Keystone Investors PTE Ltd. Has $38.53 Million Holdings in ServiceNow, Inc. (NYSE:NOW)

Keystone Investors PTE Ltd. grew its holdings in ServiceNow, Inc. (NYSE:NOW) by 506.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 36,344 shares of the information technology services provider’s stock after acquiring an additional 30,347 shares during the quarter. ServiceNow accounts for 2.7% of Keystone Investors PTE Ltd.’s portfolio, making the stock its 13th largest holding. Keystone Investors PTE Ltd.’s holdings in ServiceNow were worth $38,529,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of NOW. Polymer Capital Management HK LTD boosted its position in ServiceNow by 57.0% in the 3rd 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 buying an additional 981 shares during the last quarter. Union Bancaire Privee UBP SA bought a new position in shares of ServiceNow during the 4th quarter valued at about $48,802,000. Dock Street Asset Management Inc. increased its position 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 worth $35,147,000 after acquiring an additional 1,105 shares in the last quarter. Cardano Risk Management B.V. bought a new stake in shares of ServiceNow in the fourth quarter valued at about $105,090,000. Finally, Rheos Capital Works Inc. acquired a new position in ServiceNow during the 4th quarter worth approximately $10,071,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NOW. UBS Group dropped their price objective on ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating on the stock in a research note on Tuesday, March 11th. Redburn Atlantic assumed coverage on shares of ServiceNow in a research report on Wednesday, February 19th. They issued a “buy” rating for the company. Raymond James began coverage on shares of ServiceNow in a report on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 target price on the stock. Robert W. Baird decreased their price target on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a report on Thursday, January 30th. Finally, Royal Bank of Canada set a $986.00 price target on ServiceNow in a report on Tuesday, March 11th. One equities research 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 stock. According to MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and an average price target of $1,100.31.

ServiceNow Stock Performance

NYSE:NOW opened at $851.56 on Tuesday. The company’s 50-day moving average is $968.10 and its two-hundred day moving average is $985.50. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-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 firm has a market capitalization of $175.42 billion, a price-to-earnings ratio of 124.68, a PEG ratio of 4.51 and a beta of 1.03.

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

ServiceNow announced that its board has initiated a share 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 stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other ServiceNow news, 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 sale, the insider now owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. This represents a 44.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Gina Mastantuono sold 4,442 shares of the company’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the completion of the sale, the chief financial officer now owns 11,126 shares in the company, valued at $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,351 shares of company stock valued at $20,050,076 over the last quarter. Company insiders own 0.25% of the company’s stock.

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.