Ieq Capital LLC boosted its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 4.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,142 shares of the information technology services provider's stock after purchasing an additional 1,018 shares during the period. Ieq Capital LLC's holdings in ServiceNow were worth $24,533,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NOW. State Street Corp raised its holdings in shares of ServiceNow by 2.6% in the third quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider's stock worth $8,118,867,000 after buying an additional 226,023 shares during the period. FMR LLC grew its position in ServiceNow by 9.9% in the 3rd quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider's stock valued at $5,014,302,000 after acquiring an additional 502,845 shares during the last quarter. World Investment Advisors LLC increased its stake in ServiceNow by 499,668.1% in the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider's stock worth $4,268,731,000 after purchasing an additional 4,771,830 shares during the period. Geode Capital Management LLC lifted its position in shares of ServiceNow by 1.9% during the third quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider's stock worth $3,753,828,000 after purchasing an additional 78,378 shares during the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of ServiceNow by 24.1% in the third quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider's stock worth $2,834,797,000 after purchasing an additional 615,797 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently weighed in on the stock. Scotiabank initiated coverage on shares of ServiceNow in a report on Tuesday, November 19th. They set a "sector outperform" rating and a $1,230.00 price objective for the company. Mizuho increased their target price on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the stock an "outperform" rating in a report on Friday, December 13th. Jefferies Financial Group cut their price target 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. Raymond James initiated coverage on shares of ServiceNow in a research note on Tuesday, December 24th. They set an "outperform" rating and a $1,200.00 price objective for the company. Finally, Royal Bank of Canada restated an "outperform" rating and issued a $1,210.00 target price on shares of ServiceNow in a research note on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, ServiceNow has a consensus rating of "Moderate Buy" and a consensus price target of $1,129.72.
Read Our Latest Stock Analysis on NOW
Insider Activity at ServiceNow
In related news, insider Paul John Smith sold 2,404 shares of ServiceNow stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $980.05, for a total value of $2,356,040.20. Following the sale, the insider now owns 6,244 shares of the company's stock, valued at approximately $6,119,432.20. This trade represents a 27.80 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 1,263 shares of the business's stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares of the company's stock, valued at approximately $2,644,564.50. The trade was a 32.74 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,806 shares of company stock worth $16,065,122. 0.25% of the stock is owned by company insiders.
ServiceNow Stock Performance
Shares of NOW traded down $32.67 during mid-day trading on Friday, reaching $935.31. The company had a trading volume of 1,142,284 shares, compared to its average volume of 1,617,793. The stock has a 50 day moving average of $1,058.36 and a two-hundred day moving average of $976.01. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $192.67 billion, a P/E ratio of 136.72, a PEG ratio of 4.60 and a beta of 0.99. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week 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 EPS for the quarter, hitting analysts' consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. On average, analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.
ServiceNow declared that its board has authorized a stock repurchase program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its shares are undervalued.
About ServiceNow
(
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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