Tidal Investments LLC Sells 3,016 Shares of ServiceNow, Inc. (NYSE:NOW)

Tidal Investments LLC decreased its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 6.2% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 45,792 shares of the information technology services provider’s stock after selling 3,016 shares during the period. Tidal Investments LLC’s holdings in ServiceNow were worth $48,545,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in ServiceNow by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider’s stock valued at $20,353,517,000 after buying an additional 190,430 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in ServiceNow by 6.8% during the 4th 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 buying an additional 509,467 shares in the last quarter. FMR LLC lifted its holdings in ServiceNow by 4.9% during the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock valued at $6,232,339,000 after buying an additional 272,506 shares in the last quarter. Geode Capital Management LLC lifted its holdings in ServiceNow by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider’s stock valued at $4,560,890,000 after buying an additional 100,670 shares in the last quarter. Finally, Norges Bank bought a new stake in ServiceNow during the 4th quarter valued at about $2,603,360,000. Institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Stifel Nicolaus lifted their price objective on shares of ServiceNow from $975.00 to $1,050.00 and gave the company a “buy” rating in a report on Tuesday, May 6th. Oppenheimer restated an “outperform” rating and issued a $1,100.00 price target (up previously from $970.00) on shares of ServiceNow in a report on Tuesday, May 6th. Guggenheim boosted their price target on shares of ServiceNow from $716.00 to $724.00 and gave the company a “sell” rating in a report on Thursday, April 24th. JPMorgan Chase & Co. reduced their price target on shares of ServiceNow from $1,200.00 to $970.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Finally, UBS Group restated a “buy” rating and issued a $1,025.00 price target (up previously from $900.00) on shares of ServiceNow in a report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and a consensus target price of $1,062.50.

Insiders Place Their Bets

In other ServiceNow news, General Counsel Russell S. Elmer sold 62 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total transaction of $63,426.00. Following the sale, the general counsel now owns 4,332 shares of the company’s stock, valued at approximately $4,431,636. The trade was a 1.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William R. Mcdermott sold 384 shares of the business’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 transaction of $378,869.76. Following the sale, the chief executive officer now directly owns 6,614 shares in the company, valued at approximately $6,525,636.96. This represents a 5.49% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 13,872 shares of company stock valued at $13,261,400. Insiders own 0.38% of the company’s stock.

ServiceNow Stock Up 0.5%

NYSE:NOW opened at $1,040.22 on Friday. The company has a market cap of $215.33 billion, a PE ratio of 152.30, a P/E/G ratio of 4.51 and a beta of 0.97. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The company’s 50 day moving average is $863.52 and its two-hundred day moving average is $973.27.

ServiceNow (NYSE:NOW) last released 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. The company had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. ServiceNow’s revenue was up 18.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.41 EPS. Analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its board has authorized a share buyback program 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 reacquire up to 1.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

ServiceNow 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.