ServiceNow, Inc. (NYSE:NOW) Shares Sold by China Universal Asset Management Co. Ltd.

China Universal Asset Management Co. Ltd. lowered its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 8.5% in the fourth quarter, HoldingsChannel.com reports. The fund owned 12,860 shares of the information technology services provider’s stock after selling 1,200 shares during the quarter. ServiceNow comprises about 1.3% of China Universal Asset Management Co. Ltd.’s investment portfolio, making the stock its 16th biggest holding. China Universal Asset Management Co. Ltd.’s holdings in ServiceNow were worth $13,633,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Truvestments Capital LLC acquired a new position in ServiceNow in the 3rd quarter valued at about $30,000. DT Investment Partners LLC grew its holdings in shares of ServiceNow by 77.3% during the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after buying an additional 17 shares in the last quarter. Heck Capital Advisors LLC acquired a new position in shares of ServiceNow in the fourth quarter valued at approximately $37,000. Oakworth Capital Inc. raised its position in shares of ServiceNow by 46.7% in the third quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after buying an additional 14 shares during the last quarter. Finally, Dunhill Financial LLC boosted its position in ServiceNow by 70.0% during the third quarter. Dunhill Financial LLC now owns 51 shares of the information technology services provider’s stock worth $46,000 after acquiring an additional 21 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Performance

Shares of NOW stock opened at $1,020.17 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. The company’s fifty day moving average price is $1,083.66 and its two-hundred day moving average price is $954.46. The firm has a market capitalization of $210.16 billion, a P/E ratio of 149.37, a P/E/G ratio of 5.19 and a beta of 0.99. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.56% and a net margin of 12.97%. On average, research analysts anticipate that ServiceNow, Inc. will post 8.98 earnings per share for the current fiscal year.

ServiceNow declared that its board has approved a stock buyback plan 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 shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Insider Activity

In other ServiceNow news, insider Nicholas Tzitzon sold 313 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the sale, the insider now owns 3,649 shares in the company, valued at $3,884,725.40. This represents a 7.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Jacqueline P. Canney sold 76 shares of ServiceNow stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $1,010.94, for a total value of $76,831.44. Following the completion of the transaction, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,060,115.38. The trade was a 2.45 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 20,731 shares of company stock worth $21,016,751. 0.25% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Needham & Company LLC increased their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Thursday. Evercore ISI increased their target price on ServiceNow from $950.00 to $1,000.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Wells Fargo & Company lifted their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Piper Sandler increased their price objective 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. Finally, Morgan Stanley downgraded shares of ServiceNow from an “overweight” rating to an “equal weight” rating and boosted their target price for the company from $900.00 to $960.00 in a report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.93.

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.