Martingale Asset Management L P Sells 857 Shares of ServiceNow, Inc. (NYSE:NOW)

Martingale Asset Management L P decreased its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 2.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 29,418 shares of the information technology services provider's stock after selling 857 shares during the period. ServiceNow accounts for 0.8% of Martingale Asset Management L P's investment portfolio, making the stock its 28th biggest holding. Martingale Asset Management L P's holdings in ServiceNow were worth $31,187,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Avidian Wealth Enterprises LLC boosted 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 purchasing an additional 9 shares during the last quarter. Redhawk Wealth Advisors Inc. grew its position in ServiceNow by 2.2% during the fourth quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider's stock valued at $487,000 after buying an additional 10 shares during the period. Institute for Wealth Management LLC. increased its holdings in ServiceNow by 0.4% during 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 buying an additional 11 shares during the last quarter. TBH Global Asset Management LLC boosted its stake in ServiceNow by 3.8% in the fourth quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider's stock valued at $320,000 after acquiring an additional 11 shares during the last quarter. Finally, Onefund LLC grew its position in shares of ServiceNow by 2.0% during the 4th quarter. Onefund LLC now owns 552 shares of the information technology services provider's stock valued at $585,000 after acquiring an additional 11 shares during the period. Institutional investors own 87.18% of the company's stock.

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Insider Activity

In related news, CEO William R. Mcdermott sold 1,263 shares of ServiceNow stock in a transaction on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the sale, the chief executive officer now owns 2,595 shares in the company, valued at $2,644,564.50. The trade was a 32.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jacqueline P. Canney sold 455 shares of the company's stock in a transaction on 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 completion of the transaction, the insider now owns 3,027 shares of the company's stock, valued at $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,351 shares of company stock valued at $20,050,076. Insiders own 0.25% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on NOW shares. Scotiabank decreased their target price on ServiceNow from $1,230.00 to $1,050.00 and set a "sector outperform" rating for the company in a research report on Monday, March 17th. Oppenheimer boosted their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. William Blair reiterated an "outperform" rating on shares of ServiceNow in a research note on Friday, March 7th. Needham & Company LLC raised their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, January 30th. Finally, The Goldman Sachs Group dropped their target price on ServiceNow from $1,200.00 to $1,050.00 and set a "buy" rating on the stock in a research report on Thursday. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $1,073.93.

ServiceNow Trading Up 0.3 %

NOW stock traded up $2.29 during trading on Friday, hitting $785.78. 2,102,410 shares of the company traded hands, compared to its average volume of 1,466,980. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The company has a 50-day moving average of $875.51 and a 200-day moving average of $973.89. The firm has a market capitalization of $162.66 billion, a PE ratio of 115.05, a P/E/G ratio of 4.51 and a beta of 1.08. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09.

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

ServiceNow declared that its board has authorized 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 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.