ServiceNow, Inc. (NYSE:NOW) Shares Acquired by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd grew its position in shares of ServiceNow, Inc. (NYSE:NOW) by 51.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 55,334 shares of the information technology services provider’s stock after purchasing an additional 18,905 shares during the quarter. ServiceNow comprises approximately 1.6% of OVERSEA CHINESE BANKING Corp Ltd’s investment portfolio, making the stock its 10th largest position. OVERSEA CHINESE BANKING Corp Ltd’s holdings in ServiceNow were worth $58,742,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. United Bank bought a new stake in ServiceNow during the third quarter valued at $480,000. MidAtlantic Capital Management Inc. acquired a new position in shares of ServiceNow in the 3rd quarter valued at about $58,000. Baron Wealth Management LLC boosted its position in shares of ServiceNow by 7.5% during the 3rd quarter. Baron Wealth Management LLC now owns 959 shares of the information technology services provider’s stock valued at $858,000 after purchasing an additional 67 shares in the last quarter. Aviance Capital Partners LLC acquired a new stake in ServiceNow during the third quarter worth approximately $2,806,000. Finally, Pathstone Holdings LLC increased its holdings in ServiceNow by 1.1% in the third quarter. Pathstone Holdings LLC now owns 33,833 shares of the information technology services provider’s stock worth $30,260,000 after purchasing an additional 381 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on NOW shares. TD Cowen raised their price objective on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Robert W. Baird reduced their price target on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a report on Thursday, January 30th. Piper Sandler upped their price objective on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Cantor Fitzgerald restated an “overweight” rating and issued a $1,048.00 target price on shares of ServiceNow in a research note on Tuesday, March 11th. Finally, JPMorgan Chase & Co. upped their price target on ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $1,100.31.

Insider Transactions at ServiceNow

In other ServiceNow news, CFO Gina Mastantuono sold 4,442 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the completion of 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the sale, the insider now owns 3,027 shares in the company, valued at approximately $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,351 shares of company stock worth $20,050,076 in the last quarter. Insiders own 0.25% of the company’s stock.

ServiceNow Stock Down 1.5 %

NOW stock opened at $830.11 on Wednesday. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The stock has a market cap of $171.00 billion, a P/E ratio of 121.54, a P/E/G ratio of 4.51 and a beta of 1.03. The stock’s fifty day simple moving average is $983.82 and its two-hundred day simple moving average is $985.60. 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 earnings per share for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has approved a share buyback plan on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management 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.