ServiceNow, Inc. (NYSE:NOW) Shares Bought by TD Asset Management Inc.

TD Asset Management Inc. grew its holdings in ServiceNow, Inc. (NYSE:NOW) by 2.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 297,404 shares of the information technology services provider’s stock after purchasing an additional 6,041 shares during the period. TD Asset Management Inc. owned approximately 0.14% of ServiceNow worth $315,284,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Polymer Capital Management HK LTD boosted its stake in 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 buying an additional 981 shares during the period. Union Bancaire Privee UBP SA purchased a new position in shares of ServiceNow during the 4th quarter worth approximately $48,802,000. Dock Street Asset Management Inc. boosted its position in shares of 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 purchasing an additional 1,105 shares during the period. Cardano Risk Management B.V. acquired a new stake in ServiceNow in the 4th quarter valued at approximately $105,090,000. Finally, Rheos Capital Works Inc. purchased a new stake in ServiceNow in the fourth quarter valued at approximately $10,071,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at ServiceNow

In other ServiceNow news, 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 transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. The trade was a 13.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Russell S. Elmer sold 2,511 shares of ServiceNow stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $1,012.09, for a total transaction of $2,541,357.99. Following the completion of the sale, the general counsel now directly owns 4,332 shares in the company, valued at approximately $4,384,373.88. The trade was a 36.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock worth $20,050,076 in the last quarter. Company insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on NOW. TD Cowen lifted their price objective 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. Cantor Fitzgerald reiterated an “overweight” rating and set a $1,048.00 price target on shares of ServiceNow in a research note on Tuesday, March 11th. The Goldman Sachs Group raised their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Royal Bank of Canada set a $986.00 price objective on shares of ServiceNow in a report on Tuesday, March 11th. Finally, Scotiabank reduced their target price on shares of ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating on the stock in a report on Monday, March 17th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $1,100.31.

ServiceNow Price Performance

NOW stock opened at $851.56 on Tuesday. The business has a 50 day simple moving average of $968.10 and a 200-day simple moving average of $985.50. The company has a market capitalization of $175.42 billion, a P/E ratio of 124.68, a PEG ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. 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 data 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 net margin of 12.97% and a return on equity of 17.11%. As a group, equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its board has authorized a share buyback plan on Wednesday, January 29th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

ServiceNow Company 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.