Los Angeles Capital Management LLC Has $167.71 Million Position in ServiceNow, Inc. (NYSE:NOW)

Los Angeles Capital Management LLC raised its holdings in ServiceNow, Inc. (NYSE:NOW) by 8.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 158,199 shares of the information technology services provider’s stock after acquiring an additional 12,685 shares during the quarter. ServiceNow comprises approximately 0.7% of Los Angeles Capital Management LLC’s holdings, making the stock its 28th largest position. Los Angeles Capital Management LLC’s holdings in ServiceNow were worth $167,710,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in NOW. Truvestments Capital LLC acquired a new stake in ServiceNow in the third quarter valued at approximately $30,000. FPC Investment Advisory Inc. lifted its stake in ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after acquiring an additional 29 shares during the last quarter. Heck Capital Advisors LLC acquired a new stake in ServiceNow in the fourth quarter valued at approximately $37,000. Stonebridge Financial Group LLC acquired a new stake in ServiceNow in the fourth quarter valued at approximately $37,000. Finally, Bank of Jackson Hole Trust acquired a new stake in ServiceNow in the fourth quarter valued at approximately $40,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, General Counsel Russell S. Elmer sold 1,023 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $988.00, for a total value of $1,010,724.00. Following the completion of the sale, the general counsel now owns 4,332 shares of the company’s stock, valued at approximately $4,280,016. This represents a 19.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 384 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $986.64, for a total value of $378,869.76. Following the completion of the sale, the chief executive officer now directly owns 6,614 shares of the company’s stock, valued at approximately $6,525,636.96. The trade was a 5.49 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 13,264 shares of company stock valued at $13,358,909. 0.25% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of analyst reports. JPMorgan Chase & Co. lifted their target price on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Wells Fargo & Company boosted their target price on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. The Goldman Sachs Group boosted their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Guggenheim reaffirmed a “sell” rating and set a $716.00 target price on shares of ServiceNow in a research report on Wednesday, January 22nd. Finally, Mizuho boosted their target price on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $1,129.72.

ServiceNow Stock Performance

ServiceNow stock opened at $926.32 on Tuesday. 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 1 year low of $637.99 and a 1 year high of $1,198.09. The company has a market cap of $190.82 billion, a PE ratio of 135.63, a PEG ratio of 4.51 and a beta of 0.99. The company’s 50-day moving average is $1,050.62 and its two-hundred day moving average is $980.72.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results 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 return on equity of 17.11% and a net margin of 12.97%. Equities analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, January 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

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.