ServiceNow, Inc. (NYSE:NOW) Shares Sold by Vinva Investment Management Ltd

Vinva Investment Management Ltd trimmed its position in shares of ServiceNow, Inc. (NYSE:NOW) by 37.6% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,740 shares of the information technology services provider’s stock after selling 2,859 shares during the period. Vinva Investment Management Ltd’s holdings in ServiceNow were worth $5,061,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bestgate Wealth Advisors LLC acquired a new stake in shares of ServiceNow in the 4th quarter worth approximately $340,000. Fox Hill Wealth Management lifted its stake in shares of ServiceNow by 43.0% in the 4th quarter. Fox Hill Wealth Management now owns 675 shares of the information technology services provider’s stock worth $716,000 after acquiring an additional 203 shares during the period. OVERSEA CHINESE BANKING Corp Ltd lifted its stake in shares of ServiceNow by 51.9% in the 4th quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 55,334 shares of the information technology services provider’s stock worth $58,742,000 after acquiring an additional 18,905 shares during the period. Xponance Inc. lifted its stake in shares of ServiceNow by 2.7% in the 4th quarter. Xponance Inc. now owns 53,036 shares of the information technology services provider’s stock worth $56,225,000 after acquiring an additional 1,402 shares during the period. Finally, OPTIMAS CAPITAL Ltd acquired a new stake in shares of ServiceNow in the 4th quarter worth approximately $1,696,000. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Stock Performance

Shares of NOW opened at $843.60 on Thursday. The company’s fifty day moving average is $979.74 and its 200-day moving average is $984.61. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The firm has a market cap of $173.78 billion, a price-to-earnings ratio of 123.51, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. 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 announced its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS 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%. Equities analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its board has initiated a stock buyback program on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

NOW has been the subject of a number of research analyst reports. Truist Financial upped 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. Scotiabank cut their target price on shares of ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating for the company in a research note on Monday. Wells Fargo & Company increased 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 note on Thursday, December 5th. Citigroup cut their target price on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Finally, Jefferies Financial Group cut their target price on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $1,100.31.

Insider Transactions at ServiceNow

In related news, Director Larry Quinlan sold 415 shares of the company’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $1,007.41, for a total transaction of $418,075.15. Following the completion of the sale, the director now directly owns 1,737 shares of the company’s stock, valued at approximately $1,749,871.17. This represents a 19.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jacqueline P. Canney sold 455 shares of the company’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. This represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,351 shares of company stock worth $20,050,076 in the last 90 days. 0.25% of the stock is owned by 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.