ING Groep NV Has $49.10 Million Position in ServiceNow, Inc. (NYSE:NOW)

ING Groep NV raised its stake in ServiceNow, Inc. (NYSE:NOW) by 17.1% during the 4th quarter, Holdings Channel.com reports. The firm owned 46,311 shares of the information technology services provider’s stock after buying an additional 6,760 shares during the period. ING Groep NV’s holdings in ServiceNow were worth $49,095,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. State Street Corp increased its holdings in shares of ServiceNow by 2.6% in the third quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider’s stock valued at $8,118,867,000 after purchasing an additional 226,023 shares during the last quarter. FMR LLC increased its holdings in shares of ServiceNow by 9.9% in 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 purchasing an additional 502,845 shares during the last quarter. World Investment Advisors LLC grew its stake in shares of ServiceNow by 499,668.1% in 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 in the last quarter. Geode Capital Management LLC grew its stake in shares of ServiceNow by 1.9% in the third quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider’s stock valued at $3,753,828,000 after acquiring an additional 78,378 shares in the last quarter. Finally, Wellington Management Group LLP grew its stake in shares of ServiceNow by 24.1% in 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 in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at ServiceNow

In other news, CEO William R. Mcdermott sold 384 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $986.64, for a total transaction of $378,869.76. Following the completion of the sale, the chief executive officer now owns 6,614 shares of the company’s stock, valued at $6,525,636.96. This trade represents a 5.49 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Nicholas Tzitzon sold 313 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,884,725.40. This trade represents a 7.90 % 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 valued at $16,065,122. 0.25% of the stock is currently owned by company insiders.

ServiceNow Stock Performance

NYSE:NOW opened at $986.61 on Thursday. The company has a market capitalization of $203.24 billion, a PE ratio of 144.45, a P/E/G ratio of 4.64 and a beta of 0.99. The company has a 50 day simple moving average of $1,061.97 and a two-hundred day simple moving average of $976.06. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share 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 buyback $3.00 billion in shares. This buyback authorization authorizes the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

NOW has been the topic of several research reports. Citigroup decreased their price target on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. KeyCorp downgraded shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. Canaccord Genuity Group upped their price objective on shares of ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. Piper Sandler upped their price objective on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Finally, Truist Financial upped their price objective on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.72.

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.