ServiceNow, Inc. (NYSE:NOW) Shares Bought by Davis R M Inc.

Davis R M Inc. raised its stake in ServiceNow, Inc. (NYSE:NOW) by 2,553.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,482 shares of the information technology services provider’s stock after purchasing an additional 12,974 shares during the period. Davis R M Inc.’s holdings in ServiceNow were worth $14,293,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the stock. State Street Corp raised its position in ServiceNow by 2.6% in the 3rd quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider’s stock valued at $8,118,867,000 after purchasing an additional 226,023 shares in the last quarter. FMR LLC raised its position in ServiceNow by 9.9% in the 3rd quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock valued at $5,014,302,000 after purchasing an additional 502,845 shares in the last quarter. World Investment Advisors LLC raised its position in ServiceNow by 499,668.1% in the 3rd quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock valued at $4,268,731,000 after purchasing an additional 4,771,830 shares in the last quarter. Geode Capital Management LLC raised its position in ServiceNow by 1.9% in the 3rd quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider’s stock valued at $3,753,828,000 after purchasing an additional 78,378 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in shares of ServiceNow by 24.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock worth $2,834,797,000 after acquiring an additional 615,797 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on NOW. Canaccord Genuity Group raised their target price 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. Truist Financial raised their target price on ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research report on Thursday, December 12th. Scotiabank began coverage on ServiceNow in a research report on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 target price on the stock. Raymond James began coverage on ServiceNow in a research report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 target price on the stock. Finally, JPMorgan Chase & Co. raised their target price on ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and an average price target of $1,129.72.

Insider Activity at ServiceNow

In related news, CEO William R. Mcdermott sold 1,263 shares of ServiceNow 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 sale, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,644,564.50. The trade was a 32.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction on Friday, February 21st. The stock was sold at an average price of $964.70, for a total value of $4,285,197.40. Following the transaction, the chief financial officer now directly owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,351 shares of company stock worth $20,050,076 over the last three months. 0.25% of the stock is currently owned by corporate insiders.

ServiceNow Trading Down 8.1 %

Shares of NOW stock opened at $781.60 on Tuesday. 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, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The company has a market capitalization of $161.01 billion, a P/E ratio of 114.44, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The business’s 50 day moving average is $1,011.72 and its two-hundred day moving average is $985.64.

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

ServiceNow declared that its Board of Directors has initiated a stock repurchase program on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

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.