Pictet Asset Management Holding SA Buys 489 Shares of ServiceNow, Inc. (NYSE:NOW)

Pictet Asset Management Holding SA boosted its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 0.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 183,996 shares of the information technology services provider's stock after acquiring an additional 489 shares during the period. Pictet Asset Management Holding SA owned 0.09% of ServiceNow worth $195,058,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. World Investment Advisors LLC lifted its stake in shares of 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 valued at $4,268,731,000 after buying an additional 4,771,830 shares in the last quarter. Norges Bank purchased a new stake in ServiceNow in the 4th quarter valued at $2,603,360,000. Proficio Capital Partners LLC lifted its stake in ServiceNow by 154,255.3% during the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider's stock valued at $667,000 after acquiring an additional 666,383 shares in the last quarter. Alphinity Investment Management Pty Ltd purchased a new position in ServiceNow during the 4th quarter worth $682,468,000. Finally, Wellington Management Group LLP grew its stake in shares of ServiceNow by 24.1% in the 3rd 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 acquiring an additional 615,797 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

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Wall Street Analysts Forecast Growth

NOW has been the topic of several analyst reports. Piper Sandler boosted their price target on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an "overweight" rating in a report on Monday, January 6th. Mizuho reduced their target price on ServiceNow from $1,210.00 to $1,100.00 and set an "outperform" rating for the company in a report on Tuesday, March 11th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $1,048.00 price target on shares of ServiceNow in a research report on Tuesday, March 11th. Royal Bank of Canada set a $986.00 price objective on ServiceNow in a research note on Tuesday, March 11th. Finally, Needham & Company LLC lifted their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a "buy" rating in a research note on Thursday, January 30th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $1,087.21.

Insiders Place Their Bets

In other news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total value of $481,635.70. Following the transaction, the insider now owns 3,027 shares in the company, 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. Insiders sold a total of 20,351 shares of company stock valued at $20,050,076 in the last quarter. Corporate insiders own 0.25% of the company's stock.

ServiceNow Price Performance

Shares of NOW stock traded up $9.73 on Wednesday, reaching $821.29. The company's stock had a trading volume of 632,751 shares, compared to its average volume of 1,805,968. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The stock's 50 day simple moving average is $939.07 and its 200-day simple moving average is $983.75. 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 company has a market capitalization of $169.19 billion, a P/E ratio of 120.25, a PEG ratio of 4.51 and a beta of 1.03.

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 (EPS) for the quarter, meeting analysts' consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, equities analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has approved a stock buyback plan 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 reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are often an indication 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.