ServiceNow, Inc. (NYSE:NOW) Stock Holdings Reduced by Cornerstone Capital Inc.

Cornerstone Capital Inc. lowered its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 5.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 17,146 shares of the information technology services provider's stock after selling 940 shares during the quarter. ServiceNow accounts for about 1.9% of Cornerstone Capital Inc.'s holdings, making the stock its 23rd biggest position. Cornerstone Capital Inc.'s holdings in ServiceNow were worth $18,177,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Atala Financial Inc acquired a new position in ServiceNow during the fourth quarter worth $28,000. LFA Lugano Financial Advisors SA acquired a new stake in shares of ServiceNow during the 4th quarter worth about $32,000. FPC Investment Advisory Inc. grew its stake in ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock worth $34,000 after acquiring an additional 29 shares during the period. Noble Wealth Management PBC acquired a new stake in shares of ServiceNow during the fourth quarter worth $34,000. Finally, Heck Capital Advisors LLC purchased a new stake in ServiceNow in the 4th quarter valued at about $37,000. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Price Performance

NOW stock traded up $48.17 during trading on Wednesday, hitting $815.00. The company had a trading volume of 1,635,089 shares, compared to its average volume of 1,482,152. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The firm has a market capitalization of $168.71 billion, a price-to-earnings ratio of 119.33, a P/E/G ratio of 4.51 and a beta of 1.08. The business has a 50 day moving average of $843.99 and a 200 day moving average of $968.16. 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 announced its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its Board of Directors has initiated a stock repurchase 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 generally an indication that the company's management believes its shares are undervalued.

Insider Activity

In related news, insider Jacqueline P. Canney sold 292 shares of the firm's stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the completion of the sale, the insider now directly owns 3,027 shares in the company, valued at approximately $3,080,123.85. This trade represents a 8.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, General Counsel Russell S. Elmer sold 336 shares of the firm's stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total value of $341,896.80. Following the sale, the general counsel now directly owns 4,332 shares of the company's stock, valued at approximately $4,408,026.60. This represents a 7.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,250 shares of company stock worth $19,853,273 over the last 90 days. 0.38% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. JPMorgan Chase & Co. lowered their price objective on shares of ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating for the company in a research note on Tuesday. Piper Sandler boosted 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. Jefferies Financial Group lowered their price target on shares of ServiceNow from $1,250.00 to $1,025.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Scotiabank lowered their target price on ServiceNow from $1,230.00 to $1,050.00 and set a "sector outperform" rating for the company in a research note on Monday, March 17th. Finally, Wells Fargo & Company reduced their price objective on shares of ServiceNow from $1,250.00 to $1,100.00 and set an "overweight" rating on the stock in a research note on Monday, April 14th. One 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 company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $1,021.43.

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.