ServiceNow, Inc. (NYSE:NOW) Shares Purchased by TD Asset Management Inc.

TD Asset Management Inc. increased its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 2.1% during the fourth quarter, Holdings Channel reports. The institutional investor owned 297,404 shares of the information technology services provider’s stock after acquiring an additional 6,041 shares during the period. TD Asset Management Inc.’s holdings in ServiceNow were worth $315,284,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Atala Financial Inc acquired a new stake in shares of ServiceNow in the 4th quarter worth approximately $28,000. Truvestments Capital LLC purchased a new stake in ServiceNow during the third quarter worth $30,000. LFA Lugano Financial Advisors SA acquired a new stake in ServiceNow in the fourth quarter valued at $32,000. FPC Investment Advisory Inc. increased its position in shares of ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after buying an additional 29 shares in the last quarter. Finally, Noble Wealth Management PBC acquired a new position in shares of ServiceNow during the 4th quarter worth $34,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NOW has been the topic of a number of research reports. UBS Group lowered their price objective on shares of 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. Scotiabank lowered their price target on shares of ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating on the stock in a research report on Monday, March 17th. Citigroup cut their price objective on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. Royal Bank of Canada set a $986.00 target price on ServiceNow in a research note on Tuesday, March 11th. Finally, The Goldman Sachs Group raised their price target on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. One research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $1,100.31.

Insider Activity

In related news, CFO Gina Mastantuono sold 4,442 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the sale, the chief financial officer now directly owns 11,126 shares in the company, valued at approximately $10,733,252.20. This trade represents a 28.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction that occurred on 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 transaction, the insider now owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. This represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,351 shares of company stock valued at $20,050,076. Company insiders own 0.25% of the company’s stock.

ServiceNow Stock Performance

ServiceNow stock opened at $851.56 on Tuesday. The company has a market cap of $175.42 billion, a price-to-earnings ratio of 124.68, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The stock’s 50-day moving average is $968.10 and its 200-day moving average is $985.50.

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

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

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.