ServiceNow, Inc. (NYSE:NOW) Shares Sold by Orion Portfolio Solutions LLC

Orion Portfolio Solutions LLC reduced its position in shares of ServiceNow, Inc. (NYSE:NOW) by 16.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 18,789 shares of the information technology services provider’s stock after selling 3,780 shares during the quarter. Orion Portfolio Solutions LLC’s holdings in ServiceNow were worth $19,918,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in NOW. Pictet Asset Management Holding SA increased its stake in shares of ServiceNow by 0.3% in the fourth quarter. Pictet Asset Management Holding SA now owns 183,996 shares of the information technology services provider’s stock worth $195,058,000 after purchasing an additional 489 shares during the period. Nomura Asset Management Co. Ltd. increased its holdings in shares of ServiceNow by 10.4% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 131,494 shares of the information technology services provider’s stock worth $139,399,000 after buying an additional 12,391 shares in the last quarter. Norges Bank acquired a new position in shares of ServiceNow during the fourth quarter worth approximately $2,603,360,000. Loomis Sayles & Co. L P boosted its stake in shares of ServiceNow by 26.2% in the 4th quarter. Loomis Sayles & Co. L P now owns 1,612 shares of the information technology services provider’s stock valued at $1,709,000 after purchasing an additional 335 shares during the last quarter. Finally, AssuredPartners Investment Advisors LLC bought a new stake in ServiceNow in the fourth quarter valued at about $1,234,000. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Price Performance

NOW stock opened at $828.73 on Friday. 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 has a 50 day moving average of $955.81 and a 200-day moving average of $983.64. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The company has a market cap of $170.72 billion, a price-to-earnings ratio of 121.34, a PEG ratio of 4.51 and a beta of 1.03.

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

ServiceNow declared that its Board of Directors has authorized a share buyback program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts have recently commented on NOW shares. Canaccord Genuity Group reissued a “buy” rating and issued a $1,275.00 price objective on shares of ServiceNow in a research report on Tuesday, March 11th. Wells Fargo & Company upped their target price on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Oppenheimer lifted their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Mizuho reduced their price target on shares of ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a research report on Tuesday, March 11th. Finally, UBS Group dropped their target price on shares of ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating for the company in a report on Tuesday, March 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $1,093.76.

Insider Buying and Selling at ServiceNow

In related news, CEO William R. Mcdermott sold 1,263 shares of ServiceNow stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the completion of the transaction, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,644,564.50. This trade represents a 32.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,204,200.58. This represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,351 shares of company stock valued at $20,050,076 in the last 90 days. 0.25% of the stock is currently owned by corporate insiders.

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.