Taikang Asset Management Hong Kong Co Ltd Sells 1,800 Shares of ServiceNow, Inc. (NYSE:NOW)

Taikang Asset Management Hong Kong Co Ltd lowered its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 50.0% during the 4th quarter, HoldingsChannel reports. The fund owned 1,800 shares of the information technology services provider’s stock after selling 1,800 shares during the period. Taikang Asset Management Hong Kong Co Ltd’s holdings in ServiceNow were worth $1,908,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Prudential Financial Inc. raised its position in shares of ServiceNow by 3.4% in the fourth quarter. Prudential Financial Inc. now owns 292,851 shares of the information technology services provider’s stock worth $310,457,000 after buying an additional 9,680 shares in the last quarter. Interchange Capital Partners LLC raised its stake in ServiceNow by 5.2% in the fourth quarter. Interchange Capital Partners LLC now owns 845 shares of the information technology services provider’s stock valued at $896,000 after purchasing an additional 42 shares in the last quarter. Sheets Smith Investment Management bought a new stake in ServiceNow during the fourth quarter valued at approximately $1,138,000. Congress Wealth Management LLC DE grew its stake in ServiceNow by 1.5% in the 4th quarter. Congress Wealth Management LLC DE now owns 27,420 shares of the information technology services provider’s stock worth $29,070,000 after buying an additional 417 shares in the last quarter. Finally, Crowley Wealth Management Inc. bought a new position in shares of ServiceNow in the 4th quarter worth $189,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Royal Bank of Canada set a $986.00 target price on shares of ServiceNow in a research report on Tuesday, March 11th. StockNews.com lowered ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th. Guggenheim reissued a “sell” rating and set a $716.00 price objective on shares of ServiceNow in a report on Wednesday, January 22nd. Robert W. Baird cut their target price on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a research note on Thursday, January 30th. Finally, JMP Securities restated a “market outperform” rating and issued a $1,300.00 price objective on shares of ServiceNow in a report on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $1,100.31.

Insider Activity at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. This represents a 44.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction dated Thursday, January 16th. The stock was 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 position. 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 in the last three months. Company insiders own 0.25% of the company’s stock.

ServiceNow Price Performance

Shares of NYSE NOW opened at $851.56 on Tuesday. 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, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The company’s 50-day moving average is $968.10 and its 200 day moving average is $985.50. The stock has a market capitalization of $175.42 billion, a P/E ratio of 124.68, a P/E/G ratio of 4.51 and a beta of 1.03.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data 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 return on equity of 17.11% and a net margin of 12.97%. On average, sell-side analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its Board of Directors has initiated a stock repurchase program on Wednesday, January 29th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are 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.