ServiceNow, Inc. (NYSE:NOW) Shares Sold by DnB Asset Management AS

DnB Asset Management AS decreased its position in ServiceNow, Inc. (NYSE:NOW) by 14.8% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 127,553 shares of the information technology services provider’s stock after selling 22,171 shares during the period. ServiceNow comprises 0.6% of DnB Asset Management AS’s investment portfolio, making the stock its 27th biggest position. DnB Asset Management AS owned approximately 0.06% of ServiceNow worth $135,221,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Atala Financial Inc acquired a new position in shares of ServiceNow during the 4th quarter worth about $28,000. LFA Lugano Financial Advisors SA acquired a new position in ServiceNow during the fourth quarter worth about $32,000. Noble Wealth Management PBC purchased a new position in ServiceNow in the fourth quarter valued at approximately $34,000. Truvestments Capital LLC acquired a new stake in ServiceNow during the 3rd quarter valued at $30,000. Finally, FPC Investment Advisory Inc. lifted its holdings in ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after buying an additional 29 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on NOW shares. Cantor Fitzgerald reissued an “overweight” rating and set a $1,048.00 price target on shares of ServiceNow in a report on Tuesday, March 11th. TD Cowen upped their price target 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. JMP Securities reaffirmed a “market outperform” rating and set a $1,300.00 target price on shares of ServiceNow in a report on Thursday, January 30th. Mizuho reduced their price target on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 11th. Finally, Guggenheim reaffirmed a “sell” rating and issued a $716.00 price objective on shares of ServiceNow in a report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,093.76.

ServiceNow Stock Performance

NYSE NOW opened at $828.73 on Friday. 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 company has a fifty day moving average price of $955.81 and a 200-day moving average price of $983.64. The firm has a market cap of $170.72 billion, a price-to-earnings ratio of 121.34, a PEG ratio of 4.51 and a beta of 1.03.

ServiceNow (NYSE:NOW) last released its earnings results 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%. As a group, equities research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its board has authorized a share buyback program on Wednesday, January 29th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at ServiceNow

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William R. Mcdermott sold 1,263 shares of the firm’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the sale, the chief executive officer now owns 2,595 shares in the company, valued at $2,644,564.50. The trade was a 32.74 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,351 shares of company stock valued at $20,050,076. Corporate insiders own 0.25% of the company’s stock.

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.