ServiceNow, Inc. (NYSE:NOW) Shares Sold by Korea Investment CORP

Korea Investment CORP decreased its position in shares of ServiceNow, Inc. (NYSE:NOW) by 2.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 163,209 shares of the information technology services provider’s stock after selling 4,543 shares during the quarter. Korea Investment CORP’s holdings in ServiceNow were worth $173,021,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Avidian Wealth Enterprises LLC increased its position in ServiceNow by 1.8% during the fourth quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock worth $527,000 after purchasing an additional 9 shares during the last quarter. Redhawk Wealth Advisors Inc. grew its stake in shares of ServiceNow by 2.2% in the 4th quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $487,000 after buying an additional 10 shares during the period. Institute for Wealth Management LLC. increased its holdings in shares of ServiceNow by 0.4% during the 4th quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock worth $2,779,000 after buying an additional 11 shares during the last quarter. TBH Global Asset Management LLC raised its position in shares of ServiceNow by 3.8% during the 4th quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock valued at $320,000 after buying an additional 11 shares during the period. Finally, Onefund LLC lifted its holdings in ServiceNow by 2.0% in the fourth quarter. Onefund LLC now owns 552 shares of the information technology services provider’s stock valued at $585,000 after acquiring an additional 11 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on NOW shares. JPMorgan Chase & Co. increased their price target on ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. William Blair reiterated an “outperform” rating on shares of ServiceNow in a research report on Friday, March 7th. Robert W. Baird reduced their price target on shares of ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating on the stock in a research note on Wednesday. Scotiabank dropped their target price on shares of ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating for the company in a report on Monday, March 17th. Finally, Wells Fargo & Company upped their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $1,093.76.

Insider Buying and Selling

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction 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 transaction, the insider now owns 3,649 shares in the company, valued at approximately $3,370,654.28. This trade represents a 44.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of the company’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 sale, the insider now owns 3,027 shares of the company’s stock, valued at $3,204,200.58. This represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,351 shares of company stock valued at $20,050,076. Insiders own 0.25% of the company’s stock.

ServiceNow Price Performance

Shares of NYSE:NOW opened at $838.54 on Thursday. The business has a fifty day simple moving average of $960.38 and a 200-day simple moving average of $984.72. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The company has a market cap of $172.74 billion, a P/E ratio of 122.77, a P/E/G ratio of 4.51 and a beta of 1.03. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15.

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 return on equity of 17.11% and a net margin of 12.97%. Equities research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has initiated a share buyback program on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board 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.