Clearbridge Investments LLC decreased its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 0.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 623,530 shares of the information technology services provider's stock after selling 2,646 shares during the period. Clearbridge Investments LLC owned 0.30% of ServiceNow worth $661,016,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently made changes to their positions in the company. Avidian Wealth Enterprises LLC raised its holdings in ServiceNow by 1.8% during the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider's stock worth $527,000 after purchasing an additional 9 shares during the last quarter. Redhawk Wealth Advisors Inc. increased its position in shares of ServiceNow by 2.2% during the fourth quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider's stock worth $487,000 after buying an additional 10 shares during the period. Institute for Wealth Management LLC. raised its stake in ServiceNow by 0.4% during the fourth quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider's stock worth $2,779,000 after buying an additional 11 shares during the last quarter. TBH Global Asset Management LLC lifted its holdings in ServiceNow by 3.8% in the fourth quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider's stock valued at $320,000 after buying an additional 11 shares during the period. Finally, Onefund LLC boosted its position in ServiceNow by 2.0% during the fourth quarter. Onefund LLC now owns 552 shares of the information technology services provider's stock valued at $585,000 after acquiring an additional 11 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.
Insider Buying and Selling at ServiceNow
In other news, insider Jacqueline P. Canney sold 455 shares of the company's stock in a transaction 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 transaction, the insider now owns 3,027 shares of the company's stock, valued at $3,204,200.58. This represents a 13.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow 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 completion of the sale, the insider now directly owns 3,649 shares of the company's stock, valued at approximately $3,370,654.28. This trade represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,351 shares of company stock worth $20,050,076 over the last three months. 0.25% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
Several research firms have recently weighed in on NOW. Raymond James assumed coverage on ServiceNow in a research note on Tuesday, December 24th. They issued an "outperform" rating and a $1,200.00 price objective on the stock. Robert W. Baird lowered their target price 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. JMP Securities restated a "market outperform" rating and set a $1,300.00 price target on shares of ServiceNow in a report on Thursday, January 30th. Canaccord Genuity Group reiterated a "buy" rating and issued a $1,275.00 price objective on shares of ServiceNow in a research note on Tuesday, March 11th. Finally, Needham & Company LLC increased their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a "buy" rating in a research note on Thursday, January 30th. 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 stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,088.59.
Read Our Latest Report on NOW
ServiceNow Stock Performance
Shares of NOW traded up $14.47 on Tuesday, reaching $810.61. 1,541,899 shares of the company's stock traded hands, compared to its average volume of 1,417,875. The stock's 50 day simple moving average is $944.81 and its two-hundred day simple moving average is $984.23. The stock has a market cap of $166.99 billion, a PE ratio of 118.68, a PEG ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15.
ServiceNow (NYSE:NOW - Get Free Report) last released 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 return on equity of 17.11% and a net margin of 12.97%. On average, analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.
ServiceNow declared that its board has approved a stock buyback program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its shares are undervalued.
ServiceNow Profile
(
Free Report)
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.
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