Zacks Investment Management Has $36.64 Million Position in ServiceNow, Inc. (NYSE:NOW)

Zacks Investment Management boosted its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 3.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 34,558 shares of the information technology services provider's stock after purchasing an additional 1,084 shares during the quarter. Zacks Investment Management's holdings in ServiceNow were worth $36,636,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of NOW. Atala Financial Inc bought a new position in ServiceNow in the 4th quarter valued at about $28,000. LFA Lugano Financial Advisors SA bought a new position in shares of ServiceNow during the fourth quarter worth approximately $32,000. Noble Wealth Management PBC acquired a new stake in ServiceNow during the 4th quarter worth approximately $34,000. FPC Investment Advisory Inc. lifted its holdings in ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock worth $34,000 after purchasing an additional 29 shares during the last quarter. Finally, Heck Capital Advisors LLC bought a new stake in ServiceNow in the 4th quarter valued at $37,000. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Trading Down 3.1 %

NYSE:NOW traded down $24.48 during trading hours on Friday, hitting $772.18. 1,802,088 shares of the company were exchanged, compared to its average volume of 1,480,170. The stock 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. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The company has a fifty day simple moving average of $852.94 and a 200 day simple moving average of $970.14. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW - Get Free Report) last issued 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 return on equity of 17.11% and a net margin of 12.97%. Sell-side analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its Board of Directors has initiated a stock buyback program 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 purchase up to 1.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on NOW shares. JMP Securities reissued a "market outperform" rating and set a $1,300.00 target price on shares of ServiceNow in a report on Thursday, January 30th. Jefferies Financial Group dropped their price objective on shares of ServiceNow from $1,250.00 to $1,025.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Bank of America decreased their target price on shares of ServiceNow from $1,280.00 to $1,025.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. William Blair reiterated an "outperform" rating on shares of ServiceNow in a research report on Friday, March 7th. Finally, Piper Sandler boosted their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the company an "overweight" rating in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, four have given a hold rating and twenty-eight have given a buy rating to the company's stock. According to data from MarketBeat.com, ServiceNow currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,057.17.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 354 shares of the business's stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total value of $284,831.94. Following the transaction, the insider now directly owns 3,027 shares of the company's stock, valued at $2,435,554.47. The trade was a 10.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Russell S. Elmer sold 2,511 shares of the company's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the sale, the general counsel now owns 4,332 shares in the company, valued at approximately $4,384,373.88. The trade was a 36.69 % 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 worth $19,853,273. 0.38% of the stock is currently owned by insiders.

About ServiceNow

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.