Summit Global Investments Sells 1,790 Shares of ServiceNow, Inc. (NYSE:NOW)

Summit Global Investments cut its position in shares of ServiceNow, Inc. (NYSE:NOW) by 49.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,822 shares of the information technology services provider’s stock after selling 1,790 shares during the quarter. Summit Global Investments’ holdings in ServiceNow were worth $1,932,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in NOW. World Investment Advisors LLC boosted its position in shares of ServiceNow by 499,668.1% during the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock valued at $4,268,731,000 after purchasing an additional 4,771,830 shares in the last quarter. Bank of Montreal Can boosted its holdings in ServiceNow by 216.6% in the third quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider’s stock worth $1,206,178,000 after acquiring an additional 935,848 shares in the last quarter. Proficio Capital Partners LLC boosted its holdings in ServiceNow by 154,255.3% in the fourth quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock worth $667,000 after acquiring an additional 666,383 shares in the last quarter. Alphinity Investment Management Pty Ltd bought a new stake in ServiceNow in the fourth quarter worth $682,468,000. Finally, Wellington Management Group LLP boosted its holdings in ServiceNow by 24.1% in the third quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock worth $2,834,797,000 after acquiring an additional 615,797 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $827.92 on Friday. ServiceNow, Inc. has a one year low of $637.99 and a one year 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. The stock has a market cap of $170.55 billion, a price-to-earnings ratio of 121.22, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The stock has a 50 day moving average price of $971.31 and a 200-day moving average price of $984.34.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Equities analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has authorized 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 purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Raymond James assumed coverage on ServiceNow in a report on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 target price on the stock. Truist Financial boosted their target price on ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a report on Thursday, December 12th. Canaccord Genuity Group restated a “buy” rating and issued a $1,275.00 price target on shares of ServiceNow in a research note on Tuesday, March 11th. Jefferies Financial Group decreased their price target on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. Finally, Redburn Atlantic assumed coverage on ServiceNow in a research report on Wednesday, February 19th. They set a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $1,100.31.

Insider Buying and Selling

In other ServiceNow news, CFO Gina Mastantuono sold 4,442 shares of ServiceNow 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 completion of the sale, the chief financial officer now directly owns 11,126 shares of the company’s stock, valued at $10,733,252.20. The trade was a 28.53 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO William R. Mcdermott sold 1,263 shares of ServiceNow stock in a transaction on 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 sale, the chief executive officer now directly owns 2,595 shares of the company’s stock, 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. In the last three months, insiders sold 20,351 shares of company stock valued at $20,050,076. Insiders own 0.25% of the company’s stock.

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.