Connors Investor Services Inc. Has $17.07 Million Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Connors Investor Services Inc. decreased its holdings in ServiceNow, Inc. (NYSE:NOW) by 5.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 16,105 shares of the information technology services provider’s stock after selling 983 shares during the quarter. ServiceNow accounts for approximately 1.6% of Connors Investor Services Inc.’s investment portfolio, making the stock its 20th biggest holding. Connors Investor Services Inc.’s holdings in ServiceNow were worth $17,073,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in NOW. Norges Bank purchased a new position in ServiceNow during the 4th quarter worth $2,603,360,000. Proficio Capital Partners LLC increased its position in shares of ServiceNow by 154,255.3% during the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock valued at $667,000 after purchasing an additional 666,383 shares during the last quarter. Alphinity Investment Management Pty Ltd bought a new stake in shares of ServiceNow during the 4th quarter worth $682,468,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of ServiceNow by 6.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock worth $8,434,235,000 after buying an additional 509,467 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in ServiceNow during the fourth quarter valued at about $393,868,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on NOW shares. Wells Fargo & Company lifted their price objective on shares of ServiceNow from $1,100.00 to $1,150.00 and gave the stock an “overweight” rating in a research report on Thursday, April 24th. Scotiabank upped their price objective on ServiceNow from $1,050.00 to $1,075.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 24th. Canaccord Genuity Group lowered their target price on ServiceNow from $1,275.00 to $900.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. UBS Group reiterated a “buy” rating and set a $1,025.00 price target (up previously from $900.00) on shares of ServiceNow in a research note on Thursday, April 24th. Finally, TD Securities restated a “buy” rating and issued a $1,100.00 price objective on shares of ServiceNow in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,032.94.

Insider Transactions at ServiceNow

In other news, Director Deborah Black sold 598 shares of the company’s stock in a transaction that occurred on Friday, April 25th. The shares were sold at an average price of $940.23, for a total value of $562,257.54. Following the transaction, the director now owns 428 shares in the company, valued at approximately $402,418.44. This represents a 58.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Jonathan Chadwick sold 770 shares of the business’s stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $931.62, for a total value of $717,347.40. Following the sale, the director now owns 3,205 shares of the company’s stock, valued at approximately $2,985,842.10. This represents a 19.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,618 shares of company stock valued at $21,132,878. Insiders own 0.38% of the company’s stock.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $942.79 on Wednesday. The company has a market cap of $195.16 billion, a PE ratio of 138.04, a P/E/G ratio of 4.51 and a beta of 1.08. The business has a 50 day moving average of $837.19 and a 200 day moving average of $967.68. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. 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 posted its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.78 by $0.26. The business had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The firm’s quarterly revenue was up 18.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.41 earnings per share. As a group, equities research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its board has authorized a share repurchase program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is 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.