OV Management LLC Raises Holdings in ServiceNow, Inc. (NYSE:NOW)

OV Management LLC increased its position in shares of ServiceNow, Inc. (NYSE:NOW) by 5.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,154 shares of the information technology services provider’s stock after acquiring an additional 233 shares during the quarter. ServiceNow makes up approximately 2.0% of OV Management LLC’s holdings, making the stock its 12th biggest holding. OV Management LLC’s holdings in ServiceNow were worth $4,404,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in NOW. World Investment Advisors LLC increased its position in ServiceNow by 499,668.1% in the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock worth $4,268,731,000 after buying an additional 4,771,830 shares during the period. Norges Bank purchased a new position in ServiceNow in the 4th quarter worth about $2,603,360,000. Proficio Capital Partners LLC raised its stake in ServiceNow by 154,255.3% during the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock valued at $667,000 after purchasing an additional 666,383 shares during the period. Alphinity Investment Management Pty Ltd purchased a new position in ServiceNow during the 4th quarter valued at about $682,468,000. Finally, Wellington Management Group LLP lifted its position in ServiceNow by 24.1% in the 3rd quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock worth $2,834,797,000 after buying an additional 615,797 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Truist Financial decreased their price objective on shares of ServiceNow from $1,100.00 to $950.00 and set a “hold” rating for the company in a report on Monday. Canaccord Genuity Group restated a “buy” rating and issued a $1,275.00 price target on shares of ServiceNow in a research report on Tuesday, March 11th. Citigroup reduced their target price on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. Robert W. Baird cut their target price on ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating for the company in a research report on Wednesday, March 26th. Finally, Royal Bank of Canada set a $986.00 price objective on shares of ServiceNow in a research note on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have assigned a buy rating to the company. Based on data from MarketBeat, ServiceNow has an average rating of “Moderate Buy” and a consensus price target of $1,088.59.

Insiders Place Their Bets

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction that occurred 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 transaction, the insider now directly owns 3,649 shares in the company, valued at approximately $3,370,654.28. This trade represents a 44.66 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Gina Mastantuono sold 4,442 shares of the 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 sale, the chief financial officer now directly owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock worth $20,050,076 over the last three months. Company insiders own 0.25% of the company’s stock.

ServiceNow Trading Down 0.0 %

ServiceNow stock opened at $797.39 on Tuesday. The company has a market capitalization of $164.26 billion, a price-to-earnings ratio of 116.75, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The stock has a 50-day moving average price of $944.81 and a 200 day moving average price of $984.23. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. 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 (NYSE:NOW) last issued its quarterly 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 net margin of 12.97% and a return on equity of 17.11%. Sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its board has initiated a stock buyback program 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 programs are generally a sign that the company’s management 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.