ServiceNow, Inc. (NYSE:NOW) is Axecap Investments LLC’s 3rd Largest Position

Axecap Investments LLC raised its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 294.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,345 shares of the information technology services provider’s stock after buying an additional 3,244 shares during the quarter. ServiceNow comprises about 3.5% of Axecap Investments LLC’s holdings, making the stock its 3rd largest position. Axecap Investments LLC’s holdings in ServiceNow were worth $4,606,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. McGlone Suttner Wealth Management Inc. bought a new stake in shares of ServiceNow in the 3rd quarter valued at about $262,000. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH lifted its stake in shares of ServiceNow by 1,929.2% in the 3rd quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 3,409 shares of the information technology services provider’s stock valued at $3,049,000 after acquiring an additional 3,241 shares during the last quarter. Thomasville National Bank lifted its stake in shares of ServiceNow by 9.3% in the 3rd quarter. Thomasville National Bank now owns 15,305 shares of the information technology services provider’s stock valued at $13,689,000 after acquiring an additional 1,307 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its stake in shares of ServiceNow by 14.8% in the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 729 shares of the information technology services provider’s stock valued at $652,000 after acquiring an additional 94 shares during the last quarter. Finally, Paladin Wealth LLC bought a new stake in shares of ServiceNow in the 3rd quarter valued at about $611,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Guggenheim reaffirmed a “sell” rating and set a $716.00 price target on shares of ServiceNow in a research report on Wednesday, January 22nd. Truist Financial upped their price target on ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research report on Thursday, December 12th. Jefferies Financial Group lowered their price target on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. Robert W. Baird lowered their price target on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a research report on Thursday, January 30th. Finally, Morgan Stanley lowered ServiceNow from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $900.00 to $960.00 in a research report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $1,129.72.

Insider Activity at ServiceNow

In other news, insider Jacqueline P. Canney sold 66 shares of the business’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $1,048.29, for a total transaction of $69,187.14. Following the transaction, the insider now directly owns 3,027 shares in the company, valued at $3,173,173.83. The trade was a 2.13 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Anita M. Sands sold 2,229 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the transaction, the director now owns 11,000 shares in the company, valued at $11,710,600. The trade was a 16.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,702 shares of company stock valued at $20,965,306 over the last ninety days. Insiders own 0.25% of the company’s stock.

ServiceNow Stock Performance

NYSE:NOW opened at $1,021.52 on Tuesday. The company has a fifty day simple moving average of $1,080.32 and a two-hundred day simple moving average of $966.85. The company has a market cap of $210.43 billion, a price-to-earnings ratio of 149.56, a price-to-earnings-growth ratio of 4.76 and a beta of 0.99. 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, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09.

ServiceNow (NYSE:NOW) last released its quarterly earnings data 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%. As a group, equities analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has approved a stock repurchase 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 purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

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.