Edgemoor Investment Advisors Inc. Sells 44 Shares of ServiceNow, Inc. (NYSE:NOW)

Edgemoor Investment Advisors Inc. decreased its position in shares of ServiceNow, Inc. (NYSE:NOW) by 8.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 448 shares of the information technology services provider’s stock after selling 44 shares during the quarter. Edgemoor Investment Advisors Inc.’s holdings in ServiceNow were worth $475,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Polymer Capital Management HK LTD boosted its holdings in shares of ServiceNow by 57.0% during the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock valued at $2,416,000 after acquiring an additional 981 shares in the last quarter. Union Bancaire Privee UBP SA acquired a new stake in shares of ServiceNow during the 4th quarter valued at $48,802,000. Dock Street Asset Management Inc. boosted its holdings in shares of ServiceNow by 3.4% during the 4th quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock valued at $35,147,000 after acquiring an additional 1,105 shares in the last quarter. Cardano Risk Management B.V. acquired a new stake in shares of ServiceNow during the 4th quarter valued at $105,090,000. Finally, Rheos Capital Works Inc. acquired a new stake in shares of ServiceNow during the 4th quarter valued at $10,071,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Activity

In other news, CFO Gina Mastantuono sold 4,442 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $964.70, for a total value of $4,285,197.40. Following the completion of the transaction, the chief financial officer now directly owns 11,126 shares of the company’s stock, valued at $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jacqueline P. Canney sold 455 shares of the company’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 completion of the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. This represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,351 shares of company stock valued at $20,050,076 over the last three months. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Stock Performance

Shares of NOW opened at $845.75 on Monday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The stock has a 50 day moving average price of $992.95 and a two-hundred day moving average price of $985.70. The firm has a market capitalization of $174.22 billion, a P/E ratio of 123.83, a P/E/G ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Equities analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has approved a stock repurchase plan 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 stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on NOW shares. The Goldman Sachs Group raised their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a report on Friday, January 10th. Redburn Atlantic initiated coverage on ServiceNow in a report on Wednesday, February 19th. They set a “buy” rating on the stock. StockNews.com downgraded ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday, February 11th. Needham & Company LLC lifted their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Finally, KeyCorp downgraded ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and an average price target of $1,114.24.

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.