ServiceNow, Inc. (NYSE:NOW) Shares Sold by GG Group Ventures LLC

GG Group Ventures LLC cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 30.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 918 shares of the information technology services provider's stock after selling 397 shares during the period. ServiceNow makes up about 1.3% of GG Group Ventures LLC's portfolio, making the stock its 19th largest holding. GG Group Ventures LLC's holdings in ServiceNow were worth $973,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Quarry LP acquired a new position in shares of ServiceNow during the 4th quarter worth about $27,000. Atala Financial Inc acquired a new position in shares of ServiceNow during the fourth quarter valued at approximately $28,000. LFA Lugano Financial Advisors SA purchased a new position in shares of ServiceNow in the fourth quarter valued at approximately $32,000. Noble Wealth Management PBC purchased a new position in shares of ServiceNow in the fourth quarter valued at approximately $34,000. Finally, FPC Investment Advisory Inc. boosted its stake in shares of ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock worth $34,000 after acquiring an additional 29 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

Wall Street Analysts Forecast Growth

NOW has been the topic of a number of research reports. Erste Group Bank upgraded ServiceNow from a "hold" rating to a "strong-buy" rating in a report on Wednesday, April 30th. William Blair reissued an "outperform" rating on shares of ServiceNow in a research note on Friday, March 7th. StockNews.com cut shares of ServiceNow from a "buy" rating to a "hold" rating in a research note on Tuesday, February 11th. Guggenheim boosted their target price on ServiceNow from $716.00 to $724.00 and gave the stock a "sell" rating in a report on Thursday, April 24th. Finally, Evercore ISI upped their price target on ServiceNow from $925.00 to $1,000.00 and gave the company an "outperform" rating 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 issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $1,041.00.

Insider Buying and Selling

In related news, CEO William R. Mcdermott sold 1,263 shares of ServiceNow stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,644,564.50. This trade represents a 32.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Larry Quinlan sold 415 shares of the company's stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $1,007.41, for a total value of $418,075.15. Following the sale, the director now owns 1,737 shares in the company, valued at approximately $1,749,871.17. This trade represents a 19.28 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,107 shares of company stock valued at $18,591,520 in the last ninety days. Company insiders own 0.38% of the company's stock.

ServiceNow Trading Up 0.7 %

Shares of NOW traded up $6.95 during midday trading on Monday, hitting $984.31. 460,214 shares of the stock were exchanged, compared to its average volume of 1,508,424. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The firm has a market cap of $203.75 billion, a P/E ratio of 144.10, a P/E/G ratio of 4.51 and a beta of 1.08. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The stock has a fifty day simple moving average of $839.29 and a 200 day simple moving average of $968.74.

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

ServiceNow announced that its board has authorized a share buyback 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 purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

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.