GF Fund Management CO. LTD. Purchases Shares of 55,527 ServiceNow, Inc. (NYSE:NOW)

GF Fund Management CO. LTD. purchased a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 55,527 shares of the information technology services provider's stock, valued at approximately $58,865,000. ServiceNow makes up 1.3% of GF Fund Management CO. LTD.'s investment portfolio, making the stock its 13th biggest holding.

A number of other hedge funds have also bought and sold shares of NOW. XML Financial LLC purchased a new stake in shares of ServiceNow in the 4th quarter valued at $239,000. Advisory Alpha LLC boosted its holdings in shares of ServiceNow by 7.3% in the 4th quarter. Advisory Alpha LLC now owns 250 shares of the information technology services provider's stock valued at $265,000 after acquiring an additional 17 shares during the last quarter. Wesbanco Bank Inc. boosted its holdings in shares of ServiceNow by 132.0% in the 4th quarter. Wesbanco Bank Inc. now owns 849 shares of the information technology services provider's stock valued at $900,000 after acquiring an additional 483 shares during the last quarter. Independent Wealth Network Inc. purchased a new stake in shares of ServiceNow in the 4th quarter valued at $221,000. Finally, Avior Wealth Management LLC boosted its holdings in shares of ServiceNow by 6.6% in the 4th quarter. Avior Wealth Management LLC now owns 633 shares of the information technology services provider's stock valued at $671,000 after acquiring an additional 39 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

Insider Activity

In related news, General Counsel Russell S. Elmer sold 62 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total transaction of $63,426.00. Following the completion of the sale, the general counsel now directly owns 4,332 shares in the company, valued at approximately $4,431,636. This trade represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm's stock in a transaction dated 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 sale, the insider now owns 3,649 shares of the company's stock, valued at approximately $3,370,654.28. The trade was a 44.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,619 shares of company stock worth $5,230,568 over the last three months. Insiders own 0.38% of the company's stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. TD Securities reaffirmed a "buy" rating and issued a $1,100.00 price objective on shares of ServiceNow in a report on Thursday, April 24th. Cantor Fitzgerald restated an "overweight" rating and set a $1,048.00 price target on shares of ServiceNow in a research report on Thursday, April 24th. Bank of America dropped their price target on shares of ServiceNow from $1,280.00 to $1,025.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Wall Street Zen lowered shares of ServiceNow from a "buy" rating to a "hold" rating in a research report on Saturday. Finally, UBS Group restated a "buy" rating and set a $1,025.00 price target (up previously from $900.00) on shares of ServiceNow in a research report on Thursday, April 24th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, ServiceNow has a consensus rating of "Moderate Buy" and an average price target of $1,062.50.

ServiceNow Price Performance

Shares of NYSE NOW opened at $1,005.53 on Friday. The firm has a 50-day simple moving average of $881.74 and a 200-day simple moving average of $975.40. The stock has a market capitalization of $208.14 billion, a price-to-earnings ratio of 147.22, a price-to-earnings-growth 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, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, beating analysts' consensus estimates of $3.78 by $0.26. The business had revenue of $3.09 billion during 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 company's quarterly revenue was up 18.6% compared to the same quarter last year. During the same period in the prior year, the business earned $3.41 earnings per share. On average, equities analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has initiated a stock buyback program on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are 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.

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