Kane Investment Management Inc. Takes $1.91 Million Position in ServiceNow, Inc. (NYSE:NOW)

Kane Investment Management Inc. purchased a new stake in ServiceNow, Inc. (NYSE:NOW - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,804 shares of the information technology services provider's stock, valued at approximately $1,912,000. ServiceNow comprises approximately 1.1% of Kane Investment Management Inc.'s investment portfolio, making the stock its 22nd biggest position.

A number of other institutional investors have also modified their holdings of NOW. Vanguard Group Inc. raised its position in shares of ServiceNow by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider's stock worth $20,353,517,000 after purchasing an additional 190,430 shares during the last quarter. FMR LLC raised its stake in ServiceNow by 4.9% in the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider's stock valued at $6,232,339,000 after purchasing an additional 272,506 shares during the last quarter. Geode Capital Management LLC boosted its stake in ServiceNow by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider's stock worth $4,560,890,000 after purchasing an additional 100,670 shares during the last quarter. Norges Bank acquired a new stake in shares of ServiceNow in the fourth quarter valued at about $2,603,360,000. Finally, Jennison Associates LLC boosted its position in ServiceNow by 17.4% during the fourth quarter. Jennison Associates LLC now owns 2,352,111 shares of the information technology services provider's stock worth $2,493,520,000 after acquiring an additional 348,187 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on NOW. UBS Group dropped their price target on ServiceNow from $1,250.00 to $1,000.00 and set a "buy" rating for the company in a research report on Tuesday, March 11th. StockNews.com downgraded ServiceNow from a "buy" rating to a "hold" rating in a research note on Tuesday, February 11th. Oppenheimer boosted their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an "outperform" rating in a research report on Thursday, January 30th. Jefferies Financial Group cut their price objective on shares of ServiceNow from $1,250.00 to $1,025.00 and set a "buy" rating for the company in a research report on Tuesday. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $1,048.00 price target on shares of ServiceNow in a research note on Wednesday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have issued a buy rating to the company's stock. According to data from MarketBeat, ServiceNow has a consensus rating of "Moderate Buy" and an average price target of $1,057.17.

ServiceNow Stock Down 3.1 %

Shares of NOW traded down $24.48 during mid-day trading on Friday, reaching $772.18. The company's stock had a trading volume of 1,802,088 shares, compared to its average volume of 1,477,657. 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, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The stock has a market cap of $159.84 billion, a PE ratio of 113.06, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. The company's 50 day moving average is $857.67 and its 200 day moving average is $970.18.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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%. Equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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

Insider Activity at ServiceNow

In other news, CFO Gina Mastantuono sold 4,442 shares of the firm's stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the transaction, the chief financial officer now directly owns 11,126 shares in the company, valued at approximately $10,733,252.20. This trade represents a 28.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the sale, the insider now owns 3,649 shares of the company's stock, valued at approximately $3,370,654.28. This trade represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,250 shares of company stock valued at $19,853,273 over the last ninety days. Insiders own 0.38% of the company's stock.

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.