Advisors Asset Management Inc. Has $11.79 Million Holdings in ServiceNow, Inc. (NYSE:NOW)

Advisors Asset Management Inc. grew its position in ServiceNow, Inc. (NYSE:NOW) by 5.8% during the 4th quarter, HoldingsChannel.com reports. The firm owned 11,118 shares of the information technology services provider’s stock after acquiring an additional 611 shares during the quarter. Advisors Asset Management Inc.’s holdings in ServiceNow were worth $11,786,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Polymer Capital Management HK LTD increased its position in ServiceNow by 57.0% in the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after purchasing an additional 981 shares during the last quarter. Union Bancaire Privee UBP SA acquired a new position in shares of ServiceNow during the 4th quarter valued at about $48,802,000. Dock Street Asset Management Inc. increased its holdings in shares of ServiceNow by 3.4% during the 4th quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock valued at $35,147,000 after acquiring an additional 1,105 shares during the last quarter. Cardano Risk Management B.V. acquired a new position in shares of ServiceNow during the 4th quarter valued at about $105,090,000. Finally, Rheos Capital Works Inc. acquired a new position in shares of ServiceNow during the 4th quarter valued at about $10,071,000. 87.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on NOW shares. Piper Sandler increased their price objective on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Redburn Atlantic started coverage on ServiceNow in a report on Wednesday, February 19th. They set a “buy” rating on the stock. Jefferies Financial Group dropped their price target on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. Citigroup dropped their price target on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a research report on Tuesday, February 4th. Finally, StockNews.com downgraded ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $1,108.03.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the completion of the sale, the insider now owns 3,027 shares in the company, valued at $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction 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 sale, the insider now owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. The trade was a 44.66 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is currently owned by corporate insiders.

ServiceNow Price Performance

Shares of NOW stock opened at $843.03 on Tuesday. The stock’s fifty day simple moving average is $988.28 and its 200 day simple moving average is $985.78. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The firm has a market cap of $173.66 billion, a price-to-earnings ratio of 123.43, a P/E/G ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09.

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, hitting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has authorized a share repurchase program on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.