Washington Trust Bank Trims Holdings in ServiceNow, Inc. (NYSE:NOW)

Washington Trust Bank decreased its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 6.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,712 shares of the information technology services provider's stock after selling 1,736 shares during the quarter. ServiceNow makes up 2.4% of Washington Trust Bank's investment portfolio, making the stock its 9th largest position. Washington Trust Bank's holdings in ServiceNow were worth $25,138,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. World Investment Advisors LLC increased 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 valued at $4,268,731,000 after purchasing an additional 4,771,830 shares during the period. Bank of Montreal Can increased its position in shares of ServiceNow by 216.6% during the third quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider's stock valued at $1,206,178,000 after buying an additional 935,848 shares during the period. Proficio Capital Partners LLC raised its stake in ServiceNow by 154,255.3% in the fourth quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider's stock worth $667,000 after buying an additional 666,383 shares in the last quarter. Alphinity Investment Management Pty Ltd purchased a new stake in ServiceNow in the fourth quarter worth about $682,468,000. Finally, Wellington Management Group LLP boosted its position in ServiceNow by 24.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider's stock valued at $2,834,797,000 after acquiring an additional 615,797 shares in the last quarter. 87.18% of the stock is owned by institutional investors.

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ServiceNow Stock Performance

NOW stock traded up $10.77 during midday trading on Tuesday, reaching $860.50. 1,642,903 shares of the company's stock traded hands, compared to its average volume of 1,355,023. The stock's 50-day moving average is $964.71 and its 200 day moving average is $985.75. The stock has a market cap of $177.26 billion, a P/E ratio of 125.99, a PEG ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The company has a current ratio of 1.10, a quick 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 the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

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

Insider Transactions at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm's stock in a transaction that occurred on 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 sale, the insider now owns 3,649 shares in the company, valued at approximately $3,370,654.28. This trade represents a 44.66 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of the company's stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the completion of the transaction, the insider now owns 3,027 shares of the company's stock, valued at approximately $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock valued at $20,050,076 over the last quarter. 0.25% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on NOW shares. Cantor Fitzgerald restated an "overweight" rating and set a $1,048.00 price target on shares of ServiceNow in a research report on Tuesday, March 11th. Robert W. Baird reduced their target price on shares of ServiceNow from $1,250.00 to $1,200.00 and set an "outperform" rating on the stock in a research report on Thursday, January 30th. Piper Sandler lifted their price target on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an "overweight" rating in a research report on Monday, January 6th. StockNews.com cut shares of ServiceNow from a "buy" rating to a "hold" rating in a report on Tuesday, February 11th. Finally, Guggenheim reiterated a "sell" rating and set a $716.00 target price on shares of ServiceNow in a report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $1,100.31.

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.