ServiceNow, Inc. (NYSE:NOW) Stock Holdings Lessened by Polen Capital Management LLC

Polen Capital Management LLC decreased its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 26.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,634,595 shares of the information technology services provider’s stock after selling 589,149 shares during the period. ServiceNow comprises approximately 4.7% of Polen Capital Management LLC’s investment portfolio, making the stock its 8th largest holding. Polen Capital Management LLC owned approximately 0.79% of ServiceNow worth $1,732,867,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in NOW. Atala Financial Inc acquired a new position in ServiceNow in the 4th quarter valued at $28,000. Truvestments Capital LLC acquired a new position in ServiceNow in the 3rd quarter valued at $30,000. LFA Lugano Financial Advisors SA acquired a new position in ServiceNow in the 4th quarter valued at $32,000. FPC Investment Advisory Inc. raised its stake in ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after purchasing an additional 29 shares during the last quarter. Finally, Noble Wealth Management PBC acquired a new position in ServiceNow in the 4th quarter valued at $34,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $845.75 on Monday. The business has a 50-day moving average of $992.95 and a 200 day moving average of $985.70. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The stock has a market capitalization of $174.22 billion, a price-to-earnings ratio of 123.83, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its Board of Directors has authorized a stock repurchase 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 shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other news, CEO William R. Mcdermott sold 1,263 shares of ServiceNow stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the transaction, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,644,564.50. This trade represents a 32.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $964.70, for a total value 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. The trade was a 28.53 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently commented on NOW. Redburn Atlantic began coverage on ServiceNow in a research note on Wednesday, February 19th. They issued a “buy” rating for the company. William Blair reissued an “outperform” rating on shares of ServiceNow in a research note on Friday, March 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $1,048.00 target price on shares of ServiceNow in a research note on Tuesday, March 11th. The Goldman Sachs Group raised their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Finally, Needham & Company LLC raised their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. One analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and a consensus price target of $1,114.24.

About ServiceNow

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.