Absoluto Partners Gestao de Recursos Ltda Sells 521 Shares of ServiceNow, Inc. (NYSE:NOW)

Absoluto Partners Gestao de Recursos Ltda lessened its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 23.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,714 shares of the information technology services provider's stock after selling 521 shares during the quarter. ServiceNow comprises about 1.6% of Absoluto Partners Gestao de Recursos Ltda's investment portfolio, making the stock its 16th biggest position. Absoluto Partners Gestao de Recursos Ltda's holdings in ServiceNow were worth $1,817,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Union Bancaire Privee UBP SA bought a new stake in ServiceNow in the fourth quarter valued at about $48,802,000. Dock Street Asset Management Inc. lifted 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 worth $35,147,000 after buying an additional 1,105 shares in the last quarter. Cardano Risk Management B.V. acquired a new stake in shares of ServiceNow during the 4th quarter worth approximately $105,090,000. Rheos Capital Works Inc. acquired a new position in ServiceNow in the fourth quarter valued at approximately $10,071,000. Finally, Czech National Bank grew its holdings in ServiceNow by 6.7% during the 4th quarter. Czech National Bank now owns 44,793 shares of the information technology services provider's stock worth $47,486,000 after acquiring an additional 2,829 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Stock Performance

NYSE NOW traded up $17.72 during trading hours on Wednesday, reaching $982.98. 1,723,743 shares of the company were exchanged, compared to its average volume of 1,512,796. The business's 50 day simple moving average is $840.96 and its 200-day simple moving average is $969.12. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The stock has a market capitalization of $203.48 billion, a P/E ratio of 143.92, a P/E/G ratio of 4.51 and a beta of 0.97. 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 - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.78 by $0.26. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The firm had revenue of $3.09 billion for the quarter, compared to analysts' expectations of $3.09 billion. During the same quarter in the previous year, the company earned $3.41 earnings per share. The company's revenue for the quarter was up 18.6% compared to the same quarter last year. On average, equities research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its board has initiated a stock buyback plan on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on NOW. Raymond James decreased their target price on ServiceNow from $1,200.00 to $1,000.00 and set an "outperform" rating for the company in a research report on Tuesday, April 8th. Robert W. Baird raised their price target 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. The Goldman Sachs Group reiterated a "buy" rating on shares of ServiceNow in a research report on Thursday, April 24th. Finally, TD Securities reaffirmed a "buy" rating and set a $1,100.00 price objective on shares of ServiceNow in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $1,044.00.

Insiders Place Their Bets

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the transaction, the insider now directly owns 3,649 shares of the company's stock, valued at approximately $3,370,654.28. This represents a 44.66 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jonathan Chadwick sold 770 shares of the company's stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $931.62, for a total transaction of $717,347.40. Following the sale, the director now directly owns 3,205 shares of the company's stock, valued at $2,985,842.10. The trade was a 19.37 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,692 shares of company stock worth $18,173,444. 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.