Harvest Fund Management Co. Ltd Increases Position in ServiceNow, Inc. (NYSE:NOW)

Harvest Fund Management Co. Ltd lifted its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 80.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,061 shares of the information technology services provider's stock after purchasing an additional 2,707 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in ServiceNow were worth $6,422,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Avidian Wealth Enterprises LLC grew its stake in shares of ServiceNow by 1.8% in the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider's stock valued at $527,000 after buying an additional 9 shares during the period. Redhawk Wealth Advisors Inc. lifted its holdings in ServiceNow by 2.2% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider's stock valued at $487,000 after acquiring an additional 10 shares during the last quarter. Institute for Wealth Management LLC. grew its position in ServiceNow by 0.4% in 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 acquiring an additional 11 shares during the period. TBH Global Asset Management LLC increased its stake in ServiceNow by 3.8% during the fourth quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider's stock worth $320,000 after acquiring an additional 11 shares during the last quarter. Finally, Onefund LLC raised its position in ServiceNow by 2.0% in the fourth quarter. Onefund LLC now owns 552 shares of the information technology services provider's stock valued at $585,000 after purchasing an additional 11 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

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Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. JPMorgan Chase & Co. increased their price target on ServiceNow from $950.00 to $1,250.00 and gave the stock an "overweight" rating in a report on Wednesday, January 29th. Redburn Atlantic assumed coverage on shares of ServiceNow in a research report on Wednesday, February 19th. They issued a "buy" rating on the stock. Robert W. Baird dropped their price target on shares of ServiceNow from $1,250.00 to $1,200.00 and set an "outperform" rating for the company in a research report on Thursday, January 30th. Raymond James began coverage on shares of ServiceNow in a report on Tuesday, December 24th. They issued an "outperform" rating and a $1,200.00 price objective on the stock. Finally, Mizuho dropped their target price on shares of ServiceNow from $1,210.00 to $1,100.00 and set an "outperform" rating for the company in a report on Tuesday, March 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $1,100.31.

Insider Activity 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 shares were sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the transaction, the insider now 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 filing with the SEC, which is accessible through this link. 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock valued at $20,050,076 over the last three months. 0.25% of the stock is owned by corporate insiders.

ServiceNow Stock Up 0.5 %

Shares of ServiceNow stock traded up $3.80 during trading on Friday, hitting $827.92. 2,904,241 shares of the stock were exchanged, compared to its average volume of 1,351,375. 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 firm's 50-day moving average price is $971.31 and its 200 day moving average price is $984.34. The stock has a market cap of $170.55 billion, a price-to-earnings ratio of 121.22, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. 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 announced its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (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%. As a group, analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has initiated a share repurchase program on Wednesday, January 29th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company's leadership believes its stock is undervalued.

ServiceNow 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.