Bessemer Group Inc. Sells 43,950 Shares of ServiceNow, Inc. (NYSE:NOW)

Bessemer Group Inc. cut its holdings in ServiceNow, Inc. (NYSE:NOW) by 31.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 95,167 shares of the information technology services provider’s stock after selling 43,950 shares during the quarter. Bessemer Group Inc.’s holdings in ServiceNow were worth $100,888,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in NOW. Vanguard Group Inc. boosted its position in shares of ServiceNow by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider’s stock worth $20,353,517,000 after purchasing an additional 190,430 shares in the last quarter. FMR LLC grew its holdings in shares of ServiceNow by 4.9% in the fourth quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock worth $6,232,339,000 after acquiring an additional 272,506 shares during the period. Geode Capital Management LLC lifted its stake in shares of ServiceNow by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider’s stock worth $4,560,890,000 after purchasing an additional 100,670 shares during the period. Norges Bank purchased a new position in shares of ServiceNow during the 4th quarter worth $2,603,360,000. Finally, Jennison Associates LLC increased its position in ServiceNow by 17.4% in the fourth quarter. Jennison Associates LLC now owns 2,352,111 shares of the information technology services provider’s stock worth $2,493,520,000 after buying an additional 348,187 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Up 13.5 %

NYSE NOW opened at $825.78 on Thursday. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. 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 business has a fifty day moving average price of $884.76 and a 200 day moving average price of $974.96. The company has a market cap of $170.11 billion, a P/E ratio of 120.91, a P/E/G ratio of 4.51 and a beta of 1.08.

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

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

Analyst Upgrades and Downgrades

NOW has been the subject of several recent analyst reports. Jefferies Financial Group dropped their target price on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Canaccord Genuity Group reissued a “buy” rating and issued a $1,275.00 price objective on shares of ServiceNow in a research note on Tuesday, March 11th. StockNews.com downgraded ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th. Robert W. Baird cut their target price on ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 26th. Finally, Citigroup decreased their price target on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. One investment 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $1,079.10.

Insider Activity

In other ServiceNow news, insider Jacqueline P. Canney sold 292 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total value of $297,124.60. Following the transaction, the insider now owns 3,027 shares of the company’s stock, valued at $3,080,123.85. This represents a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO William R. Mcdermott sold 1,263 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,644,564.50. This trade represents a 32.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,351 shares of company stock valued at $20,050,076 in the last 90 days. 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.