Renaissance Group LLC Has $40.76 Million Holdings in ServiceNow, Inc. (NYSE:NOW)

Renaissance Group LLC lessened its position in ServiceNow, Inc. (NYSE:NOW) by 5.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 38,452 shares of the information technology services provider’s stock after selling 2,277 shares during the quarter. ServiceNow makes up about 1.7% of Renaissance Group LLC’s investment portfolio, making the stock its 8th largest holding. Renaissance Group LLC’s holdings in ServiceNow were worth $40,764,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of ServiceNow during the 4th quarter valued at $2,603,360,000. Proficio Capital Partners LLC boosted 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 acquiring an additional 666,383 shares in the last quarter. Alphinity Investment Management Pty Ltd purchased a new stake in ServiceNow in the fourth quarter worth about $682,468,000. Raymond James Financial Inc. bought a new position in shares of ServiceNow during the fourth quarter valued at approximately $393,868,000. Finally, Jennison Associates LLC increased its stake in shares of ServiceNow by 17.4% during the fourth quarter. Jennison Associates LLC now owns 2,352,111 shares of the information technology services provider’s stock valued at $2,493,520,000 after purchasing an additional 348,187 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other ServiceNow 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 completion of the sale, the insider now owns 3,649 shares in the company, valued at approximately $3,370,654.28. This represents a 44.66 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction dated 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 owns 3,027 shares in the company, valued at $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is owned by corporate insiders.

ServiceNow Trading Up 1.8 %

Shares of ServiceNow stock opened at $734.62 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. The stock has a market capitalization of $151.33 billion, a PE ratio of 107.56, a P/E/G ratio of 4.51 and a beta of 1.08. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The company’s fifty day simple moving average is $909.68 and its 200-day simple moving average is $979.97.

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%. As a group, equities analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its board has approved a stock repurchase program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the information technology services provider to buy 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.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on NOW shares. Cantor Fitzgerald restated an “overweight” rating and issued a $1,048.00 price target on shares of ServiceNow in a research note on Tuesday, March 11th. Redburn Atlantic began coverage on ServiceNow in a research note on Wednesday, February 19th. They issued a “buy” rating on the stock. Piper Sandler lifted their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Raymond James started coverage on shares of ServiceNow in a research note on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price objective for the company. Finally, Stifel Nicolaus dropped their target price on shares of ServiceNow from $1,175.00 to $950.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $1,086.00.

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.