Marietta Investment Partners LLC Makes New Investment in ServiceNow, Inc. (NYSE:NOW)

Marietta Investment Partners LLC bought a new position in shares of ServiceNow, Inc. (NYSE:NOW) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 215 shares of the information technology services provider’s stock, valued at approximately $228,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. State Street Corp grew its stake in shares of ServiceNow by 2.6% in the 3rd 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 position 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 buying an additional 502,845 shares in the last quarter. World Investment Advisors LLC increased its position in 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 valued at $4,268,731,000 after buying an additional 4,771,830 shares in the last quarter. Geode Capital Management LLC increased its position in ServiceNow by 1.9% during the 3rd quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider’s stock valued at $3,753,828,000 after buying an additional 78,378 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in 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 valued at $2,834,797,000 after buying an additional 615,797 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Buying and Selling at ServiceNow

In other news, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total value 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. The trade was a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William R. Mcdermott sold 1,263 shares of ServiceNow stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,644,564.50. This trade represents a 32.74 % 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 valued at $20,050,076 over the last ninety days. 0.25% of the stock is currently owned by company insiders.

ServiceNow Price Performance

NYSE:NOW opened at $827.92 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The business’s 50-day simple moving average is $971.31 and its two-hundred day simple moving average is $983.30. The stock has a market cap of $170.55 billion, a PE ratio of 121.22, a P/E/G ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 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%. As a group, analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. The Goldman Sachs Group raised their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research report on Friday, January 10th. TD Cowen increased their target price on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Raymond James assumed coverage on ServiceNow in a research note on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 target price on the stock. StockNews.com downgraded ServiceNow from a “buy” rating to a “hold” rating in a research note on Tuesday, February 11th. Finally, Needham & Company LLC increased their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $1,100.31.

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.