Zevenbergen Capital Investments LLC Has $174.36 Million Stake in ServiceNow, Inc. (NYSE:NOW)

Zevenbergen Capital Investments LLC lessened its stake in ServiceNow, Inc. (NYSE:NOW) by 3.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 164,475 shares of the information technology services provider’s stock after selling 5,479 shares during the period. ServiceNow comprises 3.6% of Zevenbergen Capital Investments LLC’s investment portfolio, making the stock its 9th biggest position. Zevenbergen Capital Investments LLC’s holdings in ServiceNow were worth $174,363,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. World Investment Advisors LLC increased its position in shares of ServiceNow by 499,668.1% during the 3rd quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock worth $4,268,731,000 after purchasing an additional 4,771,830 shares during the last quarter. Bank of Montreal Can boosted its stake in ServiceNow by 216.6% in the 3rd quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider’s stock valued at $1,206,178,000 after purchasing an additional 935,848 shares during the period. Proficio Capital Partners LLC increased its position in ServiceNow by 154,255.3% during 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 during the period. Alphinity Investment Management Pty Ltd bought a new position in shares of ServiceNow during the fourth quarter worth approximately $682,468,000. Finally, Wellington Management Group LLP grew its holdings in shares of ServiceNow by 24.1% during the 3rd 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 purchasing an additional 615,797 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently weighed in on NOW. KeyCorp lowered ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. The Goldman Sachs Group lifted their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Citigroup dropped their price objective on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. William Blair restated an “outperform” rating on shares of ServiceNow in a research note on Friday, March 7th. Finally, Guggenheim reaffirmed a “sell” rating and set a $716.00 price objective on shares of ServiceNow in a report on Wednesday, January 22nd. One equities 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’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $1,100.31.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction dated 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 transaction, the insider now directly owns 3,649 shares in the company, valued at approximately $3,370,654.28. This represents a 44.66 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jacqueline P. Canney sold 292 shares of the firm’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total value of $297,124.60. Following the sale, the insider now owns 3,027 shares in the company, valued at $3,080,123.85. This trade represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is owned by insiders.

ServiceNow Price Performance

NOW stock opened at $827.92 on Monday. 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. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The business has a fifty day moving average of $971.31 and a two-hundred day moving average of $985.39. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last issued its quarterly 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 net margin of 12.97% and a return on equity of 17.11%. As a group, research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its board has authorized a share buyback program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership 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.