Broadleaf Partners LLC Sells 3,388 Shares of ServiceNow, Inc. (NYSE:NOW)

Broadleaf Partners LLC reduced its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 20.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,126 shares of the information technology services provider's stock after selling 3,388 shares during the period. ServiceNow comprises 3.3% of Broadleaf Partners LLC's portfolio, making the stock its 8th largest position. Broadleaf Partners LLC's holdings in ServiceNow were worth $13,915,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in NOW. Union Bancaire Privee UBP SA acquired a new stake in ServiceNow in the fourth quarter valued at $48,802,000. Dock Street Asset Management Inc. raised its stake in shares of ServiceNow by 3.4% in the 4th quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider's stock valued at $35,147,000 after purchasing an additional 1,105 shares in the last quarter. Cardano Risk Management B.V. bought a new position in shares of ServiceNow during the fourth quarter worth about $105,090,000. Rheos Capital Works Inc. acquired a new position in ServiceNow in the fourth quarter worth about $10,071,000. Finally, Czech National Bank raised its stake in ServiceNow by 6.7% during the fourth quarter. Czech National Bank now owns 44,793 shares of the information technology services provider's stock valued at $47,486,000 after buying an additional 2,829 shares in the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. William Blair reiterated an "outperform" rating on shares of ServiceNow in a report on Friday, March 7th. Piper Sandler increased their target price 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. JMP Securities reaffirmed a "market outperform" rating and issued a $1,300.00 price target on shares of ServiceNow in a report on Thursday, January 30th. Oppenheimer lifted their target price 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. Finally, Guggenheim restated a "sell" rating and set a $716.00 price objective on shares of ServiceNow in a research report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $1,032.90.

Insiders Place Their Bets

In related news, Director Jeffrey A. Miller sold 2,282 shares of the company's stock in a transaction on Friday, February 7th. The shares were sold at an average price of $1,030.64, for a total value of $2,351,920.48. Following the completion of the sale, the director now directly owns 40,638 shares in the company, valued at approximately $41,883,148.32. This represents a 5.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jacqueline P. Canney sold 292 shares of the stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total value of $297,124.60. Following the transaction, the insider now directly owns 3,027 shares in the company, valued at approximately $3,080,123.85. This represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,250 shares of company stock worth $19,853,273. 0.38% of the stock is currently owned by company insiders.

ServiceNow Trading Up 2.5 %

NOW traded up $18.65 during trading on Tuesday, reaching $774.64. The company had a trading volume of 624,887 shares, compared to its average volume of 1,861,188. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The firm's 50-day simple moving average is $848.45 and its 200 day simple moving average is $969.57. The company has a market cap of $160.35 billion, a price-to-earnings ratio of 113.42, a PEG ratio of 4.51 and a beta of 1.08. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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%. Equities research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its board has initiated a share repurchase plan on Wednesday, January 29th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its stock is undervalued.

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.