Sit Investment Associates Inc. Has $14.29 Million Position in ServiceNow, Inc. (NYSE:NOW)

Sit Investment Associates Inc. trimmed its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 4.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,478 shares of the information technology services provider's stock after selling 583 shares during the period. Sit Investment Associates Inc.'s holdings in ServiceNow were worth $14,288,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in NOW. Atala Financial Inc bought a new position in ServiceNow during the fourth quarter worth about $28,000. LFA Lugano Financial Advisors SA acquired a new stake in ServiceNow in the 4th quarter valued at $32,000. FPC Investment Advisory Inc. grew its position in ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock valued at $34,000 after acquiring an additional 29 shares during the period. Noble Wealth Management PBC acquired a new position in ServiceNow during the fourth quarter worth $34,000. Finally, Heck Capital Advisors LLC bought a new position in shares of ServiceNow during the fourth quarter valued at $37,000. Institutional investors and hedge funds own 87.18% of the company's stock.

Insider Buying and Selling at ServiceNow

In other news, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the transaction, the insider now owns 3,027 shares of the company's stock, valued at $3,204,200.58. This trade represents a 13.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company's stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction 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. The trade was a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,351 shares of company stock worth $20,050,076 over the last ninety days. 0.25% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on NOW shares. KeyCorp downgraded shares of ServiceNow from an "overweight" rating to a "sector weight" rating in a report on Friday, December 13th. Scotiabank decreased their price target on ServiceNow from $1,230.00 to $1,050.00 and set a "sector outperform" rating on the stock in a research report on Monday, March 17th. Redburn Atlantic initiated coverage on ServiceNow in a research report on Wednesday, February 19th. They issued a "buy" rating for the company. Robert W. Baird decreased their target price on ServiceNow from $1,200.00 to $1,010.00 and set an "outperform" rating on the stock in a report on Wednesday, March 26th. Finally, Stifel Nicolaus reduced their price target on shares of ServiceNow from $1,175.00 to $950.00 and set a "buy" rating on the stock in a research report on Wednesday, April 2nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,079.10.

ServiceNow Stock Up 0.9 %

Shares of NOW stock traded up $6.46 during trading on Wednesday, reaching $734.06. The company's stock had a trading volume of 706,229 shares, compared to its average volume of 1,442,846. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The business has a fifty day moving average price of $892.36 and a 200-day moving average price of $976.70. The company has a market cap of $151.22 billion, a price-to-earnings ratio of 107.47, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW - Get Free Report) last posted 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%. Analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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

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.