Mirabaud Asset Management Ltd Cuts Holdings in ServiceNow, Inc. (NYSE:NOW)

Mirabaud Asset Management Ltd lowered its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 25.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,673 shares of the information technology services provider’s stock after selling 1,559 shares during the quarter. ServiceNow accounts for 2.3% of Mirabaud Asset Management Ltd’s investment portfolio, making the stock its 18th biggest position. Mirabaud Asset Management Ltd’s holdings in ServiceNow were worth $4,989,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Union Bancaire Privee UBP SA bought a new stake in ServiceNow during the fourth quarter worth about $48,802,000. Dock Street Asset Management Inc. raised its position in ServiceNow by 3.4% in the 4th quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock worth $35,147,000 after purchasing an additional 1,105 shares during the period. Cardano Risk Management B.V. bought a new stake in ServiceNow in the fourth quarter worth $105,090,000. Rheos Capital Works Inc. purchased a new stake in ServiceNow during the fourth quarter valued at about $10,071,000. Finally, Czech National Bank grew its stake in shares of ServiceNow by 6.7% during the fourth quarter. Czech National Bank now owns 44,793 shares of the information technology services provider’s stock valued at $47,486,000 after buying an additional 2,829 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. KeyCorp cut ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. Piper Sandler increased their price objective on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Stifel Nicolaus cut their price objective on ServiceNow from $1,175.00 to $950.00 and set a “buy” rating on the stock in a research report on Wednesday. Oppenheimer lifted their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Finally, Mizuho cut their price target on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have given a buy rating to the stock. According to MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and an average price target of $1,086.00.

Insider Buying and Selling

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the sale, the insider now owns 3,649 shares in the company, valued at $3,370,654.28. This represents a 44.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Jacqueline P. Canney sold 455 shares of the firm’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at $3,204,200.58. This trade represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is owned by company insiders.

ServiceNow Trading Down 6.9 %

ServiceNow stock opened at $720.69 on Friday. The business has a 50-day simple moving average of $917.80 and a two-hundred day simple moving average of $979.99. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The company has a market cap of $148.46 billion, a P/E ratio of 105.52, a P/E/G ratio of 4.51 and a beta of 1.03.

ServiceNow (NYSE:NOW) last announced its 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 net margin of 12.97% and a return on equity of 17.11%. Analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

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

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.