Kayne Anderson Rudnick Investment Management LLC Has $34.65 Million Holdings in ServiceNow, Inc. (NYSE:NOW)

Kayne Anderson Rudnick Investment Management LLC lessened its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 2.8% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 32,683 shares of the information technology services provider's stock after selling 946 shares during the period. Kayne Anderson Rudnick Investment Management LLC's holdings in ServiceNow were worth $34,649,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Atala Financial Inc purchased a new position in ServiceNow during the 4th quarter worth approximately $28,000. LFA Lugano Financial Advisors SA purchased a new stake in ServiceNow in the 4th quarter worth about $32,000. FPC Investment Advisory Inc. boosted its position in ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock worth $34,000 after acquiring an additional 29 shares during the period. Noble Wealth Management PBC purchased a new position in ServiceNow during the 4th quarter valued at about $34,000. Finally, Heck Capital Advisors LLC acquired a new position in shares of ServiceNow in the 4th quarter valued at about $37,000. 87.18% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company's stock in a transaction that occurred 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 transaction, the insider now directly owns 3,649 shares in the company, valued at approximately $3,370,654.28. This represents a 44.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jeffrey A. Miller sold 2,282 shares of the firm'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 transaction of $2,351,920.48. Following the completion of the sale, the director now directly owns 40,638 shares of the company's stock, valued at approximately $41,883,148.32. This represents a 5.32 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,250 shares of company stock valued at $19,853,273. 0.38% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

NOW has been the topic of several research reports. Piper Sandler dropped their price objective on shares of ServiceNow from $1,200.00 to $1,120.00 and set an "overweight" rating on the stock in a research note on Thursday. Barclays set a $969.00 price objective on ServiceNow in a research report on Thursday. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $1,003.00 price target on shares of ServiceNow in a research note on Thursday. Guggenheim raised their price objective on shares of ServiceNow from $716.00 to $724.00 and gave the company a "sell" rating in a research report on Thursday. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $1,048.00 price target on shares of ServiceNow in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-nine have issued a buy rating to the stock. According to MarketBeat.com, ServiceNow has a consensus rating of "Moderate Buy" and an average target price of $1,032.94.

ServiceNow Price Performance

NYSE NOW traded up $6.59 during trading on Friday, reaching $945.16. 1,930,424 shares of the company traded hands, compared to its average volume of 1,508,374. The stock's 50 day moving average price is $839.67 and its two-hundred day moving average price is $967.34. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The company has a market cap of $195.65 billion, a price-to-earnings ratio of 138.75, a P/E/G ratio of 4.51 and a beta of 1.08. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW - Get Free Report) last announced its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its board has authorized a share buyback program on Wednesday, January 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

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.