Gulf International Bank UK Ltd Sells 171 Shares of ServiceNow, Inc. (NYSE:NOW)

Gulf International Bank UK Ltd reduced its position in ServiceNow, Inc. (NYSE:NOW) by 1.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 15,896 shares of the information technology services provider’s stock after selling 171 shares during the period. Gulf International Bank UK Ltd’s holdings in ServiceNow were worth $16,851,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Mn Services Vermogensbeheer B.V. lifted its holdings in shares of ServiceNow by 2.1% during the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 80,988 shares of the information technology services provider’s stock valued at $85,857,000 after purchasing an additional 1,700 shares in the last quarter. Central Asset Investments & Management Holdings HK Ltd purchased a new position in ServiceNow in the 4th quarter worth about $3,047,000. New York Life Investment Management LLC lifted its stake in ServiceNow by 0.4% during the 4th quarter. New York Life Investment Management LLC now owns 30,645 shares of the information technology services provider’s stock valued at $32,487,000 after acquiring an additional 114 shares during the period. Harfst & Associates Inc. boosted its holdings in shares of ServiceNow by 31.9% during the 4th quarter. Harfst & Associates Inc. now owns 3,486 shares of the information technology services provider’s stock valued at $3,696,000 after acquiring an additional 844 shares during the last quarter. Finally, Lineweaver Wealth Advisors LLC boosted its holdings in shares of ServiceNow by 11.6% during the 4th quarter. Lineweaver Wealth Advisors LLC now owns 2,104 shares of the information technology services provider’s stock valued at $2,232,000 after acquiring an additional 219 shares during the last quarter. 87.18% of the stock is owned by institutional investors.

Insider Buying and Selling at ServiceNow

In related news, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction dated 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 sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Gina Mastantuono sold 4,442 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the completion of the transaction, the chief financial officer now directly owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. This represents a 28.53 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,706 shares of company stock worth $17,644,106. Insiders own 0.25% of the company’s stock.

ServiceNow Stock Performance

Shares of NOW stock opened at $941.79 on Thursday. The firm has a market cap of $194.01 billion, a price-to-earnings ratio of 137.89, a PEG ratio of 4.51 and a beta of 0.99. The company’s 50 day moving average is $1,044.39 and its 200 day moving average is $981.23. 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.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting 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 EPS for the current fiscal year.

ServiceNow declared that its board has approved a share buyback plan 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 plans are often a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on NOW shares. Truist Financial increased their price objective on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research report on Thursday, December 12th. StockNews.com cut ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday, February 11th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $1,210.00 price objective on shares of ServiceNow in a report on Thursday, January 30th. Canaccord Genuity Group increased their target price on ServiceNow from $1,200.00 to $1,275.00 and gave the company a “buy” rating in a report on Thursday, January 30th. Finally, Raymond James assumed coverage on ServiceNow in a research report on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $1,129.72.

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.