ServiceNow, Inc. (NYSE:NOW) Stake Lessened by Equitable Trust Co.

Equitable Trust Co. lessened its stake in ServiceNow, Inc. (NYSE:NOW) by 2.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,855 shares of the information technology services provider’s stock after selling 104 shares during the period. Equitable Trust Co.’s holdings in ServiceNow were worth $5,147,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. State Street Corp increased its stake 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 increased its stake in shares of ServiceNow by 9.9% in the third quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock worth $5,014,302,000 after buying an additional 502,845 shares during the last quarter. World Investment Advisors LLC boosted its holdings in ServiceNow by 499,668.1% in the third 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 purchasing an additional 4,771,830 shares during the period. Geode Capital Management LLC boosted its holdings in ServiceNow by 1.9% in the third 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 holdings in ServiceNow by 24.1% in 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 during the period. Institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Canaccord Genuity Group lifted their price objective on shares of ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Sanford C. Bernstein lifted their price objective on shares of ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Morgan Stanley downgraded shares of ServiceNow from an “overweight” rating to an “equal weight” rating and lifted their price objective for the stock from $900.00 to $960.00 in a report on Monday, October 21st. StockNews.com lowered shares of ServiceNow from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Finally, KeyCorp lowered shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and a consensus target price of $1,129.72.

Insider Buying and Selling at ServiceNow

In other news, General Counsel Russell S. Elmer sold 1,867 shares of the business’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $1,023.97, for a total transaction of $1,911,751.99. Following the transaction, the general counsel now directly owns 6,843 shares in the company, valued at $7,007,026.71. The trade was a 21.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jacqueline P. Canney sold 66 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $1,048.29, for a total transaction of $69,187.14. Following the transaction, the insider now owns 3,027 shares in the company, valued at approximately $3,173,173.83. This represents a 2.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,702 shares of company stock valued at $20,965,306 in the last three months. 0.25% of the stock is currently owned by company insiders.

ServiceNow Price Performance

NYSE NOW opened at $1,007.79 on Monday. The stock has a market capitalization of $207.61 billion, a P/E ratio of 147.55, a P/E/G ratio of 4.76 and a beta of 0.99. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The business’s fifty day moving average is $1,080.32 and its two-hundred day moving average is $965.20. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors has initiated a share buyback 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 stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

About ServiceNow

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.