Motley Fool Asset Management LLC Has $11.86 Million Holdings in ServiceNow, Inc. (NYSE:NOW)

Motley Fool Asset Management LLC lifted its position in ServiceNow, Inc. (NYSE:NOW) by 18.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,189 shares of the information technology services provider’s stock after purchasing an additional 1,710 shares during the quarter. Motley Fool Asset Management LLC’s holdings in ServiceNow were worth $11,862,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. World Investment Advisors LLC raised its stake in shares of ServiceNow by 499,668.1% in 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 buying an additional 4,771,830 shares in the last quarter. Norges Bank acquired a new position in ServiceNow in the fourth quarter worth about $2,603,360,000. Proficio Capital Partners LLC lifted its stake in ServiceNow by 154,255.3% during the fourth quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock worth $667,000 after purchasing an additional 666,383 shares during the period. Alphinity Investment Management Pty Ltd acquired a new stake in ServiceNow during the fourth quarter valued at approximately $682,468,000. Finally, Wellington Management Group LLP grew its stake in shares of ServiceNow by 24.1% in 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 period. 87.18% of the stock is owned by institutional investors.

ServiceNow Stock Performance

NOW stock opened at $824.64 on Thursday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The business’s fifty day moving average is $933.06 and its 200-day moving average is $982.64. The company has a market cap of $169.88 billion, a P/E ratio of 120.74, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03.

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%. Equities research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its board has initiated a share repurchase program on Wednesday, January 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on NOW shares. The Goldman Sachs Group raised their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Oppenheimer boosted their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Wells Fargo & Company upped their target price 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. Mizuho cut their price target on shares of ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a report on Tuesday, March 11th. Finally, Piper Sandler upped their price objective on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock 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 and twenty-seven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $1,087.21.

Insider Buying and Selling

In other news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William R. Mcdermott sold 1,263 shares of the company’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the completion of the sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at approximately $2,644,564.50. This represents a 32.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock valued at $20,050,076 in the last 90 days. 0.25% of the stock is owned by insiders.

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.