Twin Capital Management Inc. Decreases Stock Position in ServiceNow, Inc. (NYSE:NOW)

Twin Capital Management Inc. decreased its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 6.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,946 shares of the information technology services provider’s stock after selling 220 shares during the quarter. Twin Capital Management Inc.’s holdings in ServiceNow were worth $3,123,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Union Bancaire Privee UBP SA purchased a new position in ServiceNow in the 4th quarter worth approximately $48,802,000. Dock Street Asset Management Inc. grew its holdings 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 valued at $35,147,000 after buying an additional 1,105 shares in the last quarter. Cardano Risk Management B.V. acquired a new stake in shares of ServiceNow in the 4th quarter worth $105,090,000. Rheos Capital Works Inc. purchased a new position in shares of ServiceNow during the 4th quarter worth $10,071,000. Finally, Czech National Bank boosted its position in shares of ServiceNow by 6.7% during the 4th quarter. Czech National Bank now owns 44,793 shares of the information technology services provider’s stock valued at $47,486,000 after acquiring an additional 2,829 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at ServiceNow

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction dated 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 owns 3,649 shares of the company’s stock, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO William R. Mcdermott sold 1,263 shares of the company’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 value of $1,287,123.30. Following the sale, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at approximately $2,644,564.50. This represents a 32.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,351 shares of company stock worth $20,050,076. Insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

NOW has been the subject of several recent analyst reports. William Blair restated an “outperform” rating on shares of ServiceNow in a research report on Friday, March 7th. Robert W. Baird reduced their price target on shares of ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 26th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $1,048.00 price objective on shares of ServiceNow in a report on Tuesday, March 11th. BMO Capital Markets cut their target price on ServiceNow from $1,185.00 to $990.00 and set an “outperform” rating for the company in a research note on Friday. Finally, Redburn Atlantic initiated coverage on ServiceNow in a research note on Wednesday, February 19th. They issued a “buy” rating on the stock. 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. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $1,086.00.

ServiceNow Price Performance

Shares of NYSE:NOW opened at $720.69 on Monday. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The firm has a market capitalization of $148.46 billion, a P/E ratio of 105.52, a P/E/G ratio of 4.51 and a beta of 1.08. 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’s fifty day moving average price is $917.80 and its 200 day moving average price is $981.27.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS 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%. As a group, sell-side analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has authorized a stock buyback plan 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 reacquire up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically 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.