ServiceNow, Inc. (NYSE:NOW) is Praesidium Investment Management Company LLC’s 2nd Largest Position

Praesidium Investment Management Company LLC reduced its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 7.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 84,150 shares of the information technology services provider’s stock after selling 6,528 shares during the quarter. ServiceNow makes up approximately 15.0% of Praesidium Investment Management Company LLC’s investment portfolio, making the stock its 2nd largest position. Praesidium Investment Management Company LLC’s holdings in ServiceNow were worth $89,209,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in NOW. Quarry LP purchased a new stake in ServiceNow in the fourth quarter worth about $27,000. Atala Financial Inc purchased a new stake in ServiceNow in the fourth quarter worth about $28,000. LFA Lugano Financial Advisors SA purchased a new stake in ServiceNow in the fourth quarter worth about $32,000. FPC Investment Advisory Inc. lifted its stake in ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after acquiring an additional 29 shares during the period. Finally, Noble Wealth Management PBC purchased a new stake in ServiceNow in the fourth quarter worth about $34,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at ServiceNow

In other news, CFO Gina Mastantuono sold 84 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $1,023.00, for a total transaction of $85,932.00. Following the transaction, the chief financial officer now owns 11,218 shares in the company, valued at $11,476,014. This trade represents a 0.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, General Counsel Russell S. Elmer sold 62 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total value of $63,426.00. Following the transaction, the general counsel now owns 4,332 shares in the company, valued at $4,431,636. This trade represents a 1.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,056 shares of company stock valued at $14,421,814 in the last 90 days. 0.38% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

NOW has been the subject of a number of research reports. Robert W. Baird upped their price objective on shares of ServiceNow from $1,010.00 to $1,150.00 and gave the stock an “outperform” rating in a research note on Thursday, April 24th. Erste Group Bank raised shares of ServiceNow from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 30th. William Blair reissued an “outperform” rating on shares of ServiceNow in a research report on Friday, March 7th. UBS Group reissued a “buy” rating and set a $1,025.00 price target (up from $900.00) on shares of ServiceNow in a research report on Thursday, April 24th. Finally, Needham & Company LLC reissued a “buy” rating and set a $1,050.00 price target on shares of ServiceNow in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and an average target price of $1,062.50.

ServiceNow Price Performance

Shares of NYSE NOW opened at $1,029.76 on Thursday. The stock has a market capitalization of $213.16 billion, a price-to-earnings ratio of 150.77, a PEG ratio of 4.51 and a beta of 0.97. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The firm’s 50 day simple moving average is $853.85 and its 200-day simple moving average is $971.90. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, topping analysts’ consensus estimates of $3.78 by $0.26. The business had revenue of $3.09 billion for the quarter, compared to analysts’ expectations of $3.09 billion. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The business’s revenue was up 18.6% on a year-over-year basis. During the same quarter last year, the company earned $3.41 EPS. Analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its Board of Directors has initiated 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 buy up to 1.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

About ServiceNow

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.