Shell Asset Management Co. Boosts Holdings in ServiceNow, Inc. (NYSE:NOW)

Shell Asset Management Co. lifted its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 5.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,389 shares of the information technology services provider’s stock after buying an additional 874 shares during the quarter. ServiceNow makes up about 0.8% of Shell Asset Management Co.’s investment portfolio, making the stock its 16th largest holding. Shell Asset Management Co.’s holdings in ServiceNow were worth $18,434,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Sherbrooke Park Advisers LLC acquired a new position in ServiceNow in the fourth quarter worth $457,000. Silvercrest Asset Management Group LLC raised its stake in shares of ServiceNow by 11.3% during the fourth quarter. Silvercrest Asset Management Group LLC now owns 3,213 shares of the information technology services provider’s stock valued at $3,406,000 after purchasing an additional 326 shares in the last quarter. Sora Investors LLC bought a new stake in shares of ServiceNow during the fourth quarter valued at about $9,093,000. Rafferty Asset Management LLC raised its stake in shares of ServiceNow by 3.5% during the fourth quarter. Rafferty Asset Management LLC now owns 78,130 shares of the information technology services provider’s stock valued at $82,827,000 after purchasing an additional 2,675 shares in the last quarter. Finally, Raiffeisen Bank International AG bought a new stake in shares of ServiceNow during the fourth quarter valued at about $56,959,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Trading Up 0.8%

Shares of NYSE NOW opened at $1,035.34 on Friday. The stock has a market cap of $214.32 billion, a price-to-earnings ratio of 151.59, a PEG ratio of 4.51 and a beta of 0.97. The business has a 50 day simple moving average of $858.93 and a 200 day simple moving average of $972.52. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. 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 posted its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping the consensus estimate of $3.78 by $0.26. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The firm had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.09 billion. During the same period in the previous year, the company earned $3.41 EPS. The company’s revenue for the quarter was up 18.6% on a year-over-year basis. On average, research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its Board of Directors has approved a share repurchase program 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 repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts have commented on NOW shares. Sanford C. Bernstein reiterated an “outperform” rating and issued a $1,003.00 price target on shares of ServiceNow in a research report on Thursday, April 24th. Citigroup boosted their price target on shares of ServiceNow from $1,128.00 to $1,160.00 and gave the stock a “buy” rating in a research report on Wednesday, May 7th. William Blair reiterated an “outperform” rating on shares of ServiceNow in a research report on Friday, March 7th. The Goldman Sachs Group reiterated a “buy” rating on shares of ServiceNow in a research report on Thursday, April 24th. Finally, Piper Sandler dropped their price target on shares of ServiceNow from $1,200.00 to $1,120.00 and set an “overweight” rating on the stock in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $1,062.50.

Insider Buying and Selling

In other news, General Counsel Russell S. Elmer sold 62 shares of the company’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $1,023.00, for a total transaction of $63,426.00. Following the completion of the transaction, the general counsel now directly owns 4,332 shares in the company, valued at $4,431,636. The trade was a 1.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 384 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $986.64, for a total value of $378,869.76. Following the transaction, the chief executive officer now owns 6,614 shares of the company’s stock, valued at approximately $6,525,636.96. This trade represents a 5.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,872 shares of company stock worth $13,261,400. 0.38% of the stock is currently owned by 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.