ServiceNow, Inc. (NYSE:NOW) Shares Purchased by Alliancebernstein L.P.

Alliancebernstein L.P. boosted its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 0.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,490,554 shares of the information technology services provider's stock after acquiring an additional 3,681 shares during the period. Alliancebernstein L.P. owned about 0.72% of ServiceNow worth $1,580,166,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of NOW. World Investment Advisors LLC grew its stake in shares of ServiceNow by 499,668.1% during the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider's stock worth $4,268,731,000 after purchasing an additional 4,771,830 shares in the last quarter. Norges Bank acquired a new position in shares of ServiceNow during the 4th quarter worth about $2,603,360,000. Proficio Capital Partners LLC boosted its position in shares of ServiceNow by 154,255.3% during the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider's stock worth $667,000 after acquiring an additional 666,383 shares in the last quarter. Alphinity Investment Management Pty Ltd purchased a new position in shares of ServiceNow in the 4th quarter valued at about $682,468,000. Finally, Wellington Management Group LLP raised its position in shares of ServiceNow by 24.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider's stock worth $2,834,797,000 after acquiring an additional 615,797 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Remove Ads

Insider Buying and Selling

In related news, 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 transaction, the insider now directly owns 3,027 shares in the company, valued at $3,204,200.58. The trade was a 13.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Gina Mastantuono sold 4,442 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the sale, the chief financial officer now owns 11,126 shares in the company, valued at approximately $10,733,252.20. This trade represents a 28.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock worth $20,050,076 in the last three months. Corporate insiders own 0.25% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on NOW. Wells Fargo & Company increased their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an "overweight" rating in a research note on Thursday, December 5th. Oppenheimer increased their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an "outperform" rating in a research report on Thursday, January 30th. William Blair restated an "outperform" rating on shares of ServiceNow in a research note on Friday, March 7th. Needham & Company LLC raised their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, January 30th. Finally, KeyCorp downgraded ServiceNow from an "overweight" rating to a "sector weight" rating in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $1,087.21.

ServiceNow Price Performance

ServiceNow stock traded up $13.08 during mid-day trading on Wednesday, reaching $824.64. The company had a trading volume of 1,619,815 shares, compared to its average volume of 1,418,699. The stock's 50-day simple moving average is $939.07 and its 200-day simple moving average is $983.75. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year 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. The company has a market capitalization of $169.88 billion, a P/E ratio of 120.74, a P/E/G ratio of 4.51 and a beta of 1.03.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, equities analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its board has approved a share repurchase program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management 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.