Cerity Partners LLC Trims Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Cerity Partners LLC decreased its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 5.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 86,228 shares of the information technology services provider’s stock after selling 5,280 shares during the period. Cerity Partners LLC’s holdings in ServiceNow were worth $86,440,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Union Bancaire Privee UBP SA purchased a new stake in shares of ServiceNow in the fourth quarter valued at about $48,802,000. Dock Street Asset Management Inc. raised its position in 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 acquiring an additional 1,105 shares during the last quarter. Cardano Risk Management B.V. acquired a new position in shares of ServiceNow during the 4th quarter worth approximately $105,090,000. Rheos Capital Works Inc. purchased a new stake in shares of ServiceNow in the fourth quarter valued at $10,071,000. Finally, Czech National Bank lifted its holdings in ServiceNow by 6.7% in the 4th quarter. Czech National Bank now owns 44,793 shares of the information technology services provider’s stock valued at $47,486,000 after purchasing an additional 2,829 shares in the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

NOW has been the topic of a number of recent analyst reports. BMO Capital Markets reduced their price target on ServiceNow from $1,185.00 to $990.00 and set an “outperform” rating on the stock in a research note on Friday. The Goldman Sachs Group boosted 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 note on Friday, January 10th. Redburn Atlantic initiated coverage on ServiceNow in a research note on Wednesday, February 19th. They issued a “buy” rating for the company. Robert W. Baird dropped their price target on shares of ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 26th. Finally, StockNews.com lowered ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,086.00.

ServiceNow Stock Down 6.9 %

NOW stock opened at $720.69 on Monday. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The company has a market capitalization of $148.46 billion, a price-to-earnings ratio of 105.52, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. The firm’s 50-day moving average is $917.80 and its two-hundred day moving average is $981.27. 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 (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%. On average, analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its Board of Directors has approved a share buyback plan on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Insider Transactions at ServiceNow

In other ServiceNow news, CFO Gina Mastantuono sold 4,442 shares of the business’s stock in a transaction 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 sale, the chief financial officer now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jacqueline P. Canney sold 292 shares of the firm’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total value of $297,124.60. Following the completion of the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,080,123.85. This trade represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,351 shares of company stock valued at $20,050,076 in the last three months. 0.25% of the stock is currently owned by corporate insiders.

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.