Marshall Wace LLP Has $140.31 Million Stake in ServiceNow, Inc. (NYSE:NOW)

Marshall Wace LLP lifted its position in shares of ServiceNow, Inc. (NYSE:NOW) by 157.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 132,353 shares of the information technology services provider’s stock after buying an additional 81,036 shares during the period. Marshall Wace LLP’s holdings in ServiceNow were worth $140,310,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank acquired a new stake in shares of ServiceNow in the fourth quarter valued at approximately $2,603,360,000. Proficio Capital Partners LLC increased its stake in ServiceNow by 154,255.3% in the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock valued at $667,000 after buying an additional 666,383 shares during the last quarter. Alphinity Investment Management Pty Ltd bought a new stake in ServiceNow during the 4th quarter worth about $682,468,000. Raymond James Financial Inc. acquired a new position in shares of ServiceNow during the 4th quarter worth about $393,868,000. Finally, Jennison Associates LLC increased its position in shares of ServiceNow by 17.4% in the fourth quarter. Jennison Associates LLC now owns 2,352,111 shares of the information technology services provider’s stock valued at $2,493,520,000 after acquiring an additional 348,187 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on NOW. Jefferies Financial Group decreased their price target on ServiceNow from $1,250.00 to $1,025.00 and set a “buy” rating for the company in a research note on Tuesday. Wells Fargo & Company lowered their target price on shares of ServiceNow from $1,250.00 to $1,100.00 and set an “overweight” rating on the stock in a report on Monday. The Goldman Sachs Group cut their price target on shares of ServiceNow from $1,200.00 to $1,050.00 and set a “buy” rating for the company in a research note on Thursday, April 10th. Mizuho dropped their target price on shares of ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a report on Tuesday, March 11th. Finally, Royal Bank of Canada set a $986.00 price target on ServiceNow in a report on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and an average price target of $1,059.80.

Insider Activity at ServiceNow

In other news, CEO William R. Mcdermott sold 1,263 shares of the business’s stock in a transaction on 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 of the company’s stock, valued at approximately $2,644,564.50. The trade was a 32.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’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 completion of the sale, the insider now directly owns 3,649 shares in the company, valued at $3,370,654.28. This trade represents a 44.66 % 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 valued at $20,050,076 over the last three months. 0.25% of the stock is owned by insiders.

ServiceNow Stock Up 2.2 %

Shares of NYSE NOW opened at $817.37 on Wednesday. The stock has a market capitalization of $169.20 billion, a P/E ratio of 119.67, a PEG ratio of 4.51 and a beta of 1.08. The stock’s fifty day moving average is $866.88 and its 200 day moving average is $972.23. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week 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.

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

ServiceNow announced that its Board of Directors has authorized a share repurchase plan 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 buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

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.