Wellington Management Group LLP Lowers Stock Position in ServiceNow, Inc. (NYSE:NOW)

Wellington Management Group LLP decreased its holdings in ServiceNow, Inc. (NYSE:NOW) by 6.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,955,616 shares of the information technology services provider’s stock after selling 213,915 shares during the quarter. Wellington Management Group LLP’s holdings in ServiceNow were worth $3,133,308,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Polymer Capital Management HK LTD raised its stake in ServiceNow by 57.0% during the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock valued at $2,416,000 after acquiring an additional 981 shares during the last quarter. Union Bancaire Privee UBP SA acquired a new position in shares of ServiceNow in the fourth quarter valued at approximately $48,802,000. Dock Street Asset Management Inc. raised its stake in shares of 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 purchasing an additional 1,105 shares during the last quarter. Cardano Risk Management B.V. acquired a new stake in shares of ServiceNow during the fourth quarter worth $105,090,000. Finally, Rheos Capital Works Inc. purchased a new position in ServiceNow in the 4th quarter valued at $10,071,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Buying and Selling at ServiceNow

In other news, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the completion of the sale, the insider now directly owns 3,027 shares in the company, valued at $3,204,200.58. The trade was a 13.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William R. Mcdermott sold 1,263 shares of the firm’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the transaction, the chief executive officer now owns 2,595 shares in the company, valued at $2,644,564.50. This represents a 32.74 % 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. Company insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on NOW. Needham & Company LLC raised their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Citigroup lowered their price objective on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. UBS Group dropped their target price on ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating on the stock in a research report on Tuesday, March 11th. Scotiabank reduced their price target on ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating for the company in a report on Monday, March 17th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $1,300.00 price objective on shares of ServiceNow in a report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have given a buy rating to the stock. Based on data from MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,093.76.

ServiceNow Price Performance

NOW stock opened at $796.61 on Monday. The firm has a 50-day moving average of $950.30 and a two-hundred day moving average of $984.86. The firm has a market capitalization of $164.10 billion, a PE ratio of 116.63, 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, Inc. has a one year low of $637.99 and a one year high of $1,198.09.

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

ServiceNow declared that its Board of Directors has approved a stock buyback program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

ServiceNow 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.