Sandhill Capital Partners LLC Reduces Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Sandhill Capital Partners LLC cut its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 6.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 68,576 shares of the information technology services provider's stock after selling 5,028 shares during the quarter. ServiceNow accounts for 5.7% of Sandhill Capital Partners LLC's investment portfolio, making the stock its 3rd biggest holding. Sandhill Capital Partners LLC's holdings in ServiceNow were worth $72,699,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Norges Bank purchased a new position in shares of ServiceNow during the fourth quarter valued at approximately $2,603,360,000. Proficio Capital Partners LLC raised its holdings in ServiceNow by 154,255.3% in 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 during the last quarter. Alphinity Investment Management Pty Ltd purchased a new position in shares of ServiceNow during the 4th quarter worth $682,468,000. Raymond James Financial Inc. acquired a new stake in shares of ServiceNow during the fourth quarter worth $393,868,000. Finally, Jennison Associates LLC grew its position in shares of ServiceNow by 17.4% in the fourth quarter. Jennison Associates LLC now owns 2,352,111 shares of the information technology services provider's stock valued at $2,493,520,000 after purchasing an additional 348,187 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

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Wall Street Analyst Weigh In

A number of research firms have recently commented on NOW. Scotiabank dropped their price objective on shares of ServiceNow from $1,230.00 to $1,050.00 and set a "sector outperform" rating for the company in a research note on Monday, March 17th. StockNews.com downgraded shares of ServiceNow from a "buy" rating to a "hold" rating in a research note on Tuesday, February 11th. Canaccord Genuity Group restated a "buy" rating and issued a $1,275.00 price target on shares of ServiceNow in a report on Tuesday, March 11th. Redburn Atlantic assumed coverage on shares of ServiceNow in a research note on Wednesday, February 19th. They issued a "buy" rating for the company. Finally, Needham & Company LLC boosted 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. One analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have given a buy rating to the company. According to MarketBeat.com, ServiceNow has a consensus rating of "Moderate Buy" and a consensus target price of $1,073.93.

ServiceNow Stock Performance

NOW traded up $2.29 during trading hours on Friday, hitting $785.78. The company's stock had a trading volume of 2,102,410 shares, compared to its average volume of 1,464,960. 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 fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The company has a 50-day simple moving average of $875.51 and a 200 day simple moving average of $973.27. The firm has a market capitalization of $162.66 billion, a PE ratio of 115.05, a PEG ratio of 4.51 and a beta of 1.08.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data 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%. As a group, sell-side analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its board has authorized a stock buyback plan on Wednesday, January 29th that allows the company to buyback $3.00 billion in 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 plans are often an indication that the company's management believes its stock is undervalued.

Insider Transactions at ServiceNow

In related news, 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 transaction of $4,285,197.40. Following the sale, the chief financial officer now owns 11,126 shares of the company's stock, valued at $10,733,252.20. The trade was a 28.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction on 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 transaction, the insider now directly owns 3,649 shares of the company's stock, valued at approximately $3,370,654.28. The trade was a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 20,351 shares of company stock valued at $20,050,076. Company insiders own 0.25% of the company's stock.

ServiceNow Company 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.