Umpqua Bank Sells 113 Shares of ServiceNow, Inc. (NYSE:NOW)

Umpqua Bank cut its position in ServiceNow, Inc. (NYSE:NOW) by 4.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,729 shares of the information technology services provider’s stock after selling 113 shares during the quarter. ServiceNow accounts for about 1.0% of Umpqua Bank’s holdings, making the stock its 26th biggest holding. Umpqua Bank’s holdings in ServiceNow were worth $2,814,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of NOW. Polymer Capital Management HK LTD raised its position in shares of ServiceNow by 57.0% during the third quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after acquiring an additional 981 shares during the last quarter. Union Bancaire Privee UBP SA bought a new position in shares of ServiceNow during the fourth quarter worth about $48,802,000. Dock Street Asset Management Inc. raised its position in shares of ServiceNow by 3.4% during the fourth quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock worth $35,147,000 after acquiring an additional 1,105 shares during the last quarter. Cardano Risk Management B.V. bought a new position in shares of ServiceNow during the fourth quarter worth about $105,090,000. Finally, Rheos Capital Works Inc. bought a new position in shares of ServiceNow during the fourth quarter worth about $10,071,000. 87.18% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on NOW. Piper Sandler raised their price objective on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Robert W. Baird lowered their target price on 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. Royal Bank of Canada set a $986.00 target price on ServiceNow in a research note on Tuesday, March 11th. Citigroup decreased their price objective on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. Finally, Raymond James started coverage on ServiceNow in a research report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 target price for the company. One research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have issued a buy rating to the company. According to data from MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and a consensus target price of $1,100.31.

Insider Buying and Selling

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,370,654.28. The trade was a 44.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Gina Mastantuono sold 4,442 shares of the company’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the sale, the chief financial officer now directly owns 11,126 shares of the company’s stock, 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. Insiders have sold 20,351 shares of company stock worth $20,050,076 in the last ninety days. 0.25% of the stock is currently owned by corporate insiders.

ServiceNow Price Performance

NOW opened at $827.92 on Friday. The company has a fifty day simple moving average of $971.31 and a 200 day simple moving average of $983.30. The firm has a market cap of $170.55 billion, a price-to-earnings ratio of 121.22, a PEG 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 current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data 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 net margin of 12.97% and a return on equity of 17.11%. Equities research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its board has approved a stock buyback plan on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are 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.