Korea Investment CORP Sells 4,543 Shares of ServiceNow, Inc. (NYSE:NOW)

Korea Investment CORP cut its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 2.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 163,209 shares of the information technology services provider's stock after selling 4,543 shares during the quarter. Korea Investment CORP owned 0.08% of ServiceNow worth $173,021,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of NOW. Avidian Wealth Enterprises LLC grew its position in ServiceNow by 1.8% in the fourth quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider's stock worth $527,000 after buying an additional 9 shares during the last quarter. Redhawk Wealth Advisors Inc. boosted its stake in shares of ServiceNow by 2.2% during the 4th quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider's stock worth $487,000 after acquiring an additional 10 shares in the last quarter. Institute for Wealth Management LLC. grew its holdings in shares of ServiceNow by 0.4% in the 4th 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 last quarter. TBH Global Asset Management LLC raised its position in shares of 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 purchasing an additional 11 shares during the period. Finally, Onefund LLC lifted its holdings in shares of ServiceNow by 2.0% during 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 last quarter. Institutional investors own 87.18% of the company's stock.

Remove Ads

Insider Buying and Selling

In other news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction dated 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 sale, the insider now directly owns 3,649 shares in the company, valued at approximately $3,370,654.28. The trade was a 44.66 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of the firm's stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the transaction, the insider now owns 3,027 shares of the company's stock, valued at approximately $3,204,200.58. This represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 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.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Cantor Fitzgerald restated an "overweight" rating and set a $1,048.00 price objective on shares of ServiceNow in a report on Tuesday, March 11th. Citigroup reduced their price target on shares of ServiceNow from $1,432.00 to $1,426.00 and set a "buy" rating for the company in a research report on Tuesday, February 4th. JPMorgan Chase & Co. lifted their price objective on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 29th. UBS Group lowered their price target on ServiceNow from $1,250.00 to $1,000.00 and set a "buy" rating on the stock in a report on Tuesday, March 11th. Finally, Wells Fargo & Company increased their price objective on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an "overweight" rating in a research note on Thursday, December 5th. One analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $1,093.76.

ServiceNow Stock Performance

NOW traded down $31.13 during midday trading on Friday, reaching $796.61. The company's stock had a trading volume of 1,758,174 shares, compared to its average volume of 1,408,303. The company has a fifty day simple moving average of $950.30 and a 200 day simple moving average of $984.09. The stock has a market cap of $164.10 billion, a P/E ratio of 116.63, a PEG ratio of 4.51 and a beta of 1.03. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting analysts' consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its Board of Directors has approved a stock repurchase program on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are 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.