Empowered Funds LLC Has $5.52 Million Stake in ServiceNow, Inc. (NYSE:NOW)

Empowered Funds LLC reduced its holdings in ServiceNow, Inc. (NYSE:NOW) by 26.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,202 shares of the information technology services provider’s stock after selling 1,885 shares during the quarter. Empowered Funds LLC’s holdings in ServiceNow were worth $5,515,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Polymer Capital Management HK LTD grew its holdings in shares of ServiceNow by 57.0% during the third quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after purchasing an additional 981 shares during the last quarter. Union Bancaire Privee UBP SA acquired a new position in ServiceNow during the 4th quarter worth about $48,802,000. Dock Street Asset Management Inc. grew its holdings in ServiceNow by 3.4% during the 4th 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. Avidian Wealth Enterprises LLC increased its position in ServiceNow by 39.4% in the 3rd quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock valued at $436,000 after acquiring an additional 138 shares in the last quarter. Finally, Venturi Wealth Management LLC raised its stake in shares of ServiceNow by 36.4% in the third quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock worth $2,565,000 after acquiring an additional 765 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

Insider Activity at ServiceNow

In other news, CEO William R. Mcdermott sold 1,263 shares of the firm’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 completion of the sale, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at $2,644,564.50. This trade represents a 32.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, General Counsel Russell S. Elmer sold 1,867 shares of the company’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $1,023.97, for a total transaction of $1,911,751.99. Following the completion of the transaction, the general counsel now owns 6,843 shares in the company, valued at approximately $7,007,026.71. This represents a 21.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 24,809 shares of company stock valued at $25,174,184. 0.25% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on NOW shares. JPMorgan Chase & Co. raised their price target on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. TD Cowen lifted their target price on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. JMP Securities reaffirmed a “market outperform” rating and set a $1,300.00 price target on shares of ServiceNow in a research note on Thursday, January 30th. Truist Financial lifted their price objective on ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research report on Thursday, December 12th. Finally, The Goldman Sachs Group upped their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research report on Friday, January 10th. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.72.

ServiceNow Stock Down 1.3 %

Shares of NOW stock opened at $1,008.63 on Wednesday. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm has a fifty day moving average of $1,079.78 and a 200-day moving average of $968.21. The company has a market capitalization of $207.78 billion, a price-to-earnings ratio of 147.68, a P/E/G ratio of 4.76 and a beta of 0.99.

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 analysts’ consensus estimates 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 predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors has approved a stock repurchase program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes 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 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.