ServiceNow, Inc. (NYSE:NOW) Shares Sold by Zurich Insurance Group Ltd FI

Zurich Insurance Group Ltd FI lowered its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 1.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 75,680 shares of the information technology services provider's stock after selling 979 shares during the quarter. Zurich Insurance Group Ltd FI's holdings in ServiceNow were worth $80,230,000 as of its most recent filing with the SEC.

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

Analysts Set New Price Targets

Several brokerages have issued reports on NOW. Wall Street Zen cut shares of ServiceNow from a "buy" rating to a "hold" rating in a research note on Tuesday, February 11th. JPMorgan Chase & Co. lowered their price target on shares of ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Bank of America cut their price objective on shares of ServiceNow from $1,280.00 to $1,025.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. TD Securities restated a "buy" rating and set a $1,100.00 target price on shares of ServiceNow in a report on Thursday, April 24th. Finally, Guggenheim increased their price target on ServiceNow from $716.00 to $724.00 and gave the company a "sell" rating in a report on Thursday, April 24th. One 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 assigned a strong buy rating to the stock. According to data from MarketBeat, ServiceNow currently has an average rating of "Moderate Buy" and an average target price of $1,062.50.

Insider Activity

In other ServiceNow news, General Counsel Russell S. Elmer sold 62 shares of the company's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total value of $63,426.00. Following the completion of the transaction, the general counsel now owns 4,332 shares in the company, valued at $4,431,636. This represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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 value of $2,720,355.40. Following the transaction, the insider now directly owns 3,649 shares in the company, valued at approximately $3,370,654.28. The trade was a 44.66% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,061 shares of company stock worth $9,515,766. 0.38% of the stock is currently owned by insiders.

ServiceNow Stock Up 0.1%

NYSE NOW traded up $0.98 on Thursday, hitting $1,015.74. 855,696 shares of the stock were exchanged, compared to its average volume of 1,523,130. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The company has a 50-day moving average price of $874.78 and a 200-day moving average price of $974.74. 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 company has a market cap of $210.26 billion, a PE ratio of 148.72, a PEG ratio of 4.51 and a beta of 0.97.

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, topping 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 during the quarter, compared to the consensus estimate of $3.09 billion. During the same quarter in the previous year, the firm posted $3.41 earnings per share. The company's revenue was up 18.6% compared to the same quarter last year. Sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its board has authorized a stock buyback plan on Wednesday, January 29th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically a sign 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.