First Manhattan CO. LLC. Has $1.55 Million Position in ServiceNow, Inc. (NYSE:NOW)

First Manhattan CO. LLC. decreased its stake in ServiceNow, Inc. (NYSE:NOW) by 31.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,463 shares of the information technology services provider’s stock after selling 684 shares during the period. First Manhattan CO. LLC.’s holdings in ServiceNow were worth $1,551,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Hudson Valley Investment Advisors Inc. ADV bought a new stake in shares of ServiceNow in the 4th quarter valued at $223,000. ORG Partners LLC boosted its position in ServiceNow by 15.2% during the fourth quarter. ORG Partners LLC now owns 159 shares of the information technology services provider’s stock valued at $169,000 after acquiring an additional 21 shares during the last quarter. Hilltop National Bank grew its holdings in ServiceNow by 22.8% during the 4th quarter. Hilltop National Bank now owns 420 shares of the information technology services provider’s stock worth $445,000 after acquiring an additional 78 shares during the period. HBW Advisory Services LLC lifted its stake in shares of ServiceNow by 13.2% in the 4th quarter. HBW Advisory Services LLC now owns 266 shares of the information technology services provider’s stock valued at $282,000 after purchasing an additional 31 shares during the period. Finally, Czech National Bank boosted its position in shares of ServiceNow by 6.7% during the 4th quarter. Czech National Bank now owns 44,793 shares of the information technology services provider’s stock valued at $47,486,000 after purchasing an additional 2,829 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors.

Insider Activity at ServiceNow

In other news, insider Jacqueline P. Canney sold 292 shares of the company’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the sale, the insider now directly owns 3,027 shares in the company, valued at $3,080,123.85. This represents a 8.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the transaction, the insider now owns 3,649 shares of the company’s stock, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,150 shares of company stock worth $16,550,424. Corporate insiders own 0.38% of the company’s stock.

ServiceNow Stock Up 0.7 %

NOW stock opened at $981.13 on Friday. The stock has a fifty day moving average of $844.85 and a 200-day moving average of $970.48. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The company has a market capitalization of $203.09 billion, a price-to-earnings ratio of 143.65, a PEG ratio of 4.51 and a beta of 0.97. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping analysts’ consensus estimates of $3.78 by $0.26. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The firm had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.09 billion. During the same quarter last year, the business earned $3.41 earnings per share. The company’s quarterly revenue was up 18.6% on a year-over-year basis. As a group, equities research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its board has initiated a stock buyback 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 usually a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

A number of research firms have issued reports on NOW. Truist Financial upgraded ServiceNow from a “hold” rating to a “buy” rating and increased their price target for the stock from $950.00 to $1,200.00 in a report on Thursday, May 1st. Needham & Company LLC restated a “buy” rating and issued a $1,050.00 price target on shares of ServiceNow in a report on Tuesday, May 6th. Citigroup upped their price objective on shares of ServiceNow from $1,128.00 to $1,160.00 and gave the company a “buy” rating in a report on Wednesday. Raymond James reduced their target price on ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating for the company in a research note on Tuesday, April 8th. Finally, UBS Group reaffirmed a “buy” rating and set a $1,025.00 price target (up from $900.00) on shares of ServiceNow in a research note on Thursday, April 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,055.83.

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.