Cable Hill Partners LLC Lowers Stock Position in ServiceNow, Inc. (NYSE:NOW)

Cable Hill Partners LLC lessened its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 14.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 203 shares of the information technology services provider’s stock after selling 33 shares during the quarter. Cable Hill Partners LLC’s holdings in ServiceNow were worth $215,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. State Street Corp increased its position in shares of ServiceNow by 2.6% during the 3rd 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 position in shares of ServiceNow by 9.9% during the 3rd 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 increased its position in shares of ServiceNow by 499,668.1% during the 3rd 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 purchasing an additional 4,771,830 shares during the last quarter. Geode Capital Management LLC increased its position in shares of ServiceNow by 1.9% during the 3rd 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 purchasing an additional 78,378 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in shares of ServiceNow by 24.1% during the 3rd 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 purchasing an additional 615,797 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

Insider Transactions at ServiceNow

In related news, insider Jacqueline P. Canney sold 455 shares of the company’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,204,200.58. This represents a 13.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’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 transaction, the insider now directly owns 3,649 shares in the company, valued at $3,370,654.28. This represents a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 20,351 shares of company stock valued at $20,050,076. Corporate insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on NOW shares. Guggenheim reissued a “sell” rating and set a $716.00 target price on shares of ServiceNow in a research report on Wednesday, January 22nd. JMP Securities restated a “market outperform” rating and set a $1,300.00 price objective on shares of ServiceNow in a report on Thursday, January 30th. Royal Bank of Canada restated an “outperform” rating and set a $1,210.00 price objective on shares of ServiceNow in a report on Thursday, January 30th. Truist Financial boosted their price objective on ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a report on Thursday, December 12th. Finally, StockNews.com cut ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday, February 11th. One investment 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 given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

ServiceNow Trading Down 2.3 %

NOW opened at $920.73 on Friday. The firm has a market cap of $189.67 billion, a price-to-earnings ratio of 134.81, a PEG 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 12 month low of $637.99 and a 12 month high of $1,198.09. The stock has a fifty day moving average price of $1,041.30 and a 200-day moving average price of $980.81.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS 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%. As a group, equities research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its Board of Directors has initiated a stock buyback plan on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

ServiceNow 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.