Oppenheimer Asset Management Inc. Has $87.81 Million Holdings in ServiceNow, Inc. (NYSE:NOW)

Oppenheimer Asset Management Inc. lowered its stake in ServiceNow, Inc. (NYSE:NOW) by 9.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 82,828 shares of the information technology services provider’s stock after selling 8,543 shares during the period. ServiceNow makes up approximately 1.1% of Oppenheimer Asset Management Inc.’s holdings, making the stock its 12th biggest position. Oppenheimer Asset Management Inc.’s holdings in ServiceNow were worth $87,808,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in NOW. Modera Wealth Management LLC bought a new position in shares of ServiceNow in the third quarter worth about $244,000. Pallas Capital Advisors LLC increased its stake in shares of ServiceNow by 8.0% in the third quarter. Pallas Capital Advisors LLC now owns 2,410 shares of the information technology services provider’s stock worth $2,305,000 after purchasing an additional 179 shares during the period. Strategic Blueprint LLC bought a new position in shares of ServiceNow in the third quarter worth about $241,000. Valmark Advisers Inc. increased its stake in shares of ServiceNow by 6.0% in the third quarter. Valmark Advisers Inc. now owns 2,332 shares of the information technology services provider’s stock worth $2,086,000 after purchasing an additional 133 shares during the period. Finally, Fidelis Capital Partners LLC increased its stake in shares of ServiceNow by 6.9% in the third quarter. Fidelis Capital Partners LLC now owns 1,277 shares of the information technology services provider’s stock worth $1,159,000 after purchasing an additional 82 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Activity

In related news, CEO William R. Mcdermott sold 384 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $986.64, for a total transaction 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. This represents a 5.49 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Gina Mastantuono sold 4,442 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $964.70, for a total value of $4,285,197.40. Following the sale, the chief financial officer now directly owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. The trade was a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,706 shares of company stock valued at $17,644,106 in the last ninety days. 0.25% of the stock is owned by insiders.

ServiceNow Stock Performance

ServiceNow stock opened at $941.79 on Thursday. 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 $194.01 billion, a PE 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 two-hundred day moving average is $981.23.

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

ServiceNow announced that its board has initiated a share repurchase program 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 repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

NOW has been the topic of several research reports. Oppenheimer boosted their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Royal Bank of Canada restated an “outperform” rating and set a $1,210.00 price target on shares of ServiceNow in a research note on Thursday, January 30th. KeyCorp lowered ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. TD Cowen boosted 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, JMP Securities restated a “market outperform” rating and set a $1,300.00 price target on shares of ServiceNow in a research note on Thursday, January 30th. One analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price 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.