Glynn Capital Management LLC Trims Position in ServiceNow, Inc. (NYSE:NOW)

Glynn Capital Management LLC reduced its stake in ServiceNow, Inc. (NYSE:NOW) by 29.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 26,351 shares of the information technology services provider’s stock after selling 11,226 shares during the period. ServiceNow comprises 6.6% of Glynn Capital Management LLC’s investment portfolio, making the stock its 3rd largest position. Glynn Capital Management LLC’s holdings in ServiceNow were worth $27,935,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. United Bank purchased a new stake in ServiceNow during the 3rd quarter valued at $480,000. MidAtlantic Capital Management Inc. bought a new position in shares of ServiceNow during the third quarter valued at about $58,000. Baron Wealth Management LLC raised its stake in shares of ServiceNow by 7.5% during the third quarter. Baron Wealth Management LLC now owns 959 shares of the information technology services provider’s stock valued at $858,000 after acquiring an additional 67 shares during the last quarter. Aviance Capital Partners LLC purchased a new stake in shares of ServiceNow during the third quarter worth about $2,806,000. Finally, Pathstone Holdings LLC grew its stake in shares of ServiceNow by 1.1% in the third quarter. Pathstone Holdings LLC now owns 33,833 shares of the information technology services provider’s stock worth $30,260,000 after purchasing an additional 381 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on NOW. StockNews.com cut ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday, February 11th. The Goldman Sachs Group lifted their price target on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a report on Friday, January 10th. JMP Securities reissued a “market outperform” rating and set a $1,300.00 price objective on shares of ServiceNow in a research report on Thursday, January 30th. Royal Bank of Canada set a $986.00 target price on shares of ServiceNow in a research report on Tuesday, March 11th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $1,048.00 price target on shares of ServiceNow in a research report on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,100.31.

ServiceNow Trading Down 1.5 %

Shares of NYSE:NOW opened at $830.11 on Wednesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The company has a market cap of $171.00 billion, a P/E ratio of 121.54, a PEG ratio of 4.51 and a beta of 1.03. The stock’s fifty day moving average price is $983.82 and its 200-day moving average price is $985.60.

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

ServiceNow announced that its board has approved a stock repurchase program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the sale, the insider now owns 3,649 shares of the company’s stock, valued at $3,370,654.28. This represents a 44.66 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William R. Mcdermott sold 1,263 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,644,564.50. The trade was a 32.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,351 shares of company stock worth $20,050,076 over 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.