ServiceNow, Inc. (NYSE:NOW) Shares Acquired by E Fund Management Co. Ltd.

E Fund Management Co. Ltd. lifted its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 113.9% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 10,618 shares of the information technology services provider’s stock after acquiring an additional 5,653 shares during the period. ServiceNow accounts for approximately 0.6% of E Fund Management Co. Ltd.’s investment portfolio, making the stock its 25th biggest holding. E Fund Management Co. Ltd.’s holdings in ServiceNow were worth $11,256,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Polymer Capital Management HK LTD increased its position in ServiceNow by 57.0% during the third quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after buying an additional 981 shares during the period. Union Bancaire Privee UBP SA acquired a new position in ServiceNow during the fourth quarter worth approximately $48,802,000. Dock Street Asset Management Inc. increased its position in ServiceNow by 3.4% during the fourth quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock worth $35,147,000 after buying an additional 1,105 shares during the period. Avidian Wealth Enterprises LLC increased its position in ServiceNow by 39.4% during the third quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock worth $436,000 after buying an additional 138 shares during the period. Finally, Venturi Wealth Management LLC increased its position in ServiceNow by 36.4% during the third quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock worth $2,565,000 after buying an additional 765 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Transactions at ServiceNow

In related news, General Counsel Russell S. Elmer sold 336 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total value of $341,896.80. Following the completion of the transaction, the general counsel now owns 4,332 shares of the company’s stock, valued at approximately $4,408,026.60. This represents a 7.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,204,200.58. This represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock valued at $20,050,076 over the last quarter. Company insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on NOW. Cantor Fitzgerald began coverage on ServiceNow in a research note on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 target price on the stock. Guggenheim reiterated a “sell” rating and issued a $716.00 target price on shares of ServiceNow in a research note on Wednesday, January 22nd. Oppenheimer lifted their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. JMP Securities reiterated a “market outperform” rating and issued a $1,300.00 target price on shares of ServiceNow in a research note on Thursday, January 30th. Finally, Robert W. Baird lowered their target price on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a research note on Thursday, January 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $1,129.72.

ServiceNow Price Performance

Shares of NYSE NOW opened at $916.34 on Thursday. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The business has a 50-day moving average of $1,026.73 and a 200-day moving average of $984.57. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The company has a market capitalization of $188.77 billion, a price-to-earnings ratio of 134.16, a PEG ratio of 4.51 and a beta of 0.99.

ServiceNow (NYSE:NOW) last issued its earnings results 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, 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 stock buyback plan on Wednesday, January 29th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership 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.