Lyell Wealth Management LP Trims Position in ServiceNow, Inc. (NYSE:NOW)

Lyell Wealth Management LP reduced its stake in ServiceNow, Inc. (NYSE:NOW) by 0.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 26,041 shares of the information technology services provider’s stock after selling 127 shares during the period. ServiceNow makes up 2.5% of Lyell Wealth Management LP’s portfolio, making the stock its 7th largest holding. Lyell Wealth Management LP’s holdings in ServiceNow were worth $27,607,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. World Investment Advisors LLC boosted 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 buying an additional 4,771,830 shares during the period. International Assets Investment Management LLC raised its stake in shares of ServiceNow by 89,137.0% during the 3rd quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock worth $1,059,912,000 after acquiring an additional 1,183,739 shares in the last quarter. Bank of Montreal Can raised its stake in shares of ServiceNow by 216.6% during the 3rd quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider’s stock worth $1,206,178,000 after acquiring an additional 935,848 shares in the last quarter. Wellington Management Group LLP raised its stake 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. Finally, FMR LLC increased its stake in ServiceNow by 9.9% during 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. 87.18% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

NOW has been the topic of several recent research reports. Scotiabank initiated coverage on shares of ServiceNow in a report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price objective on the stock. Piper Sandler raised their price target on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Wells Fargo & Company lifted their target price on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Truist Financial raised their price target on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research note on Thursday, December 12th. Finally, The Goldman Sachs Group lifted their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

ServiceNow Stock Up 0.9 %

NOW opened at $995.97 on Wednesday. The business has a 50 day moving average price of $1,065.18 and a 200 day moving average price of $975.99. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The firm has a market cap of $205.17 billion, a P/E ratio of 145.82, a price-to-earnings-growth ratio of 4.59 and a beta of 0.99.

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

ServiceNow announced that its board has initiated a stock buyback 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 purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other ServiceNow news, Director Anita M. Sands sold 2,229 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the transaction, the director now owns 11,000 shares of the company’s stock, valued at approximately $11,710,600. This represents a 16.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction dated 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 transaction, the insider now directly owns 3,027 shares in the company, valued at $3,204,200.58. The trade was a 13.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,811 shares of company stock valued at $11,159,073 over the last 90 days. 0.25% of the stock is owned by company insiders.

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.