Victory Capital Management Inc. Lowers Position in ServiceNow, Inc. (NYSE:NOW)

Victory Capital Management Inc. reduced its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 5.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 207,752 shares of the information technology services provider's stock after selling 10,933 shares during the quarter. Victory Capital Management Inc. owned 0.10% of ServiceNow worth $220,242,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Keybank National Association OH boosted its stake in ServiceNow by 4.1% in the fourth quarter. Keybank National Association OH now owns 9,173 shares of the information technology services provider's stock valued at $9,724,000 after buying an additional 358 shares in the last quarter. Jag Capital Management LLC acquired a new stake in ServiceNow in the fourth quarter valued at about $10,632,000. Ring Mountain Capital LLC acquired a new stake in ServiceNow in the fourth quarter valued at about $290,000. Exencial Wealth Advisors LLC boosted its stake in ServiceNow by 16.5% in the fourth quarter. Exencial Wealth Advisors LLC now owns 558 shares of the information technology services provider's stock valued at $592,000 after buying an additional 79 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI boosted its stake in ServiceNow by 39.6% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 1,502 shares of the information technology services provider's stock valued at $1,604,000 after buying an additional 426 shares in the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Piper Sandler raised their price objective on ServiceNow from $1,000.00 to $1,200.00 and gave the company an "overweight" rating in a research note on Monday, January 6th. Guggenheim reissued a "sell" rating and set a $716.00 price target on shares of ServiceNow in a research note on Wednesday, January 22nd. JMP Securities reissued a "market outperform" rating and set a $1,300.00 price target on shares of ServiceNow in a research note on Thursday, January 30th. StockNews.com downgraded ServiceNow from a "buy" rating to a "hold" rating in a research report on Tuesday, February 11th. Finally, Scotiabank assumed coverage on ServiceNow in a research report on Tuesday, November 19th. They set a "sector outperform" rating and a $1,230.00 price objective for the company. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, ServiceNow has an average rating of "Moderate Buy" and an average target price of $1,129.72.

ServiceNow Stock Performance

NYSE:NOW traded up $10.25 during trading on Wednesday, reaching $916.34. The company's stock had a trading volume of 1,540,318 shares, compared to its average volume of 1,675,462. The firm has a market cap of $188.77 billion, a price-to-earnings ratio of 134.16, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The firm has a 50 day moving average of $1,026.73 and a 200-day moving average of $984.57. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09.

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

ServiceNow announced that its Board of Directors has initiated a share repurchase 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 buy up to 1.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its stock is undervalued.

Insider Transactions at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction 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 owns 3,649 shares in the company, valued at approximately $3,370,654.28. This represents a 44.66 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 292 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total value of $297,124.60. Following the sale, the insider now directly owns 3,027 shares in the company, valued at $3,080,123.85. This trade represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is owned by company insiders.

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.