Vanguard Group Inc. Grows Holdings in ServiceNow, Inc. (NYSE:NOW)

Vanguard Group Inc. increased its position in ServiceNow, Inc. (NYSE:NOW) by 1.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,199,258 shares of the information technology services provider’s stock after acquiring an additional 190,430 shares during the quarter. Vanguard Group Inc. owned about 9.32% of ServiceNow worth $20,353,517,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Polymer Capital Management HK LTD increased its holdings in ServiceNow by 57.0% in the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after acquiring an additional 981 shares in the last quarter. Union Bancaire Privee UBP SA purchased a new stake in ServiceNow during the 4th quarter valued at approximately $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 valued at $35,147,000 after buying an additional 1,105 shares in the last quarter. Cardano Risk Management B.V. purchased a new stake in ServiceNow during the 4th quarter valued at approximately $105,090,000. Finally, Rheos Capital Works Inc. bought a new stake in ServiceNow in the fourth quarter worth $10,071,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on NOW. UBS Group lowered their target price on shares of ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating for the company in a research note on Tuesday, March 11th. Royal Bank of Canada set a $986.00 price objective on shares of ServiceNow in a research note on Tuesday, March 11th. Mizuho lowered their price objective on shares of ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a research note on Tuesday, March 11th. Robert W. Baird reduced their target price 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. Finally, StockNews.com downgraded shares of ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday, February 11th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have issued a buy rating to the stock. According to data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and a consensus target price of $1,100.31.

ServiceNow Stock Performance

Shares of NOW opened at $827.92 on Friday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock has a market cap of $170.55 billion, a P/E ratio of 121.22, a PEG ratio of 4.51 and a beta of 1.03. The company has a 50-day moving average of $971.31 and a two-hundred day moving average of $984.34. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data 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 net margin of 12.97% and a return on equity of 17.11%. As a group, research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its Board of Directors 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 repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the sale, the insider now directly owns 3,649 shares in the company, valued at approximately $3,370,654.28. The trade was a 44.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Gina Mastantuono sold 4,442 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer now 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 sold a total of 20,351 shares of company stock valued at $20,050,076 over the last 90 days. Insiders own 0.25% of the company’s stock.

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.