Sierra Capital LLC Trims Stock Position in ServiceNow, Inc. (NYSE:NOW)

Sierra Capital LLC decreased its stake in ServiceNow, Inc. (NYSE:NOW) by 5.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,730 shares of the information technology services provider’s stock after selling 98 shares during the quarter. Sierra Capital LLC’s holdings in ServiceNow were worth $1,834,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Transcendent Capital Group LLC lifted its holdings in ServiceNow by 8.3% in 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 during the period. Trifecta Capital Advisors LLC increased its holdings in shares of ServiceNow by 12.0% during the 4th quarter. Trifecta Capital Advisors LLC now owns 8,171 shares of the information technology services provider’s stock valued at $8,662,000 after purchasing an additional 876 shares in the last quarter. Pine Valley Investments Ltd Liability Co acquired a new position in shares of ServiceNow in the 4th quarter valued at $219,000. Rothschild Investment LLC boosted its holdings in ServiceNow by 7.1% during the fourth quarter. Rothschild Investment LLC now owns 348 shares of the information technology services provider’s stock worth $369,000 after buying an additional 23 shares in the last quarter. Finally, Crestwood Advisors Group LLC grew its position in ServiceNow by 2.3% during the fourth quarter. Crestwood Advisors Group LLC now owns 10,795 shares of the information technology services provider’s stock valued at $11,444,000 after buying an additional 241 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Price Performance

Shares of NOW stock opened at $926.32 on Tuesday. The firm’s 50-day moving average is $1,050.62 and its two-hundred day moving average is $980.72. 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 company has a market capitalization of $190.82 billion, a PE ratio of 135.63, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 EPS 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%. Analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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

Insider Activity

In other news, Director Paul Edward Chamberlain sold 300 shares of the company’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $1,047.95, for a total value of $314,385.00. Following the transaction, the director now directly owns 10,467 shares in the company, valued at approximately $10,968,892.65. This represents a 2.79 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at $3,204,200.58. This trade represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 13,264 shares of company stock valued at $13,358,909 in the last quarter. Insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on NOW. Cantor Fitzgerald assumed coverage on shares of ServiceNow in a research report on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 price objective for the company. Raymond James initiated coverage on ServiceNow in a report on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 price target for the company. TD Cowen raised their price objective on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. JPMorgan Chase & Co. upped their target price on ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Finally, Jefferies Financial Group dropped 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 research note on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

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.