DE Burlo Group Inc. Invests $7.10 Million in ServiceNow, Inc. (NYSE:NOW)

DE Burlo Group Inc. acquired a new stake in shares of ServiceNow, Inc. (NYSE:NOW) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 6,700 shares of the information technology services provider’s stock, valued at approximately $7,103,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of ServiceNow in the fourth quarter worth $2,603,360,000. Proficio Capital Partners LLC boosted its holdings 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 worth $667,000 after buying an additional 666,383 shares during the period. Alphinity Investment Management Pty Ltd purchased a new stake in ServiceNow in the 4th quarter worth $682,468,000. Price T Rowe Associates Inc. MD raised its holdings in ServiceNow by 6.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock valued at $8,434,235,000 after acquiring an additional 509,467 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in ServiceNow during the 4th quarter valued at approximately $393,868,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

NOW has been the subject of several recent analyst reports. The Goldman Sachs Group restated a “buy” rating on shares of ServiceNow in a research note on Thursday. Royal Bank of Canada raised their target price on shares of ServiceNow from $975.00 to $1,060.00 and gave the company an “outperform” rating in a research note on Thursday. Mizuho decreased their price target on shares of ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 11th. Cantor Fitzgerald restated an “overweight” rating and set a $1,048.00 price objective on shares of ServiceNow in a research report on Thursday. Finally, Canaccord Genuity Group dropped their price target on ServiceNow from $1,275.00 to $900.00 and set a “buy” rating for the company in a research note on Tuesday. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $1,032.94.

ServiceNow Trading Up 0.8 %

NOW stock opened at $946.08 on Friday. The company has a market capitalization of $195.84 billion, a PE ratio of 138.52, a P/E/G ratio of 4.51 and a beta of 1.08. 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, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The firm’s 50-day moving average is $838.68 and its 200 day moving average is $967.51.

ServiceNow (NYSE:NOW) last posted 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 net margin of 12.97% and a return on equity of 17.11%. On average, research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its Board of Directors has initiated a share buyback 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 generally a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at ServiceNow

In related news, Director Larry Quinlan sold 415 shares of the company’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $1,007.41, for a total value of $418,075.15. Following the completion of the sale, the director now directly owns 1,737 shares of the company’s stock, valued at $1,749,871.17. This represents a 19.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the transaction, 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 a total of 20,250 shares of company stock valued at $19,853,273 in the last ninety days. Corporate insiders own 0.38% of the company’s stock.

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.