Woodline Partners LP Reduces Position in ServiceNow, Inc. (NYSE:NOW)

Woodline Partners LP lessened its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 39.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,511 shares of the information technology services provider's stock after selling 5,603 shares during the quarter. Woodline Partners LP's holdings in ServiceNow were worth $9,023,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in NOW. Norges Bank bought a new position in ServiceNow in the 4th quarter valued at approximately $2,603,360,000. Proficio Capital Partners LLC raised its holdings in ServiceNow by 154,255.3% in the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider's stock valued at $667,000 after buying an additional 666,383 shares during the last quarter. Alphinity Investment Management Pty Ltd bought a new position in ServiceNow in the 4th quarter valued at approximately $682,468,000. Price T Rowe Associates Inc. MD raised its holdings in ServiceNow by 6.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock valued at $8,434,235,000 after buying an additional 509,467 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in ServiceNow by 36.7% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,830,419 shares of the information technology services provider's stock valued at $1,940,464,000 after buying an additional 491,861 shares during the last quarter. Institutional investors own 87.18% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. TD Securities reiterated a "buy" rating and issued a $1,100.00 price objective on shares of ServiceNow in a report on Thursday, April 24th. Mizuho lowered their price target on shares of ServiceNow from $1,210.00 to $1,100.00 and set an "outperform" rating for the company in a report on Tuesday, March 11th. Guggenheim raised their price target on shares of ServiceNow from $716.00 to $724.00 and gave the stock a "sell" rating in a report on Thursday, April 24th. Erste Group Bank upgraded shares of ServiceNow from a "hold" rating to a "strong-buy" rating in a report on Wednesday, April 30th. Finally, BMO Capital Markets raised their price target on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the stock an "outperform" rating in a report on Wednesday, May 14th. One investment 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 given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $1,062.50.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 66 shares of ServiceNow stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $1,023.00, for a total transaction of $67,518.00. Following the sale, the insider now directly owns 3,027 shares in the company, valued at $3,096,621. The trade was a 2.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction 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 sale, the insider now owns 3,649 shares in the company, valued at $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 have sold 5,619 shares of company stock valued at $5,230,568 in the last three months. 0.38% of the stock is currently owned by insiders.

ServiceNow Stock Down 1.0%

NYSE NOW traded down $10.24 during mid-day trading on Friday, hitting $1,005.53. The company's stock had a trading volume of 1,387,522 shares, compared to its average volume of 1,528,633. The company's 50 day simple moving average is $881.74 and its 200 day simple moving average is $975.26. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $208.14 billion, a price-to-earnings ratio of 147.22, a PEG ratio of 4.51 and a beta of 0.97.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.78 by $0.26. The business had revenue of $3.09 billion during 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 revenue was up 18.6% compared to the same quarter last year. During the same quarter last year, the firm posted $3.41 EPS. Analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its board has approved a share buyback program on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

ServiceNow 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.