Chiron Investment Management LLC Reduces Position in ServiceNow, Inc. (NYSE:NOW)

Chiron Investment Management LLC trimmed its position in shares of ServiceNow, Inc. (NYSE:NOW) by 46.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,971 shares of the information technology services provider’s stock after selling 6,160 shares during the period. ServiceNow comprises 2.5% of Chiron Investment Management LLC’s holdings, making the stock its 11th biggest holding. Chiron Investment Management LLC’s holdings in ServiceNow were worth $7,390,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in NOW. Atala Financial Inc purchased a new stake in shares of ServiceNow during the fourth quarter valued at $28,000. LFA Lugano Financial Advisors SA bought a new stake in ServiceNow during the 4th quarter valued at about $32,000. FPC Investment Advisory Inc. boosted its position 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 valued at $34,000 after buying an additional 29 shares during the period. Noble Wealth Management PBC bought a new position in ServiceNow in the 4th quarter worth about $34,000. Finally, Heck Capital Advisors LLC bought a new stake in shares of ServiceNow during the fourth quarter valued at approximately $37,000. Institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Performance

NOW opened at $785.78 on Monday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The firm has a 50 day moving average of $875.51 and a two-hundred day moving average of $973.89. The firm has a market capitalization of $162.66 billion, a PE ratio of 115.05, a P/E/G ratio of 4.51 and a beta of 1.08.

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

ServiceNow announced that its Board of Directors has approved a stock repurchase program 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 buy up to 1.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

NOW has been the topic of several research analyst reports. 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. Redburn Atlantic started coverage on ServiceNow in a research note on Wednesday, February 19th. They set a “buy” rating on the stock. Guggenheim reaffirmed a “sell” rating and issued a $716.00 price objective on shares of ServiceNow in a research note on Wednesday, January 22nd. Robert W. Baird cut their target price on shares of ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 26th. Finally, Citigroup lowered 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 report on Tuesday, February 4th. One analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $1,073.93.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 455 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the transaction, the insider now owns 3,027 shares in the company, valued at approximately $3,204,200.58. This represents a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction dated 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 sale, the insider now owns 3,649 shares in the company, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is owned by company insiders.

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.