Passive Capital Management LLC. Has $1.44 Million Stock Position in ServiceNow, Inc. (NYSE:NOW)

Passive Capital Management LLC. lessened its stake in ServiceNow, Inc. (NYSE:NOW) by 6.0% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 1,354 shares of the information technology services provider’s stock after selling 87 shares during the quarter. ServiceNow makes up approximately 0.5% of Passive Capital Management LLC.’s investment portfolio, making the stock its 26th largest position. Passive Capital Management LLC.’s holdings in ServiceNow were worth $1,435,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Verus Capital Partners LLC raised its position in ServiceNow by 63.1% during the fourth quarter. Verus Capital Partners LLC now owns 393 shares of the information technology services provider’s stock worth $417,000 after acquiring an additional 152 shares in the last quarter. Linscomb Wealth Inc. increased its stake in shares of ServiceNow by 5.7% during the 4th quarter. Linscomb Wealth Inc. now owns 2,645 shares of the information technology services provider’s stock worth $2,804,000 after purchasing an additional 143 shares during the last quarter. QRG Capital Management Inc. lifted its position in shares of ServiceNow by 15.8% in the fourth quarter. QRG Capital Management Inc. now owns 14,427 shares of the information technology services provider’s stock valued at $15,294,000 after buying an additional 1,965 shares during the last quarter. Alphinity Investment Management Pty Ltd bought a new stake in ServiceNow in the 4th quarter valued at $682,468,000. Finally, Versor Investments LP lifted its stake in shares of ServiceNow by 289.0% during the 4th quarter. Versor Investments LP now owns 1,167 shares of the information technology services provider’s stock worth $1,237,000 after buying an additional 867 shares during the last quarter. 87.18% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction on Friday, February 21st. The shares were sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the completion of the transaction, the chief financial officer now owns 11,126 shares of the company’s stock, valued at $10,733,252.20. This trade represents a 28.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the sale, the insider now directly owns 3,649 shares in the company, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,351 shares of company stock valued at $20,050,076 over the last ninety days. 0.25% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Redburn Atlantic initiated coverage on shares of ServiceNow in a research report on Wednesday, February 19th. They issued a “buy” rating for the company. Piper Sandler increased their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. The Goldman Sachs Group lifted their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a report on Friday, January 10th. KeyCorp downgraded ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. Finally, StockNews.com cut ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th. One 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 assigned a strong buy rating to the stock. According to data from MarketBeat, ServiceNow has an average rating of “Moderate Buy” and an average target price of $1,129.72.

ServiceNow Price Performance

NOW stock opened at $920.73 on Friday. The company has a market capitalization of $189.67 billion, a P/E ratio of 134.81, a PEG ratio of 4.51 and a beta of 0.99. The company has a fifty day moving average price of $1,041.30 and a 200-day moving average price of $980.81. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09.

ServiceNow (NYSE:NOW) last announced 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%. As a group, equities analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has approved a stock repurchase plan on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are 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.