Ossiam Increases Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Ossiam increased its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 487.7% in the fourth quarter, HoldingsChannel reports. The firm owned 153,487 shares of the information technology services provider’s stock after buying an additional 127,369 shares during the period. ServiceNow makes up approximately 5.3% of Ossiam’s investment portfolio, making the stock its 7th largest position. Ossiam’s holdings in ServiceNow were worth $162,715,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Atala Financial Inc purchased a new stake in shares of ServiceNow during the 4th quarter valued at $28,000. LFA Lugano Financial Advisors SA purchased a new stake in ServiceNow in the fourth quarter valued at about $32,000. FPC Investment Advisory Inc. boosted its holdings in ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after acquiring an additional 29 shares in the last quarter. Noble Wealth Management PBC purchased a new stake in shares of ServiceNow during the fourth quarter worth about $34,000. Finally, Heck Capital Advisors LLC acquired a new position in shares of ServiceNow during the fourth quarter valued at about $37,000. Institutional investors own 87.18% of the company’s stock.

ServiceNow Trading Down 3.1 %

Shares of ServiceNow stock opened at $772.18 on Friday. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The firm’s 50-day moving average price is $852.94 and its 200 day moving average price is $969.52. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $159.84 billion, a PE ratio of 113.06, a P/E/G ratio of 4.51 and a beta of 1.08.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, sell-side analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its board has approved a stock repurchase program 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 buy up to 1.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Bank of America dropped their target price on shares of ServiceNow from $1,280.00 to $1,025.00 and set a “buy” rating on the stock in a research report on Tuesday. Royal Bank of Canada set a $986.00 price objective on shares of ServiceNow in a report on Tuesday, March 11th. Scotiabank reduced their target price on ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating for the company in a research note on Monday, March 17th. UBS Group dropped their price target on ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating on the stock in a research note on Tuesday, March 11th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $1,275.00 price objective on shares of ServiceNow in a report on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and an average target price of $1,057.17.

Insiders Place Their Bets

In other news, General Counsel Russell S. Elmer sold 2,511 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $1,012.09, for a total transaction of $2,541,357.99. Following the transaction, the general counsel now directly owns 4,332 shares in the company, valued at $4,384,373.88. The trade was a 36.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Larry Quinlan sold 415 shares of the stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $1,007.41, for a total value of $418,075.15. Following the completion of the sale, the director now directly owns 1,737 shares of the company’s stock, valued at approximately $1,749,871.17. This represents a 19.28 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,250 shares of company stock valued at $19,853,273 in the last 90 days. 0.38% of the stock is owned by insiders.

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.