ServiceNow, Inc. (NYSE:NOW) is Exchange Capital Management Inc.’s 9th Largest Position

Exchange Capital Management Inc. lowered its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 11.7% during the 4th quarter, HoldingsChannel.com reports. The fund owned 11,651 shares of the information technology services provider’s stock after selling 1,543 shares during the quarter. ServiceNow accounts for about 2.0% of Exchange Capital Management Inc.’s holdings, making the stock its 9th biggest holding. Exchange Capital Management Inc.’s holdings in ServiceNow were worth $12,351,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Bank of New York Mellon Corp increased its holdings in shares of ServiceNow by 1.3% during the fourth quarter. Bank of New York Mellon Corp now owns 1,504,445 shares of the information technology services provider’s stock valued at $1,594,892,000 after acquiring an additional 19,248 shares in the last quarter. Transcendent Capital Group LLC increased its holdings in shares of ServiceNow by 8.3% during the fourth quarter. Transcendent Capital Group LLC now owns 524 shares of the information technology services provider’s stock valued at $556,000 after acquiring an additional 40 shares in the last quarter. Trifecta Capital Advisors LLC increased its holdings in shares of ServiceNow by 12.0% during the fourth quarter. Trifecta Capital Advisors LLC now owns 8,171 shares of the information technology services provider’s stock valued at $8,662,000 after acquiring an additional 876 shares in the last quarter. Pine Valley Investments Ltd Liability Co acquired a new position in shares of ServiceNow during the fourth quarter valued at about $219,000. Finally, Rothschild Investment LLC increased its holdings in shares of ServiceNow by 7.1% during the fourth quarter. Rothschild Investment LLC now owns 348 shares of the information technology services provider’s stock valued at $369,000 after acquiring an additional 23 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Trading Down 1.3 %

Shares of NOW stock opened at $926.32 on Tuesday. The stock’s fifty day moving average is $1,050.62 and its two-hundred day moving average is $980.72. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The firm has a market capitalization of $190.82 billion, a P/E ratio of 135.63, a PEG ratio of 4.51 and a beta of 0.99. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors 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 purchase up to 1.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on NOW shares. StockNews.com downgraded shares of ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday, February 11th. Needham & Company LLC increased their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Jefferies Financial Group cut their price target on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. Wells Fargo & Company increased their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Finally, The Goldman Sachs Group increased their price target on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a report on Friday, January 10th. One research 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 assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $1,129.72.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 1,263 shares of the firm’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at $2,644,564.50. This trade represents a 32.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jacqueline P. Canney sold 455 shares of the firm’s stock in a transaction on 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 sale, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,264 shares of company stock worth $13,358,909. Corporate insiders own 0.25% of the company’s stock.

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.