Wellington Management Group LLP Reduces Stock Position in ServiceNow, Inc. (NYSE:NOW)

Wellington Management Group LLP trimmed its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 6.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 2,955,616 shares of the information technology services provider's stock after selling 213,915 shares during the period. Wellington Management Group LLP owned 1.43% of ServiceNow worth $3,133,308,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Polymer Capital Management HK LTD increased its position in ServiceNow by 57.0% in the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider's stock valued at $2,416,000 after acquiring an additional 981 shares during the period. Union Bancaire Privee UBP SA acquired a new stake in ServiceNow in the fourth quarter valued at $48,802,000. Dock Street Asset Management Inc. raised its position in ServiceNow by 3.4% during the 4th quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider's stock worth $35,147,000 after purchasing an additional 1,105 shares during the last quarter. Cardano Risk Management B.V. acquired a new position in ServiceNow during the 4th quarter worth about $105,090,000. Finally, Rheos Capital Works Inc. bought a new stake in shares of ServiceNow in the 4th quarter valued at about $10,071,000. Institutional investors and hedge funds own 87.18% of the company's stock.

Insider Buying and Selling

In related news, 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 value of $481,635.70. Following the transaction, the insider now owns 3,027 shares in the company, valued at approximately $3,204,200.58. This represents a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Gina Mastantuono sold 4,442 shares of the firm's stock in a transaction on Friday, February 21st. The stock was sold at an average price of $964.70, for a total value of $4,285,197.40. Following the completion of the sale, the chief financial officer now directly owns 11,126 shares of the company's stock, valued at $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is owned by insiders.

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ServiceNow Stock Up 1.6 %

ServiceNow stock traded up $13.08 during midday trading on Wednesday, hitting $824.64. 1,619,815 shares of the stock were exchanged, compared to its average volume of 1,418,692. 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 stock has a market capitalization of $169.88 billion, a price-to-earnings ratio of 120.74, a price-to-earnings-growth 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 business's 50-day moving average price is $939.07 and its 200-day moving average price is $983.75.

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 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%. 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 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 buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Citigroup reduced their target price on ServiceNow from $1,432.00 to $1,426.00 and set a "buy" rating on the stock in a report on Tuesday, February 4th. Cantor Fitzgerald reissued an "overweight" rating and set a $1,048.00 target price on shares of ServiceNow in a research note on Tuesday, March 11th. Royal Bank of Canada set a $986.00 target price on shares of ServiceNow in a report on Tuesday, March 11th. Needham & Company LLC lifted their price objective 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, UBS Group dropped their price objective on ServiceNow from $1,250.00 to $1,000.00 and set a "buy" rating on the stock in a research note on Tuesday, March 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $1,087.21.

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.