Sei Investments Co. Trims Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Sei Investments Co. decreased its stake in ServiceNow, Inc. (NYSE:NOW) by 5.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 351,937 shares of the information technology services provider’s stock after selling 19,080 shares during the quarter. Sei Investments Co. owned approximately 0.17% of ServiceNow worth $373,092,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of NOW. State Street Corp grew its position in shares of ServiceNow by 2.6% during the third quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider’s stock worth $8,118,867,000 after purchasing an additional 226,023 shares in the last quarter. FMR LLC boosted its stake in ServiceNow by 9.9% during the third quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock valued at $5,014,302,000 after buying an additional 502,845 shares during the last quarter. World Investment Advisors LLC boosted its stake in ServiceNow by 499,668.1% during the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock valued at $4,268,731,000 after buying an additional 4,771,830 shares during the last quarter. Geode Capital Management LLC boosted its stake in ServiceNow by 1.9% during the third quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider’s stock valued at $3,753,828,000 after buying an additional 78,378 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in ServiceNow by 24.1% during the third quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock valued at $2,834,797,000 after buying an additional 615,797 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Trading Up 0.5 %

Shares of NYSE:NOW opened at $827.92 on Friday. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The business’s fifty day simple moving average is $971.31 and its 200-day simple moving average is $983.30. The company has a market capitalization of $170.55 billion, a PE ratio of 121.22, a P/E/G ratio of 4.51 and a beta of 1.03. 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) last announced its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, equities research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has authorized 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 shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages recently commented on NOW. Mizuho dropped their price target on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a research note on Tuesday, March 11th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $1,275.00 price objective on shares of ServiceNow in a research note on Tuesday, March 11th. TD Cowen raised their price objective on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. KeyCorp lowered ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. Finally, The Goldman Sachs Group raised their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research note on Friday, January 10th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $1,100.31.

Insider Transactions at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the sale, the insider now owns 3,649 shares of the company’s stock, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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. The trade was a 28.53 % 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 in the last quarter. 0.25% of the stock is currently owned by corporate insiders.

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.