Renaissance Group LLC Lowers Holdings in ServiceNow, Inc. (NYSE:NOW)

Renaissance Group LLC lessened its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 5.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,452 shares of the information technology services provider's stock after selling 2,277 shares during the quarter. ServiceNow makes up approximately 1.7% of Renaissance Group LLC's holdings, making the stock its 8th largest holding. Renaissance Group LLC's holdings in ServiceNow were worth $40,764,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in NOW. Avidian Wealth Enterprises LLC raised its stake in shares of ServiceNow by 1.8% in the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider's stock valued at $527,000 after buying an additional 9 shares in the last quarter. Redhawk Wealth Advisors Inc. increased 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 acquiring an additional 10 shares during the period. Institute for Wealth Management LLC. raised its position in 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 worth $2,779,000 after purchasing an additional 11 shares in the last quarter. TBH Global Asset Management LLC lifted its stake in 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 grew its stake in shares of ServiceNow by 2.0% in the 4th 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 period. Institutional investors and hedge funds own 87.18% of the company's stock.

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Insider Transactions at ServiceNow

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm's stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the sale, the insider now directly owns 3,649 shares in the company, valued at approximately $3,370,654.28. This trade represents a 44.66 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Gina Mastantuono sold 4,442 shares of the business's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $964.70, for a total value of $4,285,197.40. Following the transaction, the chief financial officer now directly owns 11,126 shares in the company, valued at approximately $10,733,252.20. This trade represents a 28.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,351 shares of company stock worth $20,050,076 in the last three months. Insiders own 0.25% of the company's stock.

ServiceNow Stock Up 0.3 %

Shares of NOW stock traded up $2.29 on Friday, hitting $785.78. 2,102,410 shares of the stock were exchanged, compared to its average volume of 1,464,960. The business has a 50-day moving average of $875.51 and a 200 day moving average of $973.27. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The firm has a market capitalization of $162.66 billion, a P/E ratio of 115.05, 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.

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

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

Analyst Upgrades and Downgrades

NOW has been the subject of a number of analyst reports. Raymond James cut their price objective on ServiceNow from $1,200.00 to $1,000.00 and set an "outperform" rating for the company in a report on Tuesday. The Goldman Sachs Group reduced their price target on shares of ServiceNow from $1,200.00 to $1,050.00 and set a "buy" rating on the stock in a research report on Thursday. Mizuho dropped their price objective on shares of ServiceNow from $1,210.00 to $1,100.00 and set an "outperform" rating for the company in a report on Tuesday, March 11th. Canaccord Genuity Group reissued a "buy" rating and issued a $1,275.00 target price on shares of ServiceNow in a report on Tuesday, March 11th. Finally, Royal Bank of Canada set a $986.00 price target on ServiceNow in a report on Tuesday, March 11th. 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, ServiceNow has an average rating of "Moderate Buy" and an average price target of $1,073.93.

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.