ServiceNow, Inc. (NYSE:NOW) Shares Bought by Abacus FCF Advisors LLC

Abacus FCF Advisors LLC boosted its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 46.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,925 shares of the information technology services provider's stock after buying an additional 3,472 shares during the period. ServiceNow makes up about 1.5% of Abacus FCF Advisors LLC's investment portfolio, making the stock its 12th largest holding. Abacus FCF Advisors LLC's holdings in ServiceNow were worth $11,582,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in ServiceNow by 1.0% in 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 acquiring an additional 190,430 shares in the last quarter. FMR LLC boosted its position in shares of ServiceNow by 4.9% during the fourth 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 during the last quarter. Geode Capital Management LLC increased its holdings in ServiceNow by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider's stock worth $4,560,890,000 after buying an additional 100,670 shares in the last quarter. Norges Bank purchased a new position in ServiceNow in the 4th quarter worth about $2,603,360,000. Finally, Jennison Associates LLC lifted its stake in ServiceNow by 17.4% during the 4th quarter. Jennison Associates LLC now owns 2,352,111 shares of the information technology services provider's stock valued at $2,493,520,000 after acquiring an additional 348,187 shares during the period. Hedge funds and other institutional investors own 87.18% of the company's stock.

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Analyst Ratings Changes

Several research firms have recently weighed in on NOW. Royal Bank of Canada set a $986.00 price objective on shares of ServiceNow in a report on Tuesday, March 11th. Robert W. Baird dropped their price target on ServiceNow from $1,200.00 to $1,010.00 and set an "outperform" rating on the stock in a research note on Wednesday, March 26th. StockNews.com downgraded shares of ServiceNow from a "buy" rating to a "hold" rating in a report on Tuesday, February 11th. Piper Sandler upped their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an "overweight" rating in a research report on Monday, January 6th. Finally, Scotiabank lowered their price objective on ServiceNow from $1,230.00 to $1,050.00 and set a "sector outperform" rating on the stock in a research report on Monday, March 17th. One research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have given a 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 $1,073.93.

ServiceNow Trading Up 0.3 %

Shares of ServiceNow stock traded up $2.29 during trading on Friday, hitting $785.78. The stock had a trading volume of 2,102,410 shares, compared to its average volume of 1,464,960. The stock has a market cap of $162.66 billion, a PE ratio of 115.05, a PEG ratio of 4.51 and a beta of 1.08. The firm's fifty day simple moving average is $875.51 and its 200-day simple moving average is $973.27. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. 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 (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 analysts' consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. As a group, sell-side analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its Board of Directors has approved a stock repurchase plan 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 purchase up to 1.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.

Insider Buying and Selling

In related news, CEO William R. Mcdermott sold 1,263 shares of the company's stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the transaction, the chief executive officer now directly owns 2,595 shares of the company's stock, valued at $2,644,564.50. This represents a 32.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction that occurred 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 of the company's stock, valued at $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock valued at $20,050,076 over the last 90 days. Corporate insiders own 0.25% of the company's stock.

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.