Great Valley Advisor Group Inc. Decreases Stake in ServiceNow, Inc. (NYSE:NOW)

Great Valley Advisor Group Inc. lessened its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 9.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and 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 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Mizuho lowered their price target on shares of ServiceNow from $1,210.00 to $1,100.00 and set an "outperform" rating on the stock in a report on Tuesday, March 11th. Canaccord Genuity Group decreased their price objective on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Citigroup upped their target price on ServiceNow from $1,128.00 to $1,160.00 and gave the stock a "buy" rating in a research note on Wednesday, May 7th. Royal Bank of Canada lifted their price target on ServiceNow from $1,060.00 to $1,100.00 and gave the company an "outperform" rating in a research report on Tuesday, May 6th. Finally, Bank of America decreased their price target on ServiceNow from $1,280.00 to $1,025.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. One research 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. According to data from MarketBeat, ServiceNow currently has a consensus rating of "Moderate Buy" and an average price target of $1,062.50.

ServiceNow Trading Down 0.7%

Shares of NOW stock traded down $7.41 on Wednesday, reaching $1,019.98. 989,681 shares of the stock were exchanged, compared to its average volume of 1,524,788. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The stock has a market cap of $211.12 billion, a P/E ratio of 149.34, 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. The firm has a 50 day moving average of $889.06 and a two-hundred day moving average of $975.33.

ServiceNow (NYSE:NOW - Get Free Report) last released 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 company had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The company's quarterly revenue was up 18.6% compared to the same quarter last year. During the same period last year, the business posted $3.41 EPS. On average, research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its board has approved a share repurchase program on Wednesday, January 29th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Jonathan Chadwick sold 770 shares of the company's stock in a transaction on Monday, April 28th. The shares were sold at an average price of $931.62, for a total transaction of $717,347.40. Following the completion of the sale, the director now directly owns 3,205 shares of the company's stock, valued at approximately $2,985,842.10. This represents a 19.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jacqueline P. Canney sold 354 shares of the business's stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total value of $284,831.94. Following the transaction, the insider now owns 3,027 shares in the company, valued at approximately $2,435,554.47. This represents a 10.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,674 shares of company stock worth $2,510,213 over the last ninety days. 0.38% of the stock is owned by company 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.