Andra AP fonden Lowers Holdings in ServiceNow, Inc. (NYSE:NOW)

Andra AP fonden trimmed its holdings in ServiceNow, Inc. (NYSE:NOW) by 19.1% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 17,800 shares of the information technology services provider’s stock after selling 4,200 shares during the period. Andra AP fonden’s holdings in ServiceNow were worth $18,870,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in NOW. Avidian Wealth Enterprises LLC grew its position in ServiceNow by 39.4% in the third quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock worth $436,000 after acquiring an additional 138 shares during the period. Concurrent Investment Advisors LLC boosted its position in shares of ServiceNow by 37.8% during the third quarter. Concurrent Investment Advisors LLC now owns 2,634 shares of the information technology services provider’s stock worth $2,356,000 after buying an additional 722 shares during the period. M&G PLC boosted its position in shares of ServiceNow by 34.5% during the third quarter. M&G PLC now owns 6,492 shares of the information technology services provider’s stock worth $5,804,000 after buying an additional 1,666 shares during the period. Advisor Resource Council purchased a new position in shares of ServiceNow during the third quarter worth $256,000. Finally, Kornitzer Capital Management Inc. KS boosted its position in shares of ServiceNow by 6.9% during the third quarter. Kornitzer Capital Management Inc. KS now owns 4,651 shares of the information technology services provider’s stock worth $4,160,000 after buying an additional 299 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Stock Down 1.9 %

NOW opened at $850.54 on Friday. 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, 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 $175.21 billion, a price-to-earnings ratio of 124.53, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The business has a 50-day moving average of $1,017.44 and a two-hundred day moving average of $983.88.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its Board of Directors has initiated a share buyback plan 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 plans are often an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Canaccord Genuity Group raised their price target on ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. The Goldman Sachs Group raised their price target on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Cantor Fitzgerald assumed coverage on ServiceNow in a research report on Friday, January 17th. They set an “overweight” rating and a $1,332.00 price target for the company. JMP Securities restated a “market outperform” rating and set a $1,300.00 price target on shares of ServiceNow in a research report on Thursday, January 30th. Finally, Jefferies Financial Group reduced their price objective on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and an average price target of $1,129.72.

Insider Transactions at ServiceNow

In related news, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. The trade was a 13.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO William R. Mcdermott sold 1,263 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,644,564.50. This trade represents a 32.74 % decrease in their ownership of the stock. 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.

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.