CDAM UK Ltd Cuts Position in ServiceNow, Inc. (NYSE:NOW)

CDAM UK Ltd cut its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 19.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 60,301 shares of the information technology services provider's stock after selling 14,454 shares during the quarter. ServiceNow accounts for 9.6% of CDAM UK Ltd's holdings, making the stock its 8th largest holding. CDAM UK Ltd's holdings in ServiceNow were worth $63,926,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Union Bancaire Privee UBP SA acquired a new position in ServiceNow during the 4th quarter worth approximately $48,802,000. Dock Street Asset Management Inc. lifted its position 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 worth $35,147,000 after purchasing an additional 1,105 shares during the last quarter. Cardano Risk Management B.V. acquired a new position in shares of ServiceNow during the fourth quarter worth $105,090,000. Rheos Capital Works Inc. purchased a new position in ServiceNow in the fourth quarter valued at $10,071,000. Finally, Czech National Bank raised its stake in ServiceNow by 6.7% in the fourth quarter. Czech National Bank now owns 44,793 shares of the information technology services provider's stock valued at $47,486,000 after buying an additional 2,829 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Stock Up 0.9 %

Shares of NYSE NOW traded up $6.46 on Wednesday, hitting $734.06. The company had a trading volume of 706,229 shares, compared to its average volume of 1,442,846. 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 12-month low of $637.99 and a 12-month high of $1,198.09. The firm has a market capitalization of $151.22 billion, a P/E ratio of 107.47, a PEG ratio of 4.51 and a beta of 1.08. The business has a 50 day moving average of $892.36 and a two-hundred day moving average of $976.70.

ServiceNow (NYSE:NOW - Get Free Report) last announced its earnings results 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 net margin of 12.97% and a return on equity of 17.11%. As a group, equities research analysts forecast 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 share buyback program on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling

In related news, insider Jacqueline P. Canney sold 455 shares of the business's stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the sale, the insider now directly owns 3,027 shares of the company's stock, valued at $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction that occurred 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 transaction, the insider now directly owns 3,649 shares in the company, valued at approximately $3,370,654.28. This represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

NOW has been the subject of a number of research analyst reports. Robert W. Baird lowered their price target on ServiceNow from $1,200.00 to $1,010.00 and set an "outperform" rating for the company in a report on Wednesday, March 26th. KeyCorp downgraded shares of ServiceNow from an "overweight" rating to a "sector weight" rating in a research report on Friday, December 13th. Redburn Atlantic started coverage on shares of ServiceNow in a research report on Wednesday, February 19th. They issued a "buy" rating for the company. Canaccord Genuity Group reaffirmed a "buy" rating and set a $1,275.00 price objective on shares of ServiceNow in a report on Tuesday, March 11th. Finally, Stifel Nicolaus decreased their price objective on ServiceNow from $1,175.00 to $950.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. One investment 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.com, the company has an average rating of "Moderate Buy" and a consensus target price of $1,079.10.

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.