ServiceNow, Inc. (NYSE:NOW) is Glynn Capital Management LLC’s 3rd Largest Position

Glynn Capital Management LLC decreased its position in shares of ServiceNow, Inc. (NYSE:NOW) by 29.9% during the fourth quarter, Holdings Channel.com reports. The fund owned 26,351 shares of the information technology services provider’s stock after selling 11,226 shares during the quarter. ServiceNow accounts for 6.6% of Glynn Capital Management LLC’s investment portfolio, making the stock its 3rd largest holding. Glynn Capital Management LLC’s holdings in ServiceNow were worth $27,935,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. United Bank bought a new position in ServiceNow in the 3rd quarter worth $480,000. MidAtlantic Capital Management Inc. purchased a new position in shares of ServiceNow in the third quarter valued at about $58,000. Baron Wealth Management LLC boosted its stake in shares of ServiceNow by 7.5% in the third quarter. Baron Wealth Management LLC now owns 959 shares of the information technology services provider’s stock worth $858,000 after acquiring an additional 67 shares during the period. Aviance Capital Partners LLC purchased a new stake in shares of ServiceNow during the third quarter worth about $2,806,000. Finally, Pathstone Holdings LLC raised its stake in ServiceNow by 1.1% during the 3rd quarter. Pathstone Holdings LLC now owns 33,833 shares of the information technology services provider’s stock valued at $30,260,000 after purchasing an additional 381 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Down 1.5 %

NYSE:NOW opened at $830.11 on Wednesday. The company has a market cap of $171.00 billion, a price-to-earnings ratio of 121.54, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock has a fifty day simple moving average of $983.82 and a 200-day simple moving average of $985.60.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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%. Analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

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

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Citigroup dropped their price target on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Canaccord Genuity Group reiterated a “buy” rating and issued a $1,275.00 price target on shares of ServiceNow in a report on Tuesday, March 11th. Needham & Company LLC increased their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a report on Thursday, January 30th. William Blair reaffirmed an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. Finally, Oppenheimer boosted their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $1,100.31.

Insider Buying and Selling

In other news, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the transaction, the insider now directly owns 3,027 shares in the company, valued at approximately $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William R. Mcdermott sold 1,263 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at $2,644,564.50. This trade represents a 32.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,351 shares of company stock valued at $20,050,076 over the last quarter. 0.25% of the stock is owned by corporate insiders.

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.