Korea Investment CORP Has $173.02 Million Stake in ServiceNow, Inc. (NYSE:NOW)

Korea Investment CORP reduced its holdings in ServiceNow, Inc. (NYSE:NOW) by 2.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 163,209 shares of the information technology services provider’s stock after selling 4,543 shares during the period. Korea Investment CORP owned 0.08% of ServiceNow worth $173,021,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NOW. Polymer Capital Management HK LTD increased its position 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 last quarter. Union Bancaire Privee UBP SA acquired a new position in shares of ServiceNow during the 4th quarter worth approximately $48,802,000. Dock Street Asset Management Inc. raised its stake in ServiceNow by 3.4% in 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 acquiring an additional 1,105 shares during the period. Cardano Risk Management B.V. acquired a new stake in ServiceNow during the 4th quarter valued at $105,090,000. Finally, Rheos Capital Works Inc. bought a new position in ServiceNow during the fourth quarter worth $10,071,000. 87.18% of the stock is owned by institutional investors.

Insider Activity at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction dated 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 transaction, 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 292 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the transaction, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,080,123.85. This trade represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock worth $20,050,076 in the last 90 days. 0.25% of the stock is owned by corporate insiders.

ServiceNow Stock Down 2.7 %

Shares of NYSE:NOW opened at $838.54 on Thursday. The company has a 50-day moving average price of $960.38 and a 200 day moving average price of $984.72. 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 12 month low of $637.99 and a 12 month high of $1,198.09. The company has a market cap of $172.74 billion, a price-to-earnings ratio of 122.77, a PEG ratio of 4.51 and a beta of 1.03.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS 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%. As a group, equities research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its board has approved a stock buyback 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 purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

NOW has been the subject of several research analyst reports. William Blair reiterated an “outperform” rating on shares of ServiceNow in a research note on Friday, March 7th. TD Cowen upped their target price on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Jefferies Financial Group dropped their price target on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Citigroup decreased their price objective on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. Finally, The Goldman Sachs Group lifted their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a report on Friday, January 10th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have assigned a buy rating to the stock. According to MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and an average target price of $1,093.76.

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.