abrdn plc Cuts Position in ServiceNow, Inc. (NYSE:NOW)

abrdn plc cut its stake in ServiceNow, Inc. (NYSE:NOW) by 0.2% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 441,546 shares of the information technology services provider’s stock after selling 836 shares during the period. ServiceNow comprises approximately 0.9% of abrdn plc’s portfolio, making the stock its 14th largest position. abrdn plc’s holdings in ServiceNow were worth $468,878,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NOW. Truvestments Capital LLC bought a new stake in ServiceNow in the third quarter worth $30,000. DT Investment Partners LLC lifted its stake in ServiceNow by 77.3% in the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after purchasing an additional 17 shares during the last quarter. Heck Capital Advisors LLC bought a new stake in ServiceNow in the fourth quarter worth $37,000. Oakworth Capital Inc. lifted its stake in ServiceNow by 46.7% in the third quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock worth $39,000 after purchasing an additional 14 shares during the last quarter. Finally, Dunhill Financial LLC lifted its stake in ServiceNow by 70.0% in the third quarter. Dunhill Financial LLC now owns 51 shares of the information technology services provider’s stock worth $46,000 after purchasing an additional 21 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO William R. Mcdermott sold 12,271 shares of the firm’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at approximately $2,588,953.65. This trade represents a 82.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jacqueline P. Canney sold 455 shares of the firm’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,731 shares of company stock worth $21,016,751. Company insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

NOW has been the subject of a number of research reports. JPMorgan Chase & Co. increased their price target on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Citigroup increased their price target on shares of ServiceNow from $1,071.00 to $1,432.00 and gave the stock a “buy” rating in a research note on Monday, January 27th. Robert W. Baird cut their price objective on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a report on Thursday, January 30th. Raymond James assumed coverage on shares of ServiceNow in a report on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 price objective on the stock. Finally, KeyCorp cut shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,129.93.

ServiceNow Stock Up 0.4 %

Shares of ServiceNow stock opened at $1,021.99 on Tuesday. The company has a market cap of $210.53 billion, a price-to-earnings ratio of 149.63, a price-to-earnings-growth ratio of 4.74 and a beta of 0.99. The company’s 50 day moving average is $1,083.66 and its 200 day moving average is $957.36. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. 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 (NYSE:NOW) last released 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 net margin of 12.97% and a return on equity of 17.11%. Research analysts anticipate that ServiceNow, Inc. will post 8.94 EPS for the current year.

ServiceNow declared that its Board of Directors has approved a share repurchase program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

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.