ServiceNow, Inc. (NYSE:NOW) Shares Bought by Main Street Research LLC

Main Street Research LLC grew its holdings in ServiceNow, Inc. (NYSE:NOW) by 100.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 32,737 shares of the information technology services provider’s stock after purchasing an additional 16,421 shares during the quarter. ServiceNow accounts for about 2.2% of Main Street Research LLC’s holdings, making the stock its 21st biggest holding. Main Street Research LLC’s holdings in ServiceNow were worth $34,705,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Fiera Capital Corp raised its holdings in ServiceNow by 17.8% in the third quarter. Fiera Capital Corp now owns 4,062 shares of the information technology services provider’s stock valued at $3,633,000 after acquiring an additional 613 shares in the last quarter. CWA Asset Management Group LLC purchased a new stake in shares of ServiceNow in the 3rd quarter valued at approximately $3,123,000. United Bank acquired a new stake in shares of ServiceNow in the 3rd quarter valued at $480,000. Assetmark Inc. lifted its position in shares of ServiceNow by 16.5% during the 3rd quarter. Assetmark Inc. now owns 55,094 shares of the information technology services provider’s stock worth $49,276,000 after purchasing an additional 7,783 shares during the last quarter. Finally, Field & Main Bank grew its stake in shares of ServiceNow by 15.1% during the third quarter. Field & Main Bank now owns 1,788 shares of the information technology services provider’s stock worth $1,599,000 after purchasing an additional 234 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

NOW has been the topic of a number of analyst reports. StockNews.com cut ServiceNow from a “buy” rating to a “hold” rating in a research note on Tuesday, February 11th. Robert W. Baird cut their target price on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a research report on Thursday, January 30th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $1,210.00 price target on shares of ServiceNow in a report on Thursday, January 30th. Citigroup cut their price objective on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. Finally, Guggenheim restated a “sell” rating and issued a $716.00 target price on shares of ServiceNow in a 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 issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and a consensus price target of $1,129.72.

Insider Buying and Selling

In other news, CEO William R. Mcdermott sold 1,263 shares of the company’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the transaction, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at $2,644,564.50. This represents a 32.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the sale, the insider now owns 3,649 shares of the company’s stock, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock valued at $20,050,076 over the last quarter. Company insiders own 0.25% of the company’s stock.

ServiceNow Trading Down 1.9 %

Shares of ServiceNow stock opened at $850.54 on Monday. The firm has a market cap 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. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The company’s 50-day simple moving average is $1,017.44 and its 200-day simple moving average is $985.92. 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 (NYSE:NOW) last released its 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 return on equity of 17.11% and a net margin of 12.97%. As a group, equities research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its board has authorized a stock repurchase plan on Wednesday, January 29th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is 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.