E Fund Management Co. Ltd. Acquires 5,653 Shares of ServiceNow, Inc. (NYSE:NOW)

E Fund Management Co. Ltd. raised its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 113.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,618 shares of the information technology services provider’s stock after purchasing an additional 5,653 shares during the quarter. ServiceNow accounts for approximately 0.6% of E Fund Management Co. Ltd.’s investment portfolio, making the stock its 25th largest holding. E Fund Management Co. Ltd.’s holdings in ServiceNow were worth $11,256,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Chung Wu Investment Group LLC bought a new stake in shares of ServiceNow in the fourth quarter valued at about $218,000. Freestone Capital Holdings LLC raised its holdings in shares of ServiceNow by 28.4% in the fourth quarter. Freestone Capital Holdings LLC now owns 887 shares of the information technology services provider’s stock valued at $940,000 after acquiring an additional 196 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of ServiceNow in the fourth quarter valued at about $393,868,000. Promus Capital LLC bought a new stake in shares of ServiceNow in the fourth quarter valued at about $48,000. Finally, Arizona State Retirement System raised its holdings in ServiceNow by 1.6% in the fourth quarter. Arizona State Retirement System now owns 59,745 shares of the information technology services provider’s stock worth $63,337,000 after purchasing an additional 967 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Performance

NYSE NOW opened at $916.34 on Thursday. The stock has a market cap of $188.77 billion, a PE ratio of 134.16, a P/E/G ratio of 4.51 and a beta of 0.99. 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 twelve month low of $637.99 and a twelve month high of $1,198.09. The stock has a fifty day simple moving average of $1,026.73 and a 200-day simple moving average of $984.57.

ServiceNow (NYSE:NOW) last announced 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%. Equities analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share 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 outstanding 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 plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on NOW shares. Piper Sandler boosted their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Mizuho boosted their price target on ServiceNow from $1,070.00 to $1,210.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Royal Bank of Canada restated an “outperform” rating and set a $1,210.00 price target on shares of ServiceNow in a research note on Thursday, January 30th. Wells Fargo & Company boosted their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Finally, Cantor Fitzgerald assumed coverage on ServiceNow in a research note on Friday, January 17th. They set an “overweight” rating and a $1,332.00 price target on the stock. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and an average target price of $1,129.72.

Insider Activity at ServiceNow

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the transaction, the insider now directly owns 3,649 shares in the company, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jacqueline P. Canney sold 455 shares of the firm’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 transaction, the insider now owns 3,027 shares of the company’s stock, valued at $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock worth $20,050,076 in the last three months. 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.