Prudential PLC decreased its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 5.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 34,842 shares of the information technology services provider's stock after selling 1,992 shares during the period. Prudential PLC's holdings in ServiceNow were worth $36,937,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in NOW. Avidian Wealth Enterprises LLC lifted its holdings in shares of ServiceNow by 1.8% during the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider's stock valued at $527,000 after purchasing an additional 9 shares in the last quarter. Redhawk Wealth Advisors Inc. lifted its stake in ServiceNow by 2.2% in 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 in the last quarter. Institute for Wealth Management LLC. boosted its holdings in shares of ServiceNow by 0.4% in the fourth quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider's stock valued at $2,779,000 after buying an additional 11 shares during the period. TBH Global Asset Management LLC boosted its holdings in shares of 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 buying an additional 11 shares during the period. Finally, Onefund LLC increased its position 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 worth $585,000 after acquiring an additional 11 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of brokerages recently weighed in on NOW. JPMorgan Chase & Co. upped their target price on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 29th. Oppenheimer increased their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Guggenheim reiterated a "sell" rating and issued a $716.00 price target on shares of ServiceNow in a research note on Wednesday, January 22nd. Jefferies Financial Group cut their price target on shares of ServiceNow from $1,300.00 to $1,250.00 and set a "buy" rating on the stock in a research report on Thursday, January 30th. Finally, Mizuho decreased their price objective 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. One research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $1,086.00.
Get Our Latest Research Report on ServiceNow
ServiceNow Price Performance
ServiceNow stock traded up $1.04 during midday trading on Monday, reaching $722.69. The company's stock had a trading volume of 1,417,815 shares, compared to its average volume of 1,435,514. The stock has a market cap of $148.87 billion, a PE ratio of 105.56, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average price of $917.80 and a 200-day moving average price of $981.27. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week 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 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%. On average, sell-side analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.
ServiceNow announced that its board has authorized a share buyback plan on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its stock is undervalued.
Insider Activity at ServiceNow
In related news, insider Jacqueline P. Canney sold 292 shares of ServiceNow stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the sale, the insider now directly owns 3,027 shares in the company, valued at $3,080,123.85. This trade represents a 8.80 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Gina Mastantuono sold 4,442 shares of the company'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 completion of the transaction, the chief financial officer now owns 11,126 shares of the company's stock, valued at approximately $10,733,252.20. This trade represents a 28.53 % decrease in their ownership of the stock. 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 in the last 90 days. 0.25% of the stock is owned by corporate insiders.
ServiceNow Company Profile
(
Free Report)
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.
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