Hyperion Asset Management Ltd Trims Position in ServiceNow, Inc. (NYSE:NOW)

Hyperion Asset Management Ltd lowered its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 6.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 283,706 shares of the information technology services provider's stock after selling 18,167 shares during the period. ServiceNow accounts for approximately 10.0% of Hyperion Asset Management Ltd's holdings, making the stock its 3rd biggest holding. Hyperion Asset Management Ltd owned 0.14% of ServiceNow worth $300,762,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Guardian Wealth Advisors LLC NC acquired a new stake in shares of ServiceNow during the fourth quarter worth $279,000. Focus Partners Wealth raised its stake in ServiceNow by 139.4% during the fourth quarter. Focus Partners Wealth now owns 125,127 shares of the information technology services provider's stock worth $135,358,000 after acquiring an additional 72,860 shares during the period. Fullerton Fund Management Co Ltd. lifted its holdings in ServiceNow by 35.1% in the fourth quarter. Fullerton Fund Management Co Ltd. now owns 654 shares of the information technology services provider's stock worth $693,000 after acquiring an additional 170 shares during the last quarter. Ethic Inc. boosted its stake in ServiceNow by 21.9% in the fourth quarter. Ethic Inc. now owns 25,747 shares of the information technology services provider's stock valued at $27,294,000 after acquiring an additional 4,620 shares during the period. Finally, Fiduciary Trust Co grew its holdings in shares of ServiceNow by 0.4% during the fourth quarter. Fiduciary Trust Co now owns 5,579 shares of the information technology services provider's stock valued at $5,914,000 after purchasing an additional 22 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 1,263 shares of the business's stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares of the company's stock, valued at $2,644,564.50. The trade was a 32.74 % 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 on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the transaction, the insider now owns 3,649 shares in the company, valued at $3,370,654.28. This represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,150 shares of company stock worth $16,550,424. 0.38% of the stock is currently owned by company insiders.

ServiceNow Price Performance

NOW opened at $981.13 on Friday. The firm has a market capitalization of $203.09 billion, a P/E ratio of 143.65, a PEG ratio of 4.51 and a beta of 0.97. The stock has a fifty day moving average of $844.85 and a 200-day moving average of $970.48. 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 12-month low of $637.99 and a 12-month high of $1,198.09.

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 for the quarter, compared to analysts' expectations of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The business's revenue for the quarter was up 18.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.41 EPS. Equities analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its Board of Directors has initiated a share repurchase program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of research analysts recently issued reports on NOW shares. Sanford C. Bernstein restated an "outperform" rating and set a $1,003.00 price objective on shares of ServiceNow in a research report on Thursday, April 24th. Truist Financial raised shares of ServiceNow from a "hold" rating to a "buy" rating and boosted their price target for the company from $950.00 to $1,200.00 in a report on Thursday, May 1st. UBS Group reaffirmed a "buy" rating and issued a $1,025.00 price objective (up previously from $900.00) on shares of ServiceNow in a report on Thursday, April 24th. Guggenheim upped their target price on shares of ServiceNow from $716.00 to $724.00 and gave the stock a "sell" rating in a research report on Thursday, April 24th. Finally, TD Securities reaffirmed a "buy" rating and set a $1,100.00 price target on shares of ServiceNow in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $1,055.83.

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.

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