Simplicity Wealth LLC Cuts Stake in ServiceNow, Inc. (NYSE:NOW)

Simplicity Wealth LLC reduced its stake in ServiceNow, Inc. (NYSE:NOW) by 60.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 379 shares of the information technology services provider’s stock after selling 573 shares during the period. Simplicity Wealth LLC’s holdings in ServiceNow were worth $402,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of NOW. Sound View Wealth Advisors Group LLC boosted its position in shares of ServiceNow by 1.9% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 1,057 shares of the information technology services provider’s stock valued at $1,121,000 after buying an additional 20 shares during the last quarter. AlphaQuest LLC bought a new stake in ServiceNow in the 4th quarter worth about $131,000. Argentarii LLC bought a new stake in ServiceNow in the 4th quarter worth about $2,162,000. OFI Invest Asset Management bought a new stake in ServiceNow in the 4th quarter worth about $2,345,000. Finally, Amundi increased its holdings in ServiceNow by 23.9% in the 4th quarter. Amundi now owns 1,012,304 shares of the information technology services provider’s stock worth $1,061,988,000 after buying an additional 195,370 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NOW has been the subject of several research analyst reports. Canaccord Genuity Group lifted their price objective on ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Robert W. Baird reduced their price objective on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a report on Thursday, January 30th. Scotiabank initiated coverage on ServiceNow in a report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price objective for the company. JPMorgan Chase & Co. boosted their price target on ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Finally, Piper Sandler boosted their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. One 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. According to MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.72.

ServiceNow Stock Down 8.1 %

Shares of NOW opened at $781.60 on Tuesday. The stock has a market capitalization of $161.01 billion, a price-to-earnings ratio of 114.44, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The business’s 50 day simple moving average is $1,011.72 and its 200-day simple moving average is $985.64. 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 earnings per share for the quarter, meeting 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 analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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

Insider Activity

In other news, General Counsel Russell S. Elmer sold 336 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total transaction of $341,896.80. Following the transaction, the general counsel now owns 4,332 shares of the company’s stock, valued at approximately $4,408,026.60. The trade was a 7.20 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction that occurred on 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 directly owns 3,027 shares in the company, valued at approximately $3,204,200.58. This represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is currently owned by 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.