New World Advisors LLC Reduces Position in ServiceNow, Inc. (NYSE:NOW)

New World Advisors LLC lessened its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 21.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 602 shares of the information technology services provider’s stock after selling 168 shares during the quarter. ServiceNow makes up 0.2% of New World Advisors LLC’s portfolio, making the stock its 21st largest holding. New World Advisors LLC’s holdings in ServiceNow were worth $638,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. World Equity Group Inc. bought a new stake in shares of ServiceNow during the 4th quarter valued at $952,000. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of ServiceNow by 6.6% during the 4th quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 36,956 shares of the information technology services provider’s stock valued at $39,178,000 after purchasing an additional 2,300 shares during the period. MONECO Advisors LLC bought a new stake in shares of ServiceNow during the 4th quarter valued at $297,000. Forvis Mazars Wealth Advisors LLC bought a new stake in shares of ServiceNow during the 4th quarter valued at $240,000. Finally, Howard Capital Management Inc. raised its position in shares of ServiceNow by 6.4% during the 4th quarter. Howard Capital Management Inc. now owns 1,279 shares of the information technology services provider’s stock valued at $1,356,000 after purchasing an additional 77 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Trading Down 3.1 %

NYSE:NOW opened at $937.79 on Monday. ServiceNow, Inc. has a one year low of $637.99 and a one year 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. The firm has a market cap 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 firm has a 50-day simple moving average of $1,054.69 and a 200-day simple moving average of $979.81.

ServiceNow (NYSE:NOW) last posted its quarterly 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%. Equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its Board of Directors has initiated a share buyback plan 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 buy up to 1.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other ServiceNow news, Director Paul Edward Chamberlain sold 300 shares of the company’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $1,047.95, for a total transaction of $314,385.00. Following the transaction, the director now owns 10,467 shares in the company, valued at approximately $10,968,892.65. This represents a 2.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of the company’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the transaction, the insider now owns 3,027 shares in the company, valued at $3,204,200.58. The trade was a 13.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 13,264 shares of company stock worth $13,358,909 in the last 90 days. 0.25% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Royal Bank of Canada restated an “outperform” rating and set a $1,210.00 price objective on shares of ServiceNow in a research report on Thursday, January 30th. Wells Fargo & Company lifted their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Guggenheim reiterated a “sell” rating and issued a $716.00 price target on shares of ServiceNow in a report on Wednesday, January 22nd. Jefferies Financial Group reduced their price target on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. Finally, Piper Sandler boosted their target price on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and a consensus price target of $1,129.72.

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.