Verus Capital Partners LLC Boosts Holdings in ServiceNow, Inc. (NYSE:NOW)

Verus Capital Partners LLC raised its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 63.1% in the fourth quarter, Holdings Channel reports. The institutional investor owned 393 shares of the information technology services provider’s stock after acquiring an additional 152 shares during the period. Verus Capital Partners LLC’s holdings in ServiceNow were worth $417,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. State Street Corp increased its stake in shares of ServiceNow by 2.6% in the 3rd quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider’s stock worth $8,118,867,000 after purchasing an additional 226,023 shares in the last quarter. FMR LLC grew its holdings in ServiceNow by 9.9% during the third quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock valued at $5,014,302,000 after purchasing an additional 502,845 shares during the period. World Investment Advisors LLC increased its position in ServiceNow by 499,668.1% in the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock worth $4,268,731,000 after buying an additional 4,771,830 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of ServiceNow by 1.9% in the third quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider’s stock worth $3,753,828,000 after buying an additional 78,378 shares during the period. Finally, Wellington Management Group LLP lifted its position in shares of ServiceNow by 24.1% during 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 buying an additional 615,797 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors.

Insider Buying and Selling at ServiceNow

In related news, CFO Gina Mastantuono sold 4,442 shares of the firm’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the transaction, the chief financial officer now owns 11,126 shares of the company’s stock, valued at $10,733,252.20. This trade represents a 28.53 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction dated 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 completion of the sale, the insider now directly 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 disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock worth $20,050,076 over the last 90 days. Company insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Oppenheimer increased their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Mizuho increased their price objective on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. KeyCorp downgraded shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. The Goldman Sachs Group upped their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Finally, Redburn Atlantic assumed coverage on ServiceNow in a report on Wednesday, February 19th. They set a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,129.72.

ServiceNow Stock Up 0.9 %

NYSE NOW opened at $929.56 on Friday. 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 52 week low of $637.99 and a 52 week high of $1,198.09. The firm has a market capitalization of $191.49 billion, a price-to-earnings ratio of 136.10, a PEG ratio of 4.51 and a beta of 0.99. The company has a fifty day moving average of $1,038.07 and a two-hundred day moving average of $981.66.

ServiceNow (NYSE:NOW) last released 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 net margin of 12.97% and a return on equity of 17.11%. On average, analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its Board of Directors has initiated a share repurchase plan 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 buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually 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.