TCW Group Inc. Has $448.34 Million Stake in ServiceNow, Inc. (NYSE:NOW)

TCW Group Inc. lessened its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 4.1% in the 4th quarter, Holdings Channel reports. The firm owned 422,918 shares of the information technology services provider’s stock after selling 17,993 shares during the period. ServiceNow makes up 3.8% of TCW Group Inc.’s investment portfolio, making the stock its 4th largest holding. TCW Group Inc.’s holdings in ServiceNow were worth $448,344,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. State Street Corp boosted its holdings in shares of ServiceNow by 2.6% during the 3rd quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider’s stock valued at $8,118,867,000 after purchasing an additional 226,023 shares during the last quarter. FMR LLC boosted its holdings in shares of ServiceNow by 9.9% during the 3rd quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock valued at $5,014,302,000 after purchasing an additional 502,845 shares during the last quarter. World Investment Advisors LLC boosted its holdings 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 valued at $4,268,731,000 after purchasing an additional 4,771,830 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of ServiceNow by 1.9% during the 3rd quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider’s stock valued at $3,753,828,000 after purchasing an additional 78,378 shares during the last quarter. Finally, Wellington Management Group LLP boosted 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 valued at $2,834,797,000 after purchasing an additional 615,797 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

Shares of NOW stock opened at $937.79 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The company has a market capitalization of $193.18 billion, a P/E ratio of 137.30, a P/E/G ratio of 4.51 and a beta of 0.99. The company’s 50-day simple moving average is $1,054.69 and its two-hundred day simple moving average is $978.38. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09.

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

ServiceNow declared that its board has initiated a share buyback 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 purchase up to 1.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Activity

In other news, insider Nicholas Tzitzon sold 313 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the transaction, the insider now directly owns 3,649 shares in the company, valued at approximately $3,884,725.40. This trade represents a 7.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the transaction, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,644,564.50. This represents a 32.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 15,806 shares of company stock worth $16,065,122. Corporate insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Mizuho upped their target price on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. JPMorgan Chase & Co. upped their target price on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Raymond James assumed coverage on shares of ServiceNow in a research report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 target price on the stock. Redburn Atlantic assumed coverage on shares of ServiceNow in a research report on Wednesday. They set a “buy” rating on the stock. Finally, Royal Bank of Canada restated an “outperform” rating and set a $1,210.00 target price on shares of ServiceNow in a research report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

ServiceNow 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.