QRG Capital Management Inc. Has $15.29 Million Position in ServiceNow, Inc. (NYSE:NOW)

QRG Capital Management Inc. grew its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 15.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,427 shares of the information technology services provider’s stock after acquiring an additional 1,965 shares during the period. QRG Capital Management Inc.’s holdings in ServiceNow were worth $15,294,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Alphinity Investment Management Pty Ltd acquired a new stake in ServiceNow during the 4th quarter worth about $682,468,000. Versor Investments LP grew its holdings in 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 acquiring an additional 867 shares during the period. Motiv8 Investments LLC grew its holdings in ServiceNow by 5.6% during the 4th quarter. Motiv8 Investments LLC now owns 1,108 shares of the information technology services provider’s stock worth $1,175,000 after acquiring an additional 59 shares during the period. Proficio Capital Partners LLC grew its holdings 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 worth $667,000 after acquiring an additional 666,383 shares during the period. Finally, Oppenheimer & Co. Inc. grew its holdings in ServiceNow by 4.9% during the 4th quarter. Oppenheimer & Co. Inc. now owns 6,051 shares of the information technology services provider’s stock worth $6,415,000 after acquiring an additional 285 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at ServiceNow

In other news, insider Jacqueline P. Canney sold 455 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The shares were 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 owns 3,027 shares in the company, valued at $3,204,200.58. This trade represents a 13.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction that occurred 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 represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,351 shares of company stock worth $20,050,076 in the last quarter. Insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on NOW. TD Cowen increased their price objective on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. StockNews.com cut shares of ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th. The Goldman Sachs Group increased their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Truist Financial increased their price objective on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research report on Thursday, December 12th. Finally, Guggenheim reissued a “sell” rating and set a $716.00 price objective on shares of ServiceNow in a research report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, four have assigned 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 price target of $1,129.72.

ServiceNow Trading Down 2.3 %

NYSE:NOW opened at $920.73 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The firm has a market cap of $189.67 billion, a price-to-earnings ratio of 134.81, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The firm has a 50-day moving average price of $1,041.30 and a two-hundred day moving average price of $980.81.

ServiceNow (NYSE:NOW) last issued its quarterly 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 net margin of 12.97% and a return on equity of 17.11%. On average, equities analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has authorized a share repurchase plan 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 purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are 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.