Mattson Financial Services LLC Cuts Stock Position in ServiceNow, Inc. (NYSE:NOW)

Mattson Financial Services LLC cut its holdings in ServiceNow, Inc. (NYSE:NOW) by 20.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,134 shares of the information technology services provider’s stock after selling 545 shares during the quarter. Mattson Financial Services LLC’s holdings in ServiceNow were worth $2,262,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Norges Bank purchased a new stake in ServiceNow during the 4th quarter worth approximately $2,603,360,000. Proficio Capital Partners LLC increased its stake in ServiceNow by 154,255.3% during the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock worth $667,000 after buying an additional 666,383 shares in the last quarter. Alphinity Investment Management Pty Ltd purchased a new stake in ServiceNow during the 4th quarter worth approximately $682,468,000. Price T Rowe Associates Inc. MD increased its stake in ServiceNow by 6.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock worth $8,434,235,000 after buying an additional 509,467 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in ServiceNow by 36.7% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,830,419 shares of the information technology services provider’s stock worth $1,940,464,000 after buying an additional 491,861 shares in the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Jacqueline P. Canney sold 66 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $1,023.00, for a total transaction of $67,518.00. Following the transaction, the insider now owns 3,027 shares of the company’s stock, valued at $3,096,621. This trade represents a 2.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Russell S. Elmer sold 191 shares of the firm’s stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $985.00, for a total transaction of $188,135.00. Following the completion of the sale, the general counsel now owns 4,332 shares of the company’s stock, valued at approximately $4,267,020. The trade was a 4.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,674 shares of company stock valued at $2,510,213 over the last quarter. 0.38% of the stock is currently owned by insiders.

ServiceNow Stock Performance

Shares of NOW stock opened at $1,027.70 on Wednesday. The stock’s 50-day moving average is $889.06 and its two-hundred day moving average is $975.33. The firm has a market cap of $212.72 billion, a price-to-earnings ratio of 150.47, a PEG ratio of 4.51 and a beta of 0.97. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. 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 released its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.78 by $0.26. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The firm had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.09 billion. During the same quarter last year, the company posted $3.41 earnings per share. The business’s revenue was up 18.6% on a year-over-year basis. Analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its board has initiated a share buyback plan on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms have commented on NOW. Royal Bank of Canada boosted their price objective on ServiceNow from $1,060.00 to $1,100.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 6th. William Blair restated an “outperform” rating on shares of ServiceNow in a research report on Friday, March 7th. Scotiabank set a $1,100.00 price target on ServiceNow and gave the company an “outperform” rating in a research report on Wednesday, May 7th. Robert W. Baird upped their price target on ServiceNow from $1,010.00 to $1,150.00 and gave the company an “outperform” rating in a research report on Thursday, April 24th. Finally, JPMorgan Chase & Co. dropped their price target on ServiceNow from $1,200.00 to $970.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $1,062.50.

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.