Norges Bank Purchases Shares of 2,455,722 ServiceNow, Inc. (NYSE:NOW)

Norges Bank acquired a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,455,722 shares of the information technology services provider's stock, valued at approximately $2,603,360,000. Norges Bank owned about 1.19% of ServiceNow at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of NOW. Atala Financial Inc acquired a new position in ServiceNow during the fourth quarter valued at approximately $28,000. Truvestments Capital LLC acquired a new stake in shares of ServiceNow in the 3rd quarter valued at approximately $30,000. LFA Lugano Financial Advisors SA bought a new position in shares of ServiceNow in the fourth quarter valued at $32,000. FPC Investment Advisory Inc. increased its holdings in ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock worth $34,000 after buying an additional 29 shares during the last quarter. Finally, Noble Wealth Management PBC acquired a new stake in ServiceNow in the fourth quarter valued at $34,000. Institutional investors own 87.18% of the company's stock.

Insider Activity at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,644,564.50. This trade represents a 32.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business's stock in a transaction dated 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 in the company, valued at approximately $3,370,654.28. This trade represents a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,351 shares of company stock valued at $20,050,076 in the last quarter. Insiders own 0.25% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NOW. Citigroup dropped their target price on shares of ServiceNow from $1,432.00 to $1,426.00 and set a "buy" rating on the stock in a report on Tuesday, February 4th. Oppenheimer upped their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Wells Fargo & Company lifted their target price on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an "overweight" rating in a research note on Thursday, December 5th. 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 note on Thursday, January 30th. Finally, Royal Bank of Canada set a $986.00 price objective on shares of ServiceNow in a research report on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $1,093.76.

ServiceNow Price Performance

Shares of NOW traded down $31.13 during midday trading on Friday, hitting $796.61. The company's stock had a trading volume of 1,758,174 shares, compared to its average volume of 1,408,303. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The stock has a market capitalization of $164.10 billion, a price-to-earnings ratio of 116.63, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The company's fifty day simple moving average is $950.30 and its two-hundred day simple moving average is $984.09.

ServiceNow (NYSE:NOW - Get Free Report) 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%. As a group, equities analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is 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.