ServiceNow, Inc. (NYSE:NOW) is Sycomore Asset Management’s 4th Largest Position

Sycomore Asset Management boosted its position in ServiceNow, Inc. (NYSE:NOW) by 7.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,703 shares of the information technology services provider’s stock after purchasing an additional 1,715 shares during the period. ServiceNow comprises approximately 3.4% of Sycomore Asset Management’s portfolio, making the stock its 4th biggest holding. Sycomore Asset Management’s holdings in ServiceNow were worth $27,248,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Soltis Investment Advisors LLC lifted its stake in ServiceNow by 8.3% in the 4th quarter. Soltis Investment Advisors LLC now owns 615 shares of the information technology services provider’s stock worth $652,000 after purchasing an additional 47 shares in the last quarter. Comprehensive Financial Planning Inc. PA bought a new position in ServiceNow during the fourth quarter valued at approximately $1,352,000. Ferguson Wellman Capital Management Inc. lifted its stake in ServiceNow by 0.3% in the fourth quarter. Ferguson Wellman Capital Management Inc. now owns 51,615 shares of the information technology services provider’s stock worth $54,718,000 after purchasing an additional 162 shares during the last quarter. Savant Capital LLC boosted its holdings in ServiceNow by 9.3% during the 4th quarter. Savant Capital LLC now owns 2,924 shares of the information technology services provider’s stock valued at $3,100,000 after acquiring an additional 248 shares during the period. Finally, Canvas Wealth Advisors LLC boosted its position in ServiceNow by 6.5% during the 4th quarter. Canvas Wealth Advisors LLC now owns 360 shares of the information technology services provider’s stock valued at $382,000 after buying an additional 22 shares during the period. Institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

NYSE:NOW opened at $1,007.79 on Monday. The firm has a market capitalization of $207.61 billion, a price-to-earnings ratio of 147.55, a PEG ratio of 4.76 and a beta of 0.99. 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 $1,080.32 and a 200-day simple moving average of $965.20. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09.

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

ServiceNow announced that its board has initiated a stock repurchase plan on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

NOW has been the topic of a number of recent analyst reports. Stifel Nicolaus lifted their price objective on ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. JPMorgan Chase & Co. upped their price target on ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. TD Cowen raised their price objective on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. StockNews.com downgraded ServiceNow from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Finally, KeyCorp downgraded shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $1,129.72.

Insider Activity at ServiceNow

In related news, CEO William R. Mcdermott sold 12,271 shares of the business’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the transaction, the chief executive officer now owns 2,595 shares in the company, valued at $2,588,953.65. The trade was a 82.54 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jacqueline P. Canney sold 66 shares of the company’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $1,048.29, for a total value of $69,187.14. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at $3,173,173.83. This trade represents a 2.13 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,702 shares of company stock worth $20,965,306. Insiders own 0.25% of the company’s stock.

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.