Torray Investment Partners LLC Lowers Holdings in ServiceNow, Inc. (NYSE:NOW)

Torray Investment Partners LLC cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 12.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,175 shares of the information technology services provider’s stock after selling 1,111 shares during the period. Torray Investment Partners LLC’s holdings in ServiceNow were worth $8,666,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of NOW. State Street Corp raised its holdings in shares of ServiceNow by 2.6% in the third quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider’s stock worth $8,118,867,000 after buying an additional 226,023 shares during the last quarter. FMR LLC lifted its stake in shares of ServiceNow by 9.9% in 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 during the period. World Investment Advisors LLC boosted its stake in shares of ServiceNow by 499,668.1% during the 3rd quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock worth $4,268,731,000 after acquiring an additional 4,771,830 shares in the last quarter. Geode Capital Management LLC raised its holdings in ServiceNow by 1.9% in the 3rd quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider’s stock worth $3,753,828,000 after purchasing an additional 78,378 shares during the period. Finally, Wellington Management Group LLP boosted its position in ServiceNow by 24.1% during the third 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 purchasing an additional 615,797 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Performance

NYSE:NOW opened at $909.80 on Tuesday. The company has a market cap of $187.42 billion, a price-to-earnings ratio of 133.21, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The company has a fifty day simple moving average of $1,034.50 and a two-hundred day simple moving average of $984.50.

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 the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, equities analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its Board of Directors has initiated a stock buyback program 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 repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Scotiabank began coverage on ServiceNow in a research note on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 price objective for the company. Wells Fargo & Company upped their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. JMP Securities reiterated a “market outperform” rating and set a $1,300.00 price objective on shares of ServiceNow in a research report on Thursday, January 30th. Mizuho upped their target price on ServiceNow from $1,070.00 to $1,210.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Finally, Redburn Atlantic started coverage on ServiceNow in a report on Wednesday, February 19th. They set a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $1,129.72.

Insider Buying and Selling

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was 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 of the company’s stock, valued at $3,370,654.28. This represents a 44.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Gina Mastantuono sold 4,442 shares of the stock in a transaction on Friday, February 21st. The shares were 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 in the company, valued at $10,733,252.20. This trade represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,351 shares of company stock worth $20,050,076. Company 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.