O Shaughnessy Asset Management LLC Has $24.99 Million Stock Position in ServiceNow, Inc. (NYSE:NOW)

O Shaughnessy Asset Management LLC grew its position in ServiceNow, Inc. (NYSE:NOW) by 11.8% in the fourth quarter, Holdings Channel reports. The fund owned 23,572 shares of the information technology services provider’s stock after acquiring an additional 2,493 shares during the quarter. O Shaughnessy Asset Management LLC’s holdings in ServiceNow were worth $24,989,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of NOW. Polymer Capital Management HK LTD raised its position in ServiceNow by 57.0% in the third quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock valued at $2,416,000 after purchasing an additional 981 shares during the last quarter. Union Bancaire Privee UBP SA acquired a new position in ServiceNow in the 4th quarter valued at approximately $48,802,000. Dock Street Asset Management Inc. raised its stake in shares of ServiceNow by 3.4% during the fourth quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock valued at $35,147,000 after acquiring an additional 1,105 shares during the last quarter. Cardano Risk Management B.V. bought a new position in shares of ServiceNow during the fourth quarter valued at $105,090,000. Finally, Rheos Capital Works Inc. bought a new stake in shares of ServiceNow in the fourth quarter worth $10,071,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Transactions at ServiceNow

In related news, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the sale, the insider now directly owns 3,027 shares in the company, valued at $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction on Tuesday, February 25th. The stock was 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 approximately $3,370,654.28. The trade was a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,351 shares of company stock valued at $20,050,076. Company insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on NOW. Redburn Atlantic assumed coverage on ServiceNow in a research note on Wednesday, February 19th. They issued a “buy” rating for the company. Jefferies Financial Group dropped their target price 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. Oppenheimer increased their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. TD Cowen upped their target price on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $1,275.00 target price on shares of ServiceNow in a report on Tuesday, March 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have issued a buy rating to the company. Based on data from MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and a consensus price target of $1,093.76.

ServiceNow Trading Down 3.8 %

NOW opened at $796.61 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 current ratio of 1.10 and a quick ratio of 1.10. The business has a 50 day simple moving average of $950.30 and a two-hundred day simple moving average of $984.86. The firm has a market capitalization of $164.10 billion, a price-to-earnings ratio of 116.63, a PEG ratio of 4.51 and a beta of 1.03.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Analysts predict 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 allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its shares are undervalued.

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.