CDAM UK Ltd Trims Stake in ServiceNow, Inc. (NYSE:NOW)

CDAM UK Ltd reduced its stake in ServiceNow, Inc. (NYSE:NOW) by 19.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 60,301 shares of the information technology services provider’s stock after selling 14,454 shares during the period. ServiceNow accounts for about 9.6% of CDAM UK Ltd’s investment portfolio, making the stock its 8th biggest holding. CDAM UK Ltd’s holdings in ServiceNow were worth $63,926,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Oarsman Capital Inc. grew its holdings in ServiceNow by 5.2% in the 4th quarter. Oarsman Capital Inc. now owns 381 shares of the information technology services provider’s stock worth $404,000 after buying an additional 19 shares in the last quarter. KCM Investment Advisors LLC lifted its position in shares of ServiceNow by 1.7% during the 4th quarter. KCM Investment Advisors LLC now owns 886 shares of the information technology services provider’s stock valued at $939,000 after acquiring an additional 15 shares during the last quarter. Resona Asset Management Co. Ltd. acquired a new position in shares of ServiceNow in the 4th quarter valued at $113,426,000. Riverwater Partners LLC purchased a new position in shares of ServiceNow in the fourth quarter worth approximately $214,000. Finally, Smith Moore & CO. purchased a new position in ServiceNow during the 4th quarter worth approximately $209,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on NOW shares. Stifel Nicolaus reduced their price objective on ServiceNow from $1,175.00 to $950.00 and set a “buy” rating for the company in a research note on Wednesday. Oppenheimer increased their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $1,275.00 price objective on shares of ServiceNow in a research report on Tuesday, March 11th. StockNews.com lowered shares of ServiceNow from a “buy” rating to a “hold” rating in a research note on Tuesday, February 11th. Finally, TD Cowen boosted their price target on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. One 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 MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $1,086.00.

ServiceNow Stock Performance

NOW opened at $720.69 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock’s 50 day moving average price is $917.80 and its two-hundred day moving average price is $979.99. The firm has a market capitalization of $148.46 billion, a P/E ratio of 105.52, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09.

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, hitting analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. On average, equities analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its Board of Directors has initiated a share buyback plan on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Activity

In other news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’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 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William R. Mcdermott sold 1,263 shares of the company’s stock in a transaction dated 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 completion of the sale, 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. Over the last 90 days, insiders sold 20,351 shares of company stock valued at $20,050,076. 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.