Pinnacle Financial Partners Inc Has $31.19 Million Holdings in ServiceNow, Inc. (NYSE:NOW)

Pinnacle Financial Partners Inc increased its position in shares of ServiceNow, Inc. (NYSE:NOW) by 0.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,184 shares of the information technology services provider’s stock after acquiring an additional 55 shares during the quarter. ServiceNow accounts for about 0.6% of Pinnacle Financial Partners Inc’s holdings, making the stock its 28th largest position. Pinnacle Financial Partners Inc’s holdings in ServiceNow were worth $31,190,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in NOW. World Investment Advisors LLC raised its holdings in shares of ServiceNow by 499,668.1% during the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock valued at $4,268,731,000 after acquiring an additional 4,771,830 shares during the period. Bank of Montreal Can raised its holdings in shares of ServiceNow by 216.6% during the third quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider’s stock valued at $1,206,178,000 after acquiring an additional 935,848 shares during the period. Wellington Management Group LLP raised its holdings in shares of ServiceNow by 24.1% during the third quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock valued at $2,834,797,000 after acquiring an additional 615,797 shares during the period. FMR LLC raised its holdings in shares of ServiceNow by 9.9% during the third quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock valued at $5,014,302,000 after acquiring an additional 502,845 shares during the period. Finally, Jennison Associates LLC grew its position in ServiceNow by 17.4% during the fourth quarter. Jennison Associates LLC now owns 2,352,111 shares of the information technology services provider’s stock valued at $2,493,520,000 after purchasing an additional 348,187 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Price Performance

NYSE:NOW opened at $937.79 on Friday. The stock has a market cap of $193.18 billion, a P/E ratio of 137.30, a PEG ratio of 4.51 and a beta of 0.99. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The company has a fifty day moving average price of $1,054.69 and a 200 day moving average price of $977.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10.

ServiceNow (NYSE:NOW) last released its 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%. Analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its board has authorized a stock buyback program on Wednesday, January 29th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits 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.

Insider Activity

In other news, General Counsel Russell S. Elmer sold 2,511 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the completion of the transaction, the general counsel now owns 4,332 shares in the company, valued at approximately $4,384,373.88. This represents a 36.69 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 1,263 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,644,564.50. The trade was a 32.74 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,806 shares of company stock worth $16,065,122. 0.25% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

NOW has been the topic of a number of research analyst reports. Raymond James initiated coverage on shares of ServiceNow in a research report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price objective on the stock. KeyCorp downgraded shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. Jefferies Financial Group lowered their price objective on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. Citigroup decreased their target price 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. Finally, Mizuho boosted their target price on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $1,129.72.

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.