Anchor Investment Management LLC Has $1.22 Million Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Anchor Investment Management LLC reduced its position in shares of ServiceNow, Inc. (NYSE:NOW) by 15.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,155 shares of the information technology services provider’s stock after selling 209 shares during the period. Anchor Investment Management LLC’s holdings in ServiceNow were worth $1,224,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in NOW. Vanguard Group Inc. raised its position in shares of ServiceNow by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider’s stock worth $20,353,517,000 after purchasing an additional 190,430 shares during the period. FMR LLC raised its holdings in ServiceNow by 4.9% during the fourth quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock worth $6,232,339,000 after buying an additional 272,506 shares during the last quarter. Geode Capital Management LLC raised its holdings in ServiceNow by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider’s stock worth $4,560,890,000 after buying an additional 100,670 shares during the last quarter. Norges Bank bought a new position in shares of ServiceNow in the fourth quarter valued at $2,603,360,000. Finally, Jennison Associates LLC grew its holdings 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 buying an additional 348,187 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Up 2.2 %

Shares of NYSE NOW opened at $817.37 on Wednesday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The company has a market cap of $169.20 billion, a P/E ratio of 119.67, a P/E/G ratio of 4.51 and a beta of 1.08. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The business has a 50-day simple moving average of $866.88 and a two-hundred day simple moving average of $972.23.

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

ServiceNow announced that its board has authorized a stock buyback plan on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Mizuho dropped their price target on shares of ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 11th. JPMorgan Chase & Co. lifted their target price on ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Wells Fargo & Company lowered their price target on ServiceNow from $1,250.00 to $1,100.00 and set an “overweight” rating for the company in a research report on Monday. Canaccord Genuity Group reaffirmed a “buy” rating and set a $1,275.00 price objective on shares of ServiceNow in a report on Tuesday, March 11th. Finally, Raymond James lowered their target price on shares of ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating for the company in a report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-eight have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $1,059.80.

Insider Activity

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the sale, the insider now owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. This trade represents a 44.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Gina Mastantuono sold 4,442 shares of the company’s stock in a transaction dated 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 owns 11,126 shares in the company, valued at $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock worth $20,050,076 in the last three months. Corporate insiders own 0.25% of the company’s stock.

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.