Montag & Caldwell LLC Raises Stock Position in ServiceNow, Inc. (NYSE:NOW)

Montag & Caldwell LLC grew its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 15.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,717 shares of the information technology services provider's stock after purchasing an additional 1,802 shares during the quarter. ServiceNow comprises about 3.1% of Montag & Caldwell LLC's portfolio, making the stock its 10th biggest holding. Montag & Caldwell LLC's holdings in ServiceNow were worth $14,542,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Union Bancaire Privee UBP SA bought a new stake in shares of ServiceNow during the 4th quarter valued at about $48,802,000. Dock Street Asset Management Inc. increased its position in shares of ServiceNow by 3.4% during the fourth quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider's stock valued at $35,147,000 after buying an additional 1,105 shares during the period. Cardano Risk Management B.V. purchased a new position in shares of ServiceNow during the 4th quarter valued at $105,090,000. Rheos Capital Works Inc. purchased a new position in shares of ServiceNow during the fourth quarter worth about $10,071,000. Finally, Czech National Bank lifted its stake in ServiceNow by 6.7% during the fourth quarter. Czech National Bank now owns 44,793 shares of the information technology services provider's stock worth $47,486,000 after purchasing an additional 2,829 shares during the last quarter. 87.18% of the stock is owned by institutional investors.

Insider Activity at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 2,511 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $1,012.09, for a total transaction of $2,541,357.99. Following the completion of the transaction, the general counsel now owns 4,332 shares in the company, valued at $4,384,373.88. This trade represents a 36.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William R. Mcdermott sold 1,263 shares of ServiceNow stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the transaction, the chief executive officer now directly owns 2,595 shares of the company's stock, valued at $2,644,564.50. The trade was a 32.74 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,250 shares of company stock valued at $19,853,273. 0.38% of the stock is owned by company insiders.

ServiceNow Stock Performance

NOW stock traded down $24.48 during midday trading on Friday, reaching $772.18. 1,802,088 shares of the company were exchanged, compared to its average volume of 1,477,657. The firm has a market capitalization of $159.84 billion, a price-to-earnings ratio of 113.06, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The business has a 50-day moving average price of $857.67 and a two-hundred day moving average price of $970.18.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Equities research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its Board of Directors has initiated 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 purchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board believes its shares are undervalued.

Analyst Ratings Changes

A number of equities research analysts have issued reports on NOW shares. William Blair reissued an "outperform" rating on shares of ServiceNow in a report on Friday, March 7th. BMO Capital Markets lowered their price target on ServiceNow from $1,185.00 to $990.00 and set an "outperform" rating on the stock in a report on Friday, April 4th. Scotiabank cut their price target on ServiceNow from $1,230.00 to $1,050.00 and set a "sector outperform" rating for the company in a report on Monday, March 17th. Cantor Fitzgerald reiterated an "overweight" rating and set a $1,048.00 price objective on shares of ServiceNow in a research note on Wednesday. Finally, Piper Sandler upped their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an "overweight" rating in a research note on Monday, January 6th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $1,057.17.

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.