Sustainable Growth Advisers LP Sells 140,283 Shares of ServiceNow, Inc. (NYSE:NOW)

Sustainable Growth Advisers LP lowered its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 27.6% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 367,828 shares of the information technology services provider's stock after selling 140,283 shares during the period. ServiceNow comprises about 2.0% of Sustainable Growth Advisers LP's investment portfolio, making the stock its 23rd biggest holding. Sustainable Growth Advisers LP owned approximately 0.18% of ServiceNow worth $389,942,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Madison Investment Advisors LLC purchased a new stake in ServiceNow during the 4th quarter valued at $221,000. Impact Capital Partners LLC bought a new position in ServiceNow in the 4th quarter worth $1,007,000. CFO4Life Group LLC bought a new position in ServiceNow in the 4th quarter worth $249,000. LFA Lugano Financial Advisors SA bought a new position in ServiceNow in the 4th quarter worth $32,000. Finally, Erste Asset Management GmbH raised its holdings in ServiceNow by 11.4% in the 4th quarter. Erste Asset Management GmbH now owns 81,013 shares of the information technology services provider's stock worth $87,257,000 after purchasing an additional 8,316 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on NOW. Citigroup decreased their price objective on shares of ServiceNow from $1,432.00 to $1,426.00 and set a "buy" rating for the company in a report on Tuesday, February 4th. Robert W. Baird decreased their price objective on shares of ServiceNow from $1,250.00 to $1,200.00 and set an "outperform" rating for the company in a report on Thursday, January 30th. Guggenheim restated a "sell" rating and issued a $716.00 price objective on shares of ServiceNow in a report on Wednesday, January 22nd. Redburn Atlantic assumed coverage on shares of ServiceNow in a research note on Wednesday, February 19th. They issued a "buy" rating for the company. Finally, Jefferies Financial Group decreased their price target on shares of ServiceNow from $1,300.00 to $1,250.00 and set a "buy" rating for the company 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's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $1,108.03.

Remove Ads

ServiceNow Stock Performance

Shares of NOW traded down $1.31 on Monday, reaching $843.03. The company's stock had a trading volume of 1,656,219 shares, compared to its average volume of 1,326,292. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The stock has a market capitalization of $173.66 billion, a P/E ratio of 123.43, a PEG ratio of 4.51 and a beta of 1.03. The stock's 50 day simple moving average is $992.95 and its two-hundred day simple moving average is $985.70. 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 posted its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has approved a share repurchase program on Wednesday, January 29th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

In other ServiceNow news, CEO William R. Mcdermott sold 1,263 shares of the firm's stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the sale, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,644,564.50. This trade represents a 32.74 % 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, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm's stock in a transaction that occurred 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 sale, the insider now owns 3,649 shares in the company, valued at approximately $3,370,654.28. The trade was a 44.66 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is owned by 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.