GFG Capital LLC Cuts Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

GFG Capital LLC trimmed its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 2.7% in the fourth quarter, HoldingsChannel.com reports. The fund owned 14,326 shares of the information technology services provider’s stock after selling 403 shares during the period. ServiceNow makes up 4.0% of GFG Capital LLC’s investment portfolio, making the stock its 6th largest position. GFG Capital LLC’s holdings in ServiceNow were worth $15,187,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. State Street Corp boosted its position in ServiceNow by 2.6% during the 3rd quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider’s stock valued at $8,118,867,000 after acquiring an additional 226,023 shares in the last quarter. FMR LLC boosted its holdings in shares of ServiceNow by 9.9% during the 3rd 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 last quarter. World Investment Advisors LLC lifted its holdings in shares of ServiceNow by 499,668.1% in the 3rd quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock valued at $4,268,731,000 after acquiring an additional 4,771,830 shares during the last quarter. Geode Capital Management LLC increased its position in shares of ServiceNow by 1.9% during 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 acquiring an additional 78,378 shares during the period. Finally, Wellington Management Group LLP boosted its stake in ServiceNow by 24.1% in the third 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 acquiring an additional 615,797 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 94 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $1,016.54, for a total value of $95,554.76. Following the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,077,066.58. The trade was a 3.01 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 12,271 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total value of $12,242,408.57. Following the transaction, the chief executive officer now owns 2,595 shares in the company, valued at $2,588,953.65. This trade represents a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,257 shares of company stock valued at $23,579,376 in the last three months. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Stock Performance

Shares of NOW stock opened at $989.70 on Friday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The firm’s 50 day moving average is $1,075.99 and its 200 day moving average is $969.56. The stock has a market capitalization of $203.88 billion, a P/E ratio of 144.90, a PEG ratio of 4.76 and a beta of 0.99.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Needham & Company LLC boosted their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Guggenheim reissued a “sell” rating and set a $716.00 price target on shares of ServiceNow in a report on Wednesday, January 22nd. Jefferies Financial Group decreased their target price on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. Cantor Fitzgerald assumed coverage on shares of ServiceNow in a research note on Friday, January 17th. They set an “overweight” rating and a $1,332.00 price target on the stock. Finally, Barclays upped their price target on shares of ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $1,129.72.

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.