US Bancorp DE Decreases Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

US Bancorp DE cut its stake in ServiceNow, Inc. (NYSE:NOW) by 0.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 188,677 shares of the information technology services provider’s stock after selling 432 shares during the period. US Bancorp DE’s holdings in ServiceNow were worth $200,020,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of NOW. Strategic Blueprint LLC purchased a new stake in ServiceNow in the third quarter valued at $241,000. Financial Advocates Investment Management lifted its position in ServiceNow by 5.5% in the third quarter. Financial Advocates Investment Management now owns 556 shares of the information technology services provider’s stock valued at $497,000 after acquiring an additional 29 shares during the last quarter. HM Payson & Co. lifted its position in ServiceNow by 25.5% in the third quarter. HM Payson & Co. now owns 704 shares of the information technology services provider’s stock valued at $630,000 after acquiring an additional 143 shares during the last quarter. Oak Ridge Investments LLC lifted its position in ServiceNow by 6.9% in the third quarter. Oak Ridge Investments LLC now owns 10,602 shares of the information technology services provider’s stock valued at $9,482,000 after acquiring an additional 687 shares during the last quarter. Finally, LCM Capital Management Inc lifted its position in ServiceNow by 4.6% in the third quarter. LCM Capital Management Inc now owns 409 shares of the information technology services provider’s stock valued at $366,000 after acquiring an additional 18 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Trading Up 0.9 %

Shares of NOW opened at $929.56 on Friday. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The firm has a market capitalization of $191.49 billion, a P/E ratio of 136.10, a PEG ratio of 4.51 and a beta of 0.99. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm’s 50-day moving average is $1,038.07 and its two-hundred day moving average is $981.66.

ServiceNow (NYSE:NOW) last announced 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 net margin of 12.97% and a return on equity of 17.11%. On average, research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Guggenheim reissued a “sell” rating and issued a $716.00 price target on shares of ServiceNow in a research report on Wednesday, January 22nd. Redburn Atlantic initiated coverage on shares of ServiceNow in a research note on Wednesday, February 19th. They issued a “buy” rating on the stock. JPMorgan Chase & Co. lifted their price objective on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Robert W. Baird dropped their price objective on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a research note on Thursday, January 30th. Finally, Oppenheimer lifted their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $1,129.72.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, CFO Gina Mastantuono sold 4,442 shares of the company’s stock in a transaction dated 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 sale, the chief financial officer now owns 11,126 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the completion of the sale, the insider now directly owns 3,027 shares in the company, valued at $3,204,200.58. This trade represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock valued at $20,050,076 over the last quarter. Corporate insiders own 0.25% of the company’s stock.

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.