Chiron Investment Management LLC Sells 6,160 Shares of ServiceNow, Inc. (NYSE:NOW)

Chiron Investment Management LLC reduced its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 46.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,971 shares of the information technology services provider's stock after selling 6,160 shares during the period. ServiceNow accounts for about 2.5% of Chiron Investment Management LLC's investment portfolio, making the stock its 11th biggest holding. Chiron Investment Management LLC's holdings in ServiceNow were worth $7,390,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of ServiceNow during the fourth quarter valued at approximately $2,603,360,000. Proficio Capital Partners LLC boosted its stake in 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 valued at $667,000 after purchasing an additional 666,383 shares in the last quarter. Alphinity Investment Management Pty Ltd acquired a new position in shares of ServiceNow during the 4th quarter valued at $682,468,000. Raymond James Financial Inc. bought a new stake in shares of ServiceNow in the 4th quarter worth $393,868,000. Finally, Jennison Associates LLC lifted its holdings in shares of ServiceNow by 17.4% in the fourth 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 buying an additional 348,187 shares during the period. 87.18% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Jacqueline P. Canney sold 354 shares of the company's stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total value of $284,831.94. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at approximately $2,435,554.47. This represents a 10.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the sale, the insider now owns 3,649 shares in the company, valued at $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 quarter, insiders have sold 20,250 shares of company stock valued at $19,853,273. 0.38% of the stock is owned by company insiders.

ServiceNow Stock Performance

Shares of NOW stock traded down $24.48 during trading on Friday, reaching $772.18. The company had a trading volume of 1,802,088 shares, compared to its average volume of 1,480,412. The firm's 50 day simple moving average is $852.94 and its two-hundred day simple moving average is $969.52. ServiceNow, Inc. has a one year low of $637.99 and a one 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 $159.84 billion, a PE ratio of 113.06, a PEG ratio of 4.51 and a beta of 1.08.

ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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%. Sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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

Analysts Set New Price Targets

A number of research analysts recently issued reports on NOW shares. Morgan Stanley lowered their target price on ServiceNow from $960.00 to $881.00 and set an "equal weight" rating on the stock in a report on Wednesday. JMP Securities reiterated a "market outperform" rating and issued a $1,300.00 target price on shares of ServiceNow in a report on Thursday, January 30th. Raymond James reduced their target price on shares of ServiceNow from $1,200.00 to $1,000.00 and set an "outperform" rating for the company in a report on Tuesday, April 8th. StockNews.com cut ServiceNow from a "buy" rating to a "hold" rating in a report on Tuesday, February 11th. Finally, Guggenheim reissued a "sell" rating and set a $716.00 price objective on shares of ServiceNow in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-eight have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $1,057.17.

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.