ServiceNow, Inc. (NYSE:NOW) Shares Sold by Summit Global Investments

Summit Global Investments trimmed its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 49.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,822 shares of the information technology services provider's stock after selling 1,790 shares during the quarter. Summit Global Investments' holdings in ServiceNow were worth $1,932,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of NOW. State Street Corp boosted its stake in shares of ServiceNow by 2.6% during the 3rd quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider's stock worth $8,118,867,000 after purchasing an additional 226,023 shares during the period. FMR LLC boosted its position in shares of ServiceNow by 9.9% during the third quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider's stock valued at $5,014,302,000 after buying an additional 502,845 shares during the period. World Investment Advisors LLC grew its stake in shares of ServiceNow by 499,668.1% during the third 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 buying an additional 4,771,830 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of ServiceNow by 1.9% in the third quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider's stock worth $3,753,828,000 after buying an additional 78,378 shares during the period. Finally, Wellington Management Group LLP lifted its stake in shares of 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 worth $2,834,797,000 after acquiring an additional 615,797 shares during the last quarter. Institutional investors own 87.18% of the company's stock.

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Insiders Place Their Bets

In other news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business's stock in a transaction 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 directly owns 3,649 shares of the company's stock, valued at $3,370,654.28. The trade was a 44.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William R. Mcdermott sold 1,263 shares of the firm's stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the transaction, the chief executive officer now owns 2,595 shares of the company's stock, valued at $2,644,564.50. This trade represents a 32.74 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,351 shares of company stock valued at $20,050,076. Insiders own 0.25% of the company's stock.

ServiceNow Stock Down 1.2 %

Shares of ServiceNow stock traded down $9.82 during trading on Thursday, reaching $828.73. The company's stock had a trading volume of 1,478,924 shares, compared to its average volume of 1,357,059. The company has a 50-day simple moving average of $960.38 and a two-hundred day simple moving average of $984.72. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The company has a market cap of $170.72 billion, a price-to-earnings ratio of 121.34, a P/E/G ratio of 4.51 and a beta of 1.03. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly 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%. As a group, equities analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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

Wall Street Analysts Forecast Growth

Several equities analysts have commented on NOW shares. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $1,275.00 price objective on shares of ServiceNow in a research report on Tuesday, March 11th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $1,048.00 price target on shares of ServiceNow in a research note on Tuesday, March 11th. The Goldman Sachs Group lifted their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a report on Friday, January 10th. TD Cowen raised their target price on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the stock a "buy" rating in a research report on Tuesday, December 10th. Finally, UBS Group lowered their price target on ServiceNow from $1,250.00 to $1,000.00 and set a "buy" rating for the company in a report on Tuesday, March 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have given a buy rating to the company's stock. According to MarketBeat, ServiceNow currently has an average rating of "Moderate Buy" and a consensus target price of $1,093.76.

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.