ServiceNow, Inc. (NYSE:NOW) Shares Acquired by Price T Rowe Associates Inc. MD

Price T Rowe Associates Inc. MD increased its position in shares of ServiceNow, Inc. (NYSE:NOW) by 6.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 7,955,924 shares of the information technology services provider’s stock after acquiring an additional 509,467 shares during the quarter. ServiceNow makes up approximately 1.0% of Price T Rowe Associates Inc. MD’s holdings, making the stock its 15th biggest holding. Price T Rowe Associates Inc. MD’s holdings in ServiceNow were worth $8,434,235,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NOW. Alta Advisers Ltd boosted its holdings in shares of ServiceNow by 13.8% during the fourth quarter. Alta Advisers Ltd now owns 683 shares of the information technology services provider’s stock worth $724,000 after purchasing an additional 83 shares during the last quarter. Anomaly Capital Management LP acquired a new stake in ServiceNow in the 4th quarter worth about $47,059,000. Fayez Sarofim & Co grew its holdings in ServiceNow by 4.2% in the 4th quarter. Fayez Sarofim & Co now owns 303,626 shares of the information technology services provider’s stock valued at $325,427,000 after buying an additional 12,372 shares during the period. Goldstream Capital Management Ltd increased its stake in shares of ServiceNow by 183.5% during the 4th quarter. Goldstream Capital Management Ltd now owns 4,632 shares of the information technology services provider’s stock valued at $4,910,000 after acquiring an additional 2,998 shares during the last quarter. Finally, J. Safra Sarasin Holding AG lifted its holdings in shares of ServiceNow by 9.2% during the 4th quarter. J. Safra Sarasin Holding AG now owns 53,705 shares of the information technology services provider’s stock worth $56,934,000 after acquiring an additional 4,547 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $766.53 on Wednesday. The firm has a market cap of $158.67 billion, a PE ratio of 112.23, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The firm’s 50-day simple moving average is $843.99 and its 200-day simple moving average is $968.16. 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 (NYSE:NOW) last issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Equities analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has initiated a share repurchase plan on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

NOW has been the subject of a number of recent analyst reports. JMP Securities restated a “market outperform” rating and issued a $1,300.00 target price on shares of ServiceNow in a report on Thursday, January 30th. Redburn Atlantic began coverage on shares of ServiceNow in a research note on Wednesday, February 19th. They set a “buy” rating for the company. Robert W. Baird cut their target price on ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 26th. Citigroup lowered their price target on ServiceNow from $1,426.00 to $1,082.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, Truist Financial cut their price objective on ServiceNow from $1,100.00 to $950.00 and set a “hold” rating on the stock in a report on Monday, March 31st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and an average price target of $1,021.43.

Insiders Place Their Bets

In other ServiceNow news, Director Jeffrey A. Miller sold 2,282 shares of ServiceNow stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $1,030.64, for a total value of $2,351,920.48. Following the completion of the transaction, the director now directly owns 40,638 shares in the company, valued at $41,883,148.32. The trade was a 5.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the insider now directly owns 3,649 shares in the company, valued at approximately $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 a total of 20,250 shares of company stock valued at $19,853,273 over the last 90 days. 0.38% of the stock is owned by company insiders.

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.