making the stock its 22nd largest position. Mirova’s holdings in ServiceNow were worth $6,094,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in NOW. Norges Bank acquired a new stake in shares of ServiceNow during the fourth quarter worth about $2,603,360,000. Proficio Capital Partners LLC lifted its stake in ServiceNow by 154,255.3% in the fourth quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock valued at $667,000 after buying an additional 666,383 shares in the last quarter. Alphinity Investment Management Pty Ltd acquired a new position in shares of ServiceNow in the fourth quarter valued at approximately $682,468,000. Raymond James Financial Inc. acquired a new stake in shares of ServiceNow during the fourth quarter worth $393,868,000. Finally, Jennison Associates LLC boosted its stake in ServiceNow by 17.4% in 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 purchasing an additional 348,187 shares during the period. Institutional investors own 87.18% of the company’s stock.

ServiceNow Trading Down 3.1 %

Shares of NOW stock opened at $772.18 on Friday. The stock has a 50-day moving average of $852.94 and a 200-day moving average of $970.14. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The stock has a market cap of $159.84 billion, a price-to-earnings ratio of 113.06, a PEG ratio of 4.51 and a beta of 1.08. 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 posted its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. On average, equities research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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

Insider Activity

In other news, General Counsel Russell S. Elmer sold 2,511 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the completion of the sale, the general counsel now directly owns 4,332 shares in the company, valued at $4,384,373.88. This trade represents a 36.69 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO William R. Mcdermott sold 1,263 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,644,564.50. This trade represents a 32.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,250 shares of company stock valued at $19,853,273 in the last ninety days. 0.38% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have commented on NOW. The Goldman Sachs Group cut their target price on ServiceNow from $1,200.00 to $1,050.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. Royal Bank of Canada set a $986.00 price target on ServiceNow in a report on Tuesday, March 11th. Piper Sandler increased their price objective on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Guggenheim reiterated a “sell” rating and set a $716.00 target price on shares of ServiceNow in a research note on Wednesday. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $1,048.00 price objective on shares of ServiceNow in a research note on Wednesday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have given a buy rating to the company. Based on data from MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and an average target price of $1,057.17.

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.