ServiceNow, Inc. (NYSE:NOW) Shares Sold by Evolutionary Tree Capital Management LLC

Evolutionary Tree Capital Management LLC reduced its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 16.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,079 shares of the information technology services provider's stock after selling 1,195 shares during the quarter. ServiceNow comprises 6.6% of Evolutionary Tree Capital Management LLC's investment portfolio, making the stock its 3rd biggest position. Evolutionary Tree Capital Management LLC's holdings in ServiceNow were worth $6,444,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Fortis Capital Advisors LLC boosted its stake in ServiceNow by 16.8% during the fourth quarter. Fortis Capital Advisors LLC now owns 2,679 shares of the information technology services provider's stock valued at $2,840,000 after buying an additional 386 shares during the period. Rockefeller Capital Management L.P. lifted its position in ServiceNow by 9.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 50,622 shares of the information technology services provider's stock valued at $53,403,000 after purchasing an additional 4,264 shares during the last quarter. Monetary Management Group Inc. raised its holdings in ServiceNow by 18.2% during the 4th quarter. Monetary Management Group Inc. now owns 1,985 shares of the information technology services provider's stock valued at $2,104,000 after buying an additional 305 shares during the last quarter. Glass Jacobson Investment Advisors llc purchased a new stake in shares of ServiceNow during the fourth quarter worth about $172,000. Finally, Heritage Trust Co purchased a new stake in ServiceNow in the 4th quarter worth approximately $1,886,000. 87.18% of the stock is owned by institutional investors.

Remove Ads

Analyst Ratings Changes

A number of brokerages have recently weighed in on NOW. Piper Sandler lifted their target price on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an "overweight" rating in a research note on Monday, January 6th. UBS Group reduced their price target on ServiceNow from $1,250.00 to $1,000.00 and set a "buy" rating for the company in a report on Tuesday, March 11th. Robert W. Baird decreased their price objective on shares of ServiceNow from $1,200.00 to $1,010.00 and set an "outperform" rating for the company in a report on Wednesday, March 26th. Wells Fargo & Company lowered their target price 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. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $1,048.00 price target on shares of ServiceNow in a report on Tuesday, March 11th. 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 company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $1,068.76.

ServiceNow Price Performance

NYSE NOW traded up $14.51 during trading on Monday, hitting $800.18. 1,716,924 shares of the stock traded hands, compared to its average volume of 1,467,978. The company has a market capitalization of $165.64 billion, a P/E ratio of 117.16, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. The firm has a 50-day simple moving average of $870.99 and a 200-day simple moving average of $973.31. 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.

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

ServiceNow declared that its Board of Directors has initiated a share buyback 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 repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Insider Activity at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 455 shares of the business's stock in a transaction dated Thursday, January 16th. The shares were 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm's stock in a transaction 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 owns 3,649 shares in the company, valued at $3,370,654.28. The trade was a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,351 shares of company stock worth $20,050,076. Insiders own 0.25% of the company's stock.

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.