L & S Advisors Inc Reduces Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

L & S Advisors Inc trimmed its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 11.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,641 shares of the information technology services provider's stock after selling 1,391 shares during the period. ServiceNow accounts for 1.2% of L & S Advisors Inc's portfolio, making the stock its 13th largest position. L & S Advisors Inc's holdings in ServiceNow were worth $11,281,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in NOW. Vanguard Group Inc. boosted its holdings in ServiceNow by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider's stock worth $20,353,517,000 after acquiring an additional 190,430 shares in the last quarter. State Street Corp boosted its stake in ServiceNow by 2.6% in the 3rd quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider's stock worth $8,118,867,000 after purchasing an additional 226,023 shares in the last quarter. World Investment Advisors LLC grew its position in ServiceNow by 499,668.1% during the 3rd quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider's stock worth $4,268,731,000 after purchasing an additional 4,771,830 shares during the last quarter. Geode Capital Management LLC increased its stake in ServiceNow by 1.9% during the 3rd quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider's stock valued at $3,753,828,000 after purchasing an additional 78,378 shares in the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of ServiceNow by 24.1% in the third 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 buying an additional 615,797 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

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Wall Street Analyst Weigh In

Several equities analysts recently issued reports on NOW shares. The Goldman Sachs Group upped their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a research report on Friday, January 10th. Raymond James started coverage on ServiceNow in a report on Tuesday, December 24th. They set an "outperform" rating and a $1,200.00 target price for the company. Wells Fargo & Company increased their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an "overweight" rating in a report on Thursday, December 5th. JMP Securities restated a "market outperform" rating and set a $1,300.00 price objective on shares of ServiceNow in a research note on Thursday, January 30th. Finally, UBS Group cut their price objective on shares of ServiceNow from $1,250.00 to $1,000.00 and set a "buy" rating on the stock in a research note on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have given a buy rating to the stock. Based on data from MarketBeat.com, ServiceNow presently has a consensus rating of "Moderate Buy" and an average price target of $1,088.59.

ServiceNow Price Performance

Shares of NOW traded up $14.47 during mid-day trading on Tuesday, hitting $810.61. 1,537,242 shares of the company were exchanged, compared to its average volume of 1,415,086. The stock has a market cap of $166.99 billion, a price-to-earnings ratio of 118.68, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The company has a 50 day moving average of $944.81 and a 200-day moving average of $984.23. 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 announced its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 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%. Analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its Board of Directors has approved a share buyback program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board believes its stock is undervalued.

Insider Activity at ServiceNow

In related news, CFO Gina Mastantuono sold 4,442 shares of the company's stock in a transaction dated 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 sale, the chief financial officer now owns 11,126 shares of the company's stock, valued at approximately $10,733,252.20. This represents a 28.53 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the transaction, the insider now directly owns 3,649 shares in the company, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is owned by insiders.

About ServiceNow

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.