Bell Bank Cuts Position in ServiceNow, Inc. (NYSE:NOW)

Bell Bank lessened its stake in ServiceNow, Inc. (NYSE:NOW) by 2.9% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,516 shares of the information technology services provider’s stock after selling 45 shares during the quarter. Bell Bank’s holdings in ServiceNow were worth $1,607,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in NOW. Foundations Investment Advisors LLC grew its holdings in shares of ServiceNow by 19.3% in the 3rd quarter. Foundations Investment Advisors LLC now owns 624 shares of the information technology services provider’s stock worth $558,000 after acquiring an additional 101 shares during the period. CENTRAL TRUST Co grew its holdings in ServiceNow by 50.8% in the third quarter. CENTRAL TRUST Co now owns 2,257 shares of the information technology services provider’s stock valued at $2,019,000 after purchasing an additional 760 shares during the last quarter. DT Investment Partners LLC increased its position in shares of ServiceNow by 77.3% in the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after buying an additional 17 shares in the last quarter. Values First Advisors Inc. acquired a new position in shares of ServiceNow during the 3rd quarter worth $204,000. Finally, Dakota Wealth Management boosted its position in shares of ServiceNow by 33.6% in the 3rd quarter. Dakota Wealth Management now owns 14,477 shares of the information technology services provider’s stock worth $12,948,000 after buying an additional 3,639 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on NOW. Royal Bank of Canada restated an “outperform” rating and set a $1,210.00 target price on shares of ServiceNow in a report on Thursday, January 30th. Oppenheimer upped their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Cantor Fitzgerald started coverage on shares of ServiceNow in a research note on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 target price for the company. JMP Securities reissued a “market outperform” rating and set a $1,300.00 price target on shares of ServiceNow in a research note on Thursday, January 30th. Finally, Mizuho boosted their target price on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the company an “outperform” rating in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

ServiceNow Trading Down 3.1 %

NYSE:NOW opened at $937.79 on Friday. The company has a market cap of $193.18 billion, a PE ratio of 137.30, a P/E/G ratio of 4.60 and a beta of 0.99. The business’s 50 day moving average is $1,054.69 and its two-hundred day moving average is $977.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09.

ServiceNow (NYSE:NOW) last released its quarterly earnings data 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%. On average, analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has approved a stock repurchase plan on Wednesday, January 29th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity

In related news, General Counsel Russell S. Elmer sold 1,023 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $988.00, for a total transaction of $1,010,724.00. Following the completion of the transaction, the general counsel now owns 4,332 shares in the company, valued at $4,280,016. The trade was a 19.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Nicholas Tzitzon sold 313 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $333,219.80. Following the completion of the sale, the insider now directly 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 disclosure for this sale can be found here. In the last three months, insiders sold 15,806 shares of company stock valued at $16,065,122. Company 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.