Hel Ved Capital Management Ltd Trims Holdings in ServiceNow, Inc. (NYSE:NOW)

Hel Ved Capital Management Ltd reduced its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 66.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 1,030 shares of the information technology services provider’s stock after selling 2,000 shares during the period. Hel Ved Capital Management Ltd’s holdings in ServiceNow were worth $1,092,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of NOW. Oarsman Capital Inc. increased its holdings in shares of ServiceNow by 5.2% in the fourth quarter. Oarsman Capital Inc. now owns 381 shares of the information technology services provider’s stock valued at $404,000 after purchasing an additional 19 shares during the period. KCM Investment Advisors LLC increased its stake in ServiceNow by 1.7% in the 4th quarter. KCM Investment Advisors LLC now owns 886 shares of the information technology services provider’s stock valued at $939,000 after buying an additional 15 shares during the period. Resona Asset Management Co. Ltd. purchased a new position in ServiceNow during the 4th quarter worth $113,426,000. Riverwater Partners LLC acquired a new stake in shares of ServiceNow in the 4th quarter worth $214,000. Finally, Smith Moore & CO. purchased a new stake in shares of ServiceNow in the fourth quarter valued at about $209,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the transaction, the insider now owns 3,649 shares in the company, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Gina Mastantuono sold 4,442 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $964.70, for a total value 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 $10,733,252.20. This trade represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is owned by company insiders.

ServiceNow Trading Down 6.9 %

Shares of NOW opened at $720.69 on Friday. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The stock has a fifty day moving average of $917.80 and a two-hundred day moving average of $979.99. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The company has a market capitalization of $148.46 billion, a PE ratio of 105.52, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03.

ServiceNow (NYSE:NOW) last released its 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 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 year.

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Scotiabank reduced their price objective on shares of ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating for the company in a research report on Monday, March 17th. Stifel Nicolaus reduced their price target on ServiceNow from $1,175.00 to $950.00 and set a “buy” rating for the company in a report on Wednesday. StockNews.com lowered ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday, February 11th. Piper Sandler raised their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Finally, William Blair reaffirmed an “outperform” rating on shares of ServiceNow in a research note on Friday, March 7th. 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, ServiceNow has a consensus rating of “Moderate Buy” and a consensus price target of $1,086.00.

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.