Bank of New York Mellon Corp Purchases 19,248 Shares of ServiceNow, Inc. (NYSE:NOW)

Bank of New York Mellon Corp grew its position in shares of ServiceNow, Inc. (NYSE:NOW) by 1.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,504,445 shares of the information technology services provider’s stock after acquiring an additional 19,248 shares during the period. Bank of New York Mellon Corp owned about 0.73% of ServiceNow worth $1,594,892,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of NOW. State Street Corp raised its position in ServiceNow by 2.6% during the 3rd quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider’s stock valued at $8,118,867,000 after purchasing an additional 226,023 shares during the last quarter. FMR LLC increased its stake in shares of ServiceNow by 9.9% during the third quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock valued at $5,014,302,000 after buying an additional 502,845 shares during the period. World Investment Advisors LLC raised its holdings in shares of ServiceNow by 499,668.1% during the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock valued at $4,268,731,000 after acquiring an additional 4,771,830 shares in the last quarter. Geode Capital Management LLC lifted its stake in ServiceNow by 1.9% in the third quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider’s stock worth $3,753,828,000 after acquiring an additional 78,378 shares during the period. Finally, Wellington Management Group LLP boosted its holdings in ServiceNow by 24.1% in the third quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock valued at $2,834,797,000 after acquiring an additional 615,797 shares in the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have commented on NOW. JMP Securities restated a “market outperform” rating and issued a $1,300.00 price objective on shares of ServiceNow in a report on Thursday, January 30th. The Goldman Sachs Group raised their price objective 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. TD Cowen lifted their price objective on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. StockNews.com lowered ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th. Finally, Oppenheimer lifted their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and a consensus price target of $1,129.72.

ServiceNow Price Performance

NOW opened at $926.32 on Tuesday. The company’s 50-day simple moving average is $1,050.62 and its two-hundred day simple 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 stock has a market capitalization of $190.82 billion, a P/E ratio of 135.63, a P/E/G ratio of 4.51 and a beta of 0.99. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09.

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

ServiceNow announced that its Board of Directors has initiated a stock buyback program on Wednesday, January 29th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Transactions at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 1,263 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the sale, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,644,564.50. This trade represents a 32.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jacqueline P. Canney sold 292 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the completion of the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,080,123.85. This trade represents a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 13,264 shares of company stock worth $13,358,909 in the last quarter. Company insiders own 0.25% of the company’s stock.

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.