APG Asset Management N.V. Boosts Stock Position in ServiceNow, Inc. (NYSE:NOW)

APG Asset Management N.V. increased its stake in ServiceNow, Inc. (NYSE:NOW) by 680.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 201,113 shares of the information technology services provider’s stock after buying an additional 175,334 shares during the period. APG Asset Management N.V. owned 0.10% of ServiceNow worth $205,895,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Union Bancaire Privee UBP SA bought a new stake in shares of ServiceNow during the fourth quarter valued at approximately $48,802,000. Dock Street Asset Management Inc. raised its position in ServiceNow by 3.4% during the 4th quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock valued at $35,147,000 after purchasing an additional 1,105 shares in the last quarter. Cardano Risk Management B.V. purchased a new stake in shares of ServiceNow in the 4th quarter worth $105,090,000. Rheos Capital Works Inc. bought a new position in shares of ServiceNow during the 4th quarter worth $10,071,000. Finally, Czech National Bank increased its stake in shares of ServiceNow by 6.7% during the fourth quarter. Czech National Bank now owns 44,793 shares of the information technology services provider’s stock valued at $47,486,000 after buying an additional 2,829 shares during the period. Institutional investors own 87.18% of the company’s stock.

Insider Activity

In other ServiceNow news, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the completion of the transaction, the chief executive officer now owns 2,595 shares of the company’s stock, valued at $2,644,564.50. This represents a 32.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 3,649 shares in the company, valued at $3,370,654.28. This represents a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock worth $20,050,076 in the last quarter. Corporate insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on NOW shares. JMP Securities reissued a “market outperform” rating and issued a $1,300.00 price objective on shares of ServiceNow in a research note on Thursday, January 30th. Needham & Company LLC boosted their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Oppenheimer raised their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. JPMorgan Chase & Co. boosted their price objective on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Finally, TD Cowen raised their target price 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. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have assigned a buy rating to the stock. According to data from MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and an average target price of $1,086.00.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $734.62 on Tuesday. The company has a market capitalization of $151.33 billion, a PE ratio of 107.56, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The company’s fifty day moving average price is $909.68 and its 200 day moving average price is $979.97. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09.

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

ServiceNow announced that its Board of Directors has initiated a stock repurchase program on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

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.