Principal Street Partners LLC Sells 133 Shares of ServiceNow, Inc. (NYSE:NOW)

Principal Street Partners LLC reduced its holdings in ServiceNow, Inc. (NYSE:NOW) by 12.4% in the 4th quarter, Holdings Channel reports. The fund owned 938 shares of the information technology services provider’s stock after selling 133 shares during the quarter. Principal Street Partners LLC’s holdings in ServiceNow were worth $994,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. bought a new stake in ServiceNow during the 4th quarter worth approximately $5,702,000. Delta Investment Management LLC boosted its holdings in shares of ServiceNow by 3.1% in the fourth quarter. Delta Investment Management LLC now owns 1,050 shares of the information technology services provider’s stock valued at $1,113,000 after buying an additional 32 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of ServiceNow by 3.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,654,825 shares of the information technology services provider’s stock valued at $2,814,433,000 after buying an additional 87,876 shares during the period. Voloridge Investment Management LLC bought a new stake in shares of ServiceNow during the fourth quarter worth $19,944,000. Finally, Waverly Advisors LLC raised its holdings in shares of ServiceNow by 110.0% during the fourth quarter. Waverly Advisors LLC now owns 1,842 shares of the information technology services provider’s stock worth $1,953,000 after acquiring an additional 965 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on NOW shares. Wells Fargo & Company lifted their price target on ServiceNow from $1,100.00 to $1,150.00 and gave the company an “overweight” rating in a research note on Thursday, April 24th. Sanford C. Bernstein reiterated an “outperform” rating and set a $1,003.00 price objective on shares of ServiceNow in a report on Thursday, April 24th. Erste Group Bank upgraded ServiceNow from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 30th. Jefferies Financial Group decreased their price target on shares of ServiceNow from $1,250.00 to $1,025.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. Finally, StockNews.com lowered shares of ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and a consensus target price of $1,062.50.

ServiceNow Stock Down 1.4%

Shares of NYSE NOW opened at $1,025.55 on Tuesday. The company has a market cap of $212.29 billion, a price-to-earnings ratio of 150.15, a PEG ratio of 4.51 and a beta of 0.97. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The stock has a 50-day moving average price of $867.15 and a two-hundred day moving average price of $974.13.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating analysts’ consensus estimates of $3.78 by $0.26. The firm had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.09 billion. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The company’s quarterly revenue was up 18.6% on a year-over-year basis. During the same quarter last year, the business posted $3.41 earnings per share. As a group, analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its Board of Directors has initiated a share repurchase plan 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 purchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at ServiceNow

In other news, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction on Friday, February 21st. The shares were sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the transaction, the chief financial officer now owns 11,126 shares in the company, valued at approximately $10,733,252.20. The trade was a 28.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Russell S. Elmer sold 62 shares of the company’s stock in a transaction dated 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 completion of the sale, 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 a total of 10,061 shares of company stock valued at $9,515,766 in the last 90 days. 0.38% of the stock is owned by corporate insiders.

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.