Capital Group Private Client Services Inc. Has $108.47 Million Position in ServiceNow, Inc. (NYSE:NOW)

Capital Group Private Client Services Inc. trimmed its position in ServiceNow, Inc. (NYSE:NOW) by 3.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 102,318 shares of the information technology services provider’s stock after selling 3,659 shares during the quarter. ServiceNow accounts for 1.0% of Capital Group Private Client Services Inc.’s holdings, making the stock its 24th biggest holding. Capital Group Private Client Services Inc.’s holdings in ServiceNow were worth $108,469,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in ServiceNow in the 4th quarter worth about $2,603,360,000. Proficio Capital Partners LLC increased its holdings in shares of 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 purchasing an additional 666,383 shares during the period. Alphinity Investment Management Pty Ltd acquired a new stake in shares of ServiceNow in the fourth quarter valued at approximately $682,468,000. Raymond James Financial Inc. bought a new stake in shares of ServiceNow in the fourth quarter valued at approximately $393,868,000. Finally, Jennison Associates LLC grew its position in ServiceNow by 17.4% during the fourth quarter. Jennison Associates LLC now owns 2,352,111 shares of the information technology services provider’s stock worth $2,493,520,000 after buying an additional 348,187 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Performance

NYSE NOW opened at $772.18 on Friday. The company has a market capitalization of $159.84 billion, a price-to-earnings ratio of 113.06, a PEG ratio of 4.51 and a beta of 1.08. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The stock has a fifty day simple moving average of $857.67 and a 200 day simple moving average of $970.18. 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 earnings per share for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Sell-side analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

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

Wall Street Analyst Weigh In

Several brokerages have weighed in on NOW. JMP Securities reaffirmed a “market outperform” rating and issued a $1,300.00 price objective on shares of ServiceNow in a report on Thursday, January 30th. William Blair reaffirmed an “outperform” rating on shares of ServiceNow in a research report on Friday, March 7th. Royal Bank of Canada set a $986.00 target price on shares of ServiceNow in a research report on Tuesday, March 11th. Robert W. Baird reduced their price target on shares of ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 26th. Finally, Needham & Company LLC lifted their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. One research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-eight have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $1,057.17.

Insider Buying and Selling at ServiceNow

In other news, insider Jacqueline P. Canney sold 354 shares of the company’s stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total value of $284,831.94. Following the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $2,435,554.47. This represents a 10.47 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction 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 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. In the last 90 days, insiders sold 20,250 shares of company stock valued at $19,853,273. 0.38% of the stock is currently owned by company insiders.

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.