Truist Financial Corp Has $57.49 Million Position in ServiceNow, Inc. (NYSE:NOW)

Truist Financial Corp reduced its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 1.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 54,228 shares of the information technology services provider's stock after selling 1,018 shares during the period. Truist Financial Corp's holdings in ServiceNow were worth $57,488,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in NOW. Pittenger & Anderson Inc. grew its stake in ServiceNow by 1.4% during the 4th quarter. Pittenger & Anderson Inc. now owns 31,908 shares of the information technology services provider's stock worth $33,826,000 after buying an additional 456 shares during the last quarter. Sanctuary Advisors LLC boosted its holdings in shares of ServiceNow by 17.9% during the fourth quarter. Sanctuary Advisors LLC now owns 32,462 shares of the information technology services provider's stock valued at $32,876,000 after acquiring an additional 4,920 shares during the period. Rational Advisors LLC bought a new position in shares of ServiceNow during the fourth quarter worth about $2,014,000. Principal Financial Group Inc. increased its holdings in shares of ServiceNow by 20.7% in the 4th quarter. Principal Financial Group Inc. now owns 293,957 shares of the information technology services provider's stock worth $311,630,000 after acquiring an additional 50,350 shares during the period. Finally, Strategic Advisors LLC increased its holdings in shares of ServiceNow by 9.0% in the 4th quarter. Strategic Advisors LLC now owns 3,757 shares of the information technology services provider's stock worth $3,983,000 after acquiring an additional 309 shares during the period. 87.18% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have commented on NOW. Jefferies Financial Group decreased their target price on shares of ServiceNow from $1,300.00 to $1,250.00 and set a "buy" rating for the company in a research report on Thursday, January 30th. JMP Securities reiterated a "market outperform" rating and set a $1,300.00 price objective on shares of ServiceNow in a research report on Thursday, January 30th. Oppenheimer raised their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the company an "outperform" rating in a research report on Thursday, January 30th. Needham & Company LLC boosted their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a "buy" rating in a research report on Thursday, January 30th. Finally, Cantor Fitzgerald started coverage on ServiceNow in a research note on Friday, January 17th. They issued an "overweight" rating and a $1,332.00 price target for the company. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, ServiceNow presently has an average rating of "Moderate Buy" and an average target price of $1,129.72.

Insider Activity at ServiceNow

In other news, General Counsel Russell S. Elmer sold 1,023 shares of the business's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $988.00, for a total transaction of $1,010,724.00. Following the transaction, the general counsel now directly owns 4,332 shares in the company, valued at $4,280,016. The trade was a 19.10 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO William R. Mcdermott sold 1,263 shares of the 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 sale, the chief executive officer now owns 2,595 shares of the company's stock, valued at approximately $2,644,564.50. This represents a 32.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 15,806 shares of company stock valued at $16,065,122. Company insiders own 0.25% of the company's stock.

ServiceNow Trading Down 3.1 %

Shares of ServiceNow stock traded down $30.19 during trading on Friday, hitting $937.79. The stock had a trading volume of 2,001,299 shares, compared to its average volume of 1,645,842. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $193.18 billion, a PE ratio of 137.30, a P/E/G ratio of 4.60 and a beta of 0.99. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The stock has a 50 day simple moving average of $1,054.69 and a 200 day simple moving average of $977.09.

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

ServiceNow declared that its board has authorized a stock buyback plan on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's board of directors believes its shares are undervalued.

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.