ServiceNow, Inc. (NYSE:NOW) Shares Sold by Sit Investment Associates Inc.

Sit Investment Associates Inc. reduced its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 4.1% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 13,478 shares of the information technology services provider’s stock after selling 583 shares during the period. Sit Investment Associates Inc.’s holdings in ServiceNow were worth $14,288,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Atala Financial Inc purchased a new stake in shares of ServiceNow during the fourth quarter worth $28,000. LFA Lugano Financial Advisors SA acquired a new position in ServiceNow during the 4th quarter worth $32,000. FPC Investment Advisory Inc. increased its holdings in ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after purchasing an additional 29 shares during the period. Noble Wealth Management PBC purchased a new position in shares of ServiceNow in the 4th quarter valued at about $34,000. Finally, Heck Capital Advisors LLC acquired a new position in shares of ServiceNow during the fourth quarter worth about $37,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Trading Down 6.9 %

Shares of NOW stock opened at $720.69 on Friday. The company has a market capitalization of $148.46 billion, a P/E ratio of 105.52, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. 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 business’s 50 day moving average is $917.80 and its two-hundred day moving average is $979.99. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09.

ServiceNow (NYSE:NOW) last posted 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%. Equities analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has approved a stock repurchase program 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 purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity

In related news, insider Jacqueline P. Canney sold 455 shares of the firm’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 sale, the insider now owns 3,027 shares in the company, valued at $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Russell S. Elmer sold 336 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total value of $341,896.80. Following the transaction, the general counsel now owns 4,332 shares in the company, valued at $4,408,026.60. The trade was a 7.20 % 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. Corporate insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. KeyCorp downgraded shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. Redburn Atlantic initiated coverage on shares of ServiceNow in a research report on Wednesday, February 19th. They set a “buy” rating for the company. StockNews.com downgraded shares of ServiceNow from a “buy” rating to a “hold” rating in a research note on Tuesday, February 11th. TD Cowen raised their price target on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Finally, JPMorgan Chase & Co. upped their price objective on ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.