Covestor Ltd Reduces Stock Position in ServiceNow, Inc. (NYSE:NOW)

Covestor Ltd lessened its holdings in ServiceNow, Inc. (NYSE:NOW) by 35.7% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 527 shares of the information technology services provider’s stock after selling 292 shares during the quarter. ServiceNow makes up approximately 0.4% of Covestor Ltd’s holdings, making the stock its 27th largest position. Covestor Ltd’s holdings in ServiceNow were worth $559,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in NOW. Atala Financial Inc purchased a new position in shares of ServiceNow during the fourth quarter worth about $28,000. LFA Lugano Financial Advisors SA acquired a new stake in ServiceNow in the fourth quarter valued at about $32,000. FPC Investment Advisory Inc. lifted its position in ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after purchasing an additional 29 shares during the period. Noble Wealth Management PBC purchased a new position in ServiceNow in the fourth quarter valued at about $34,000. Finally, Heck Capital Advisors LLC purchased a new position in ServiceNow in the fourth quarter valued at about $37,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

NOW has been the subject of a number of research analyst reports. Redburn Atlantic began coverage on shares of ServiceNow in a report on Wednesday, February 19th. They issued a “buy” rating for the company. Guggenheim reaffirmed a “sell” rating and issued a $716.00 target price on shares of ServiceNow in a research note on Wednesday, January 22nd. William Blair reiterated an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. JPMorgan Chase & Co. lifted their price target on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Finally, Robert W. Baird reduced their target price on shares of ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating on the stock in a report on Wednesday, March 26th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have given a buy rating to the company. According to data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and an average target price of $1,079.10.

Insider Activity

In related news, CFO Gina Mastantuono sold 4,442 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the chief financial officer now owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. This trade represents a 28.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,370,654.28. This represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock worth $20,050,076 over the last three months. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Stock Performance

Shares of NYSE:NOW traded down $35.51 during trading hours on Thursday, hitting $790.44. The stock had a trading volume of 219,922 shares, compared to its average volume of 1,450,119. The stock’s fifty day simple moving average is $884.76 and its 200 day simple moving average is $974.96. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The firm has a market capitalization of $162.83 billion, a price-to-earnings ratio of 115.73, a PEG ratio of 4.51 and a beta of 1.08. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data 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%. Sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has authorized a share repurchase plan on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management 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.