ServiceNow, Inc. (NYSE:NOW) Stock Position Trimmed by Federated Hermes Inc.

Federated Hermes Inc. decreased its position in ServiceNow, Inc. (NYSE:NOW) by 0.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 278,784 shares of the information technology services provider’s stock after selling 1,543 shares during the period. ServiceNow makes up approximately 0.6% of Federated Hermes Inc.’s holdings, making the stock its 27th biggest position. Federated Hermes Inc. owned 0.14% of ServiceNow worth $295,544,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in NOW. United Bank acquired a new stake in ServiceNow in the 3rd quarter valued at approximately $480,000. Arete Wealth Advisors LLC increased its holdings in shares of ServiceNow by 47.4% during the third quarter. Arete Wealth Advisors LLC now owns 1,555 shares of the information technology services provider’s stock valued at $1,387,000 after purchasing an additional 500 shares during the period. Kovitz Investment Group Partners LLC raised its stake in shares of ServiceNow by 25.5% during the third quarter. Kovitz Investment Group Partners LLC now owns 12,248 shares of the information technology services provider’s stock valued at $10,954,000 after purchasing an additional 2,491 shares in the last quarter. Insigneo Advisory Services LLC lifted its holdings in ServiceNow by 1.0% in the third quarter. Insigneo Advisory Services LLC now owns 2,418 shares of the information technology services provider’s stock worth $2,163,000 after purchasing an additional 25 shares during the period. Finally, EP Wealth Advisors LLC grew its position in ServiceNow by 53.1% in the 3rd quarter. EP Wealth Advisors LLC now owns 3,377 shares of the information technology services provider’s stock valued at $3,020,000 after buying an additional 1,171 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Down 6.9 %

ServiceNow stock opened at $720.69 on Friday. The firm’s 50 day moving average price is $917.80 and its two-hundred day moving average price is $980.64. The firm has a market cap of $148.46 billion, a PE ratio of 105.52, a P/E/G 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 debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) 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%. On average, research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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

Insider Transactions at ServiceNow

In related news, CFO Gina Mastantuono sold 4,442 shares of the company’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the completion of the sale, 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 sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO William R. Mcdermott sold 1,263 shares of the firm’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the transaction, the chief executive officer now owns 2,595 shares in the company, valued at approximately $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 sold 20,351 shares of company stock valued at $20,050,076 in the last three months. Corporate insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

NOW has been the subject of a number of research analyst reports. KeyCorp lowered shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. BMO Capital Markets lowered their price target on ServiceNow from $1,185.00 to $990.00 and set an “outperform” rating on the stock in a research report on Friday. JPMorgan Chase & Co. raised their target price on ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Piper Sandler boosted their price target on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Finally, Robert W. Baird lowered their price objective on shares of 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. One investment 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 stock. Based on data from MarketBeat, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,086.00.

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.