O Shaughnessy Asset Management LLC Purchases 2,493 Shares of ServiceNow, Inc. (NYSE:NOW)

O Shaughnessy Asset Management LLC lifted its position in shares of ServiceNow, Inc. (NYSE:NOW) by 11.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,572 shares of the information technology services provider’s stock after purchasing an additional 2,493 shares during the quarter. O Shaughnessy Asset Management LLC’s holdings in ServiceNow were worth $24,989,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Polymer Capital Management HK LTD grew its stake in ServiceNow by 57.0% in the third quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock valued at $2,416,000 after acquiring an additional 981 shares during the period. Union Bancaire Privee UBP SA bought a new position in shares of ServiceNow during the 4th quarter valued at about $48,802,000. Dock Street Asset Management Inc. increased its stake in ServiceNow by 3.4% during the 4th quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock worth $35,147,000 after purchasing an additional 1,105 shares in the last quarter. Cardano Risk Management B.V. acquired a new stake in ServiceNow during the 4th quarter worth approximately $105,090,000. Finally, Rheos Capital Works Inc. bought a new position in ServiceNow in the fourth quarter valued at approximately $10,071,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Activity

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the sale, the insider now 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Gina Mastantuono sold 4,442 shares of the firm’s stock in a transaction dated 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 approximately $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is currently owned by company insiders.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $796.61 on Monday. 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 stock has a market capitalization of $164.10 billion, a price-to-earnings ratio of 116.63, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The company has a 50-day simple moving average of $950.30 and a two-hundred day simple moving average of $984.86.

ServiceNow (NYSE:NOW) last issued 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%. Analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has authorized a share buyback plan on Wednesday, January 29th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

NOW has been the subject of several research reports. Needham & Company LLC increased their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. Robert W. Baird dropped their price target on ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 26th. Truist Financial upped their price objective on ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research report on Thursday, December 12th. Oppenheimer boosted their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Finally, Raymond James assumed coverage on shares of ServiceNow in a research note on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price target for the company. One analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $1,093.76.

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.