Great Valley Advisor Group Inc. Sells 742 Shares of ServiceNow, Inc. (NYSE:NOW)

Great Valley Advisor Group Inc. decreased its position in shares of ServiceNow, Inc. (NYSE:NOW) by 9.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,412 shares of the information technology services provider’s stock after selling 742 shares during the period. Great Valley Advisor Group Inc.’s holdings in ServiceNow were worth $7,858,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Janus Henderson Group PLC lifted its stake in ServiceNow by 1.5% in the fourth quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider’s stock worth $874,258,000 after purchasing an additional 12,533 shares during the last quarter. Union Bancaire Privee UBP SA bought a new stake in shares of ServiceNow during the 4th quarter worth approximately $48,802,000. Dock Street Asset Management Inc. boosted its holdings in ServiceNow by 3.4% during 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 acquiring an additional 1,105 shares during the period. Rheos Capital Works Inc. bought a new position in ServiceNow in the 4th quarter valued at $10,071,000. Finally, FMR LLC grew its position in ServiceNow by 4.9% in the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock valued at $6,232,339,000 after acquiring an additional 272,506 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on NOW. William Blair reissued an “outperform” rating on shares of ServiceNow in a research note on Friday, March 7th. Wells Fargo & Company boosted their price objective on shares of ServiceNow from $1,100.00 to $1,150.00 and gave the company an “overweight” rating in a research report on Thursday, April 24th. Truist Financial upgraded shares of ServiceNow from a “hold” rating to a “buy” rating and upped their target price for the stock from $950.00 to $1,200.00 in a research note on Thursday, May 1st. TD Securities reaffirmed a “buy” rating and set a $1,100.00 price target on shares of ServiceNow in a research note on Thursday, April 24th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of ServiceNow in a research note on Thursday, April 24th. One 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 assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $1,062.50.

ServiceNow Stock Performance

NYSE NOW opened at $1,005.53 on Monday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The stock’s fifty day moving average is $881.74 and its two-hundred day moving average is $974.98. The firm has a market capitalization of $208.14 billion, a P/E ratio of 147.22, a price-to-earnings-growth ratio of 4.51 and a beta of 0.97. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09.

ServiceNow (NYSE:NOW) last issued its earnings results 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 company had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. ServiceNow’s quarterly revenue was up 18.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.41 earnings per share. On average, research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its board has approved a stock 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 buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at ServiceNow

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction on 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 completion of the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,370,654.28. The trade was a 44.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jacqueline P. Canney sold 66 shares of the 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 $67,518.00. Following the completion of the sale, the insider now directly owns 3,027 shares in the company, valued at $3,096,621. This represents a 2.13% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,619 shares of company stock worth $5,230,568. 0.38% of the stock is currently owned by company insiders.

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.