Vontobel Holding Ltd. Decreases Holdings in ServiceNow, Inc. (NYSE:NOW)

Vontobel Holding Ltd. decreased its holdings in ServiceNow, Inc. (NYSE:NOW) by 28.3% in the fourth quarter, Holdings Channel.com reports. The firm owned 297,410 shares of the information technology services provider’s stock after selling 117,615 shares during the period. ServiceNow makes up approximately 1.1% of Vontobel Holding Ltd.’s investment portfolio, making the stock its 29th biggest position. Vontobel Holding Ltd.’s holdings in ServiceNow were worth $315,290,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Truvestments Capital LLC bought a new stake in ServiceNow in the third quarter valued at approximately $30,000. DT Investment Partners LLC increased its stake in shares of ServiceNow by 77.3% in the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after buying an additional 17 shares during the period. Heck Capital Advisors LLC bought a new stake in ServiceNow during the 4th quarter valued at $37,000. Stonebridge Financial Group LLC purchased a new stake in ServiceNow during the 4th quarter valued at $37,000. Finally, Oakworth Capital Inc. grew its holdings in ServiceNow by 46.7% in the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock worth $39,000 after acquiring an additional 14 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

Insider Activity at ServiceNow

In related news, CEO William R. Mcdermott sold 12,271 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the transaction, the chief executive officer now owns 2,595 shares in the company, valued at $2,588,953.65. This represents a 82.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Russell S. Elmer sold 81 shares of ServiceNow stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $1,016.54, for a total transaction of $82,339.74. Following the completion of the sale, the general counsel now directly owns 6,843 shares of the company’s stock, valued at approximately $6,956,183.22. This trade represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 23,257 shares of company stock valued at $23,579,376 over the last ninety days. Insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

NOW has been the subject of a number of analyst reports. Piper Sandler increased their target price on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Guggenheim reiterated a “sell” rating and issued a $716.00 price objective on shares of ServiceNow in a report on Wednesday, January 22nd. JPMorgan Chase & Co. lifted their price objective on ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Stifel Nicolaus upped their target price on ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Finally, TD Cowen lifted their price target on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. One analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $1,129.72.

ServiceNow Trading Up 0.7 %

NYSE:NOW opened at $989.70 on Friday. The stock has a market cap of $203.88 billion, a price-to-earnings ratio of 144.90, a PEG ratio of 4.76 and a beta of 0.99. 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 company’s 50 day moving average price is $1,075.99 and its 200-day moving average price is $969.56. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09.

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

ServiceNow announced that its board has initiated a share buyback plan 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 stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

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.