Virtu Financial LLC Sells 3,477 Shares of ServiceNow, Inc. (NYSE:NOW)

Virtu Financial LLC decreased its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 31.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,517 shares of the information technology services provider’s stock after selling 3,477 shares during the period. ServiceNow comprises 0.4% of Virtu Financial LLC’s portfolio, making the stock its 27th largest holding. Virtu Financial LLC’s holdings in ServiceNow were worth $7,968,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Polymer Capital Management HK LTD lifted its position in ServiceNow by 57.0% during the third quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock valued at $2,416,000 after purchasing an additional 981 shares during the last quarter. Union Bancaire Privee UBP SA purchased a new position in ServiceNow in the 4th quarter worth about $48,802,000. Dock Street Asset Management Inc. increased its stake in ServiceNow by 3.4% in the 4th quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock worth $35,147,000 after buying an additional 1,105 shares during the period. Cardano Risk Management B.V. purchased a new position in ServiceNow in the 4th quarter worth about $105,090,000. Finally, Rheos Capital Works Inc. purchased a new position in ServiceNow during the 4th quarter valued at about $10,071,000. Institutional investors own 87.18% of the company’s stock.

Insider Activity

In other news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the transaction, the insider now directly owns 3,649 shares of the company’s stock, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Gina Mastantuono sold 4,442 shares of the firm’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the transaction, the chief financial officer now directly owns 11,126 shares in the company, valued at $10,733,252.20. This trade represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NOW. Guggenheim reaffirmed a “sell” rating and issued a $716.00 price objective on shares of ServiceNow in a research report on Wednesday, January 22nd. UBS Group decreased their price objective on shares of ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating for the company in a research note on Tuesday, March 11th. JMP Securities restated a “market outperform” rating and set a $1,300.00 price objective on shares of ServiceNow in a research note on Thursday, January 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $1,048.00 target price on shares of ServiceNow in a research note on Tuesday, March 11th. Finally, William Blair reissued an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $1,100.31.

ServiceNow Stock Performance

Shares of NOW opened at $827.92 on Friday. The business’s 50 day moving average is $971.31 and its two-hundred day moving average is $983.30. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The firm has a market cap of $170.55 billion, a price-to-earnings ratio of 121.22, a PEG 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 announced its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (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 forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its Board of Directors has approved a share repurchase plan 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 purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are usually 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.