ServiceNow, Inc. (NYSE:NOW) Shares Sold by Telemark Asset Management LLC

Telemark Asset Management LLC lessened its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 37.5% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 25,000 shares of the information technology services provider's stock after selling 15,000 shares during the period. ServiceNow comprises about 2.6% of Telemark Asset Management LLC's portfolio, making the stock its 10th largest holding. Telemark Asset Management LLC's holdings in ServiceNow were worth $26,503,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of ServiceNow during the 4th quarter valued at $12,603,000. Rakuten Securities Inc. lifted its holdings in shares of ServiceNow by 131.3% in the fourth quarter. Rakuten Securities Inc. now owns 657 shares of the information technology services provider's stock valued at $696,000 after purchasing an additional 373 shares in the last quarter. Avantax Advisory Services Inc. lifted its holdings in shares of ServiceNow by 0.3% in the fourth quarter. Avantax Advisory Services Inc. now owns 10,171 shares of the information technology services provider's stock valued at $10,783,000 after purchasing an additional 35 shares in the last quarter. Jupiter Asset Management Ltd. lifted its holdings in shares of ServiceNow by 3.9% in the fourth quarter. Jupiter Asset Management Ltd. now owns 74,881 shares of the information technology services provider's stock valued at $79,383,000 after purchasing an additional 2,815 shares in the last quarter. Finally, Truvestments Capital LLC lifted its holdings in shares of ServiceNow by 51.5% in the fourth quarter. Truvestments Capital LLC now owns 50 shares of the information technology services provider's stock valued at $53,000 after purchasing an additional 17 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Stock Up 4.4 %

NOW stock opened at $844.27 on Thursday. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The company has a market cap of $173.92 billion, a PE ratio of 123.61, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The business's 50-day simple moving average is $1,002.41 and its 200 day simple moving average is $984.53. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15.

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ServiceNow (NYSE:NOW - Get Free Report) last released 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 return on equity of 17.11% and a net margin of 12.97%. On average, research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its board has authorized a stock repurchase program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at ServiceNow

In other 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 value of $4,285,197.40. Following the transaction, the chief financial officer now directly owns 11,126 shares of the company's stock, valued at $10,733,252.20. The trade was a 28.53 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business'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 value 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. The trade was a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently issued reports on NOW. JPMorgan Chase & Co. increased their target price on ServiceNow from $950.00 to $1,250.00 and gave the company an "overweight" rating in a report on Wednesday, January 29th. Wells Fargo & Company upped their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an "overweight" rating in a research note on Thursday, December 5th. Truist Financial upped their price target on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a "hold" rating in a research note on Thursday, December 12th. William Blair reaffirmed an "outperform" rating on shares of ServiceNow in a research note on Friday, March 7th. Finally, Scotiabank initiated coverage on shares of ServiceNow in a research note on Tuesday, November 19th. They issued a "sector outperform" rating and a $1,230.00 price target on the stock. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $1,114.24.

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.

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