ServiceNow, Inc. (NYSE:NOW) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. cut its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 4.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,849,959 shares of the information technology services provider's stock after selling 133,403 shares during the quarter. ServiceNow accounts for approximately 0.8% of Franklin Resources Inc.'s holdings, making the stock its 19th largest position. Franklin Resources Inc. owned approximately 1.38% of ServiceNow worth $3,021,298,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Avidian Wealth Enterprises LLC lifted its position 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 acquiring an additional 9 shares during the period. Redhawk Wealth Advisors Inc. raised its stake in shares of ServiceNow by 2.2% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider's stock worth $487,000 after purchasing an additional 10 shares during the last quarter. Institute for Wealth Management LLC. lifted its holdings in shares of 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 purchasing an additional 11 shares during the period. TBH Global Asset Management LLC increased its holdings in ServiceNow by 3.8% in the 4th quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider's stock worth $320,000 after buying an additional 11 shares during the period. Finally, Onefund LLC increased its holdings in ServiceNow by 2.0% in the 4th quarter. Onefund LLC now owns 552 shares of the information technology services provider's stock worth $585,000 after buying an additional 11 shares during the period. Institutional investors own 87.18% of the company's stock.

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ServiceNow Trading Up 1.6 %

Shares of NOW stock traded up $13.08 during trading on Wednesday, hitting $824.64. 1,619,815 shares of the stock traded hands, compared to its average volume of 1,421,289. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The firm has a market capitalization of $169.88 billion, a P/E ratio of 120.74, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The firm's fifty day moving average price is $939.07 and its 200-day moving average price is $983.75. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 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, research 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 plan 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 buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

NOW has been the subject of several recent research reports. TD Cowen raised their target price on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the stock a "buy" rating in a report on Tuesday, December 10th. Jefferies Financial Group dropped their target price on ServiceNow from $1,300.00 to $1,250.00 and set a "buy" rating on the stock in a report on Thursday, January 30th. UBS Group lowered their price objective on ServiceNow from $1,250.00 to $1,000.00 and set a "buy" rating on the stock in a research report on Tuesday, March 11th. Piper Sandler raised their price objective on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an "overweight" rating in a research note on Monday, January 6th. Finally, Redburn Atlantic began coverage on shares of ServiceNow in a research note on Wednesday, February 19th. They issued a "buy" rating for the company. One 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. Based on data from MarketBeat, ServiceNow currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,087.21.

Insider Buying and Selling at ServiceNow

In other news, insider Jacqueline P. Canney sold 455 shares of the company's stock in a transaction that occurred on 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 transaction, the insider now directly owns 3,027 shares in the company, valued at approximately $3,204,200.58. This represents a 13.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jeffrey A. Miller sold 2,282 shares of the business's stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $1,030.64, for a total value of $2,351,920.48. Following the completion of the sale, the director now directly owns 40,638 shares in the company, valued at approximately $41,883,148.32. The trade was a 5.32 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock valued at $20,050,076 over the last 90 days. 0.25% of the stock is owned by insiders.

ServiceNow Company Profile

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.