O Neil Global Advisors Inc. Reduces Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

O Neil Global Advisors Inc. cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 14.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,710 shares of the information technology services provider’s stock after selling 450 shares during the period. ServiceNow accounts for about 0.8% of O Neil Global Advisors Inc.’s holdings, making the stock its 12th biggest position. O Neil Global Advisors Inc.’s holdings in ServiceNow were worth $2,873,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of NOW. Foundations Investment Advisors LLC grew its position in ServiceNow by 19.3% in the 3rd quarter. Foundations Investment Advisors LLC now owns 624 shares of the information technology services provider’s stock valued at $558,000 after buying an additional 101 shares during the last quarter. Segment Wealth Management LLC grew its position in ServiceNow by 39.3% in the 3rd quarter. Segment Wealth Management LLC now owns 709 shares of the information technology services provider’s stock valued at $634,000 after buying an additional 200 shares during the last quarter. Commerzbank Aktiengesellschaft FI grew its position in ServiceNow by 44.0% in the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 1,076 shares of the information technology services provider’s stock valued at $963,000 after buying an additional 329 shares during the last quarter. Axecap Investments LLC acquired a new stake in ServiceNow in the third quarter valued at $985,000. Finally, International Assets Investment Management LLC lifted its holdings in ServiceNow by 89,137.0% in the third quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock valued at $1,059,912,000 after acquiring an additional 1,183,739 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Nicholas Tzitzon sold 313 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the completion of the transaction, the insider now directly owns 3,649 shares in the company, valued at $3,884,725.40. This trade represents a 7.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William R. Mcdermott sold 384 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $986.64, for a total transaction of $378,869.76. Following the sale, the chief executive officer now owns 6,614 shares of the company’s stock, valued at approximately $6,525,636.96. This represents a 5.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,806 shares of company stock worth $16,065,122. Corporate insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

NOW has been the subject of a number of recent analyst reports. TD Cowen raised their target price on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Oppenheimer lifted their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Mizuho lifted their price target on ServiceNow from $1,070.00 to $1,210.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Barclays lifted their price target on ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $1,210.00 price objective on shares of ServiceNow in a research report on Thursday, January 30th. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $1,129.72.

ServiceNow Trading Down 1.9 %

Shares of NOW stock opened at $968.19 on Friday. The firm has a market cap of $199.45 billion, a P/E ratio of 141.76, a price-to-earnings-growth ratio of 4.60 and a beta of 0.99. The business has a 50-day moving average price of $1,058.36 and a two-hundred day moving average price of $976.01. 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, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) 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%. Equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its Board of Directors has initiated a share buyback 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 often a sign that the company’s board believes its stock is undervalued.

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.