Torray Investment Partners LLC Cuts Holdings in ServiceNow, Inc. (NYSE:NOW)

Torray Investment Partners LLC lowered its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 12.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,175 shares of the information technology services provider’s stock after selling 1,111 shares during the quarter. Torray Investment Partners LLC’s holdings in ServiceNow were worth $8,666,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Truvestments Capital LLC bought a new stake in ServiceNow during the third quarter worth about $30,000. FPC Investment Advisory Inc. raised its holdings in shares of ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after buying an additional 29 shares in the last quarter. Noble Wealth Management PBC bought a new stake in ServiceNow in the 4th quarter worth approximately $34,000. Heck Capital Advisors LLC bought a new stake in ServiceNow in the 4th quarter worth approximately $37,000. Finally, Stonebridge Financial Group LLC purchased a new stake in ServiceNow in the fourth quarter worth approximately $37,000. 87.18% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction dated 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 completion of the transaction, the insider now owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. The trade was a 44.66 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction that occurred on 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 completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at $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. Over the last ninety days, insiders sold 20,351 shares of company stock valued at $20,050,076. Insiders own 0.25% of the company’s stock.

ServiceNow Stock Performance

Shares of NOW stock opened at $909.80 on Tuesday. The company’s fifty day moving average price is $1,034.50 and its 200-day moving average price is $984.50. The stock has a market cap of $187.42 billion, a PE ratio of 133.21, a price-to-earnings-growth 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.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results 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%. On average, equities analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its board has authorized a stock buyback plan 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 purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

NOW has been the subject of a number of recent research reports. Wells Fargo & Company boosted their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Canaccord Genuity Group boosted their price target on shares of ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. 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 research note on Friday, January 10th. StockNews.com lowered ServiceNow from a “buy” rating to a “hold” rating in a research note on Tuesday, February 11th. Finally, TD Cowen raised their price target on ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. One equities research 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 given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,129.72.

ServiceNow Company 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.