Vinva Investment Management Ltd Trims Position in ServiceNow, Inc. (NYSE:NOW)

Vinva Investment Management Ltd reduced its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 37.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,740 shares of the information technology services provider's stock after selling 2,859 shares during the quarter. Vinva Investment Management Ltd's holdings in ServiceNow were worth $5,061,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Atala Financial Inc acquired a new position in shares of ServiceNow during the 4th quarter worth approximately $28,000. Truvestments Capital LLC purchased a new stake in ServiceNow in the 3rd quarter valued at $30,000. LFA Lugano Financial Advisors SA acquired a new stake in shares of ServiceNow in the 4th quarter worth $32,000. FPC Investment Advisory Inc. raised its holdings in shares of ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock worth $34,000 after acquiring an additional 29 shares during the period. Finally, Noble Wealth Management PBC acquired a new position in shares of ServiceNow during the 4th quarter valued at about $34,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on NOW. Canaccord Genuity Group restated a "buy" rating and set a $1,275.00 price objective on shares of ServiceNow in a research report on Tuesday, March 11th. KeyCorp downgraded shares of ServiceNow from an "overweight" rating to a "sector weight" rating in a report on Friday, December 13th. Guggenheim reiterated a "sell" rating and issued a $716.00 price objective on shares of ServiceNow in a report on Wednesday, January 22nd. Mizuho cut their target price on ServiceNow from $1,210.00 to $1,100.00 and set an "outperform" rating for the company in a research note on Tuesday, March 11th. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $1,300.00 price target on shares of ServiceNow in a research note on Thursday, January 30th. One equities research 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 company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $1,100.31.

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Insider Activity

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company's stock in a transaction on Tuesday, February 25th. The shares were 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 owns 3,649 shares in the company, valued at $3,370,654.28. This represents a 44.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction dated 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 sale, the chief financial officer now owns 11,126 shares in the company, valued at $10,733,252.20. This trade represents a 28.53 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,351 shares of company stock worth $20,050,076. Corporate insiders own 0.25% of the company's stock.

ServiceNow Stock Up 2.9 %

NYSE NOW traded up $23.81 during trading on Monday, reaching $851.56. 1,599,397 shares of the company's stock were exchanged, compared to its average volume of 1,352,367. The company has a 50 day moving average price of $971.31 and a two-hundred day moving average price of $985.39. The stock has a market cap of $175.42 billion, a P/E ratio of 124.68, 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 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 earnings results 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 return on equity of 17.11% and a net margin of 12.97%. On average, equities research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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

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.