Renaissance Group LLC Sells 2,277 Shares of ServiceNow, Inc. (NYSE:NOW)

Renaissance Group LLC reduced its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 5.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 38,452 shares of the information technology services provider’s stock after selling 2,277 shares during the period. ServiceNow accounts for approximately 1.7% of Renaissance Group LLC’s investment portfolio, making the stock its 8th biggest holding. Renaissance Group LLC’s holdings in ServiceNow were worth $40,764,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in NOW. Atala Financial Inc bought a new stake in ServiceNow in the fourth quarter worth approximately $28,000. LFA Lugano Financial Advisors SA acquired a new stake in shares of ServiceNow during the 4th quarter worth approximately $32,000. Noble Wealth Management PBC bought a new stake in shares of ServiceNow in the 4th quarter valued at $34,000. FPC Investment Advisory Inc. lifted its position in shares of ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after acquiring an additional 29 shares during the period. Finally, Heck Capital Advisors LLC acquired a new position in shares of ServiceNow during the 4th quarter valued at $37,000. 87.18% of the stock is owned by institutional investors.

ServiceNow Price Performance

Shares of NYSE:NOW opened at $734.62 on Tuesday. 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 has a market cap of $151.33 billion, a PE ratio of 107.56, a PEG ratio of 4.51 and a beta of 1.08. The company’s fifty day moving average is $909.68 and its 200 day moving average is $979.97. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09.

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, hitting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Research analysts anticipate 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 outstanding shares. This buyback authorization authorizes the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Jeffrey A. Miller sold 2,282 shares of ServiceNow stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $1,030.64, for a total value of $2,351,920.48. Following the sale, the director now directly owns 40,638 shares in the company, valued at approximately $41,883,148.32. This trade represents a 5.32 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of the business’s 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 value of $481,635.70. Following the transaction, the insider now directly owns 3,027 shares in the company, valued at $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock valued at $20,050,076 in the last ninety days. Company insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on NOW shares. Royal Bank of Canada set a $986.00 price objective on ServiceNow in a research note on Tuesday, March 11th. Scotiabank decreased their price target on shares of ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating for the company in a research note on Monday, March 17th. JPMorgan Chase & Co. raised their price objective on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. StockNews.com lowered shares of ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday, February 11th. Finally, Truist Financial decreased their price objective on ServiceNow from $1,100.00 to $950.00 and set a “hold” rating for the company in a report on Monday, March 31st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $1,086.00.

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.