Investment Management Corp of Ontario Buys 2,242 Shares of ServiceNow, Inc. (NYSE:NOW)

Investment Management Corp of Ontario lifted its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 25.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,189 shares of the information technology services provider's stock after purchasing an additional 2,242 shares during the period. Investment Management Corp of Ontario's holdings in ServiceNow were worth $11,862,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in ServiceNow during the 4th quarter valued at $2,603,360,000. Proficio Capital Partners LLC lifted its position in shares of ServiceNow by 154,255.3% during the fourth quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider's stock worth $667,000 after purchasing an additional 666,383 shares during the last quarter. Alphinity Investment Management Pty Ltd bought a new stake in ServiceNow in the fourth quarter valued at about $682,468,000. Price T Rowe Associates Inc. MD lifted its holdings in ServiceNow by 6.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock worth $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 increased its holdings in shares of 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 acquiring an additional 491,861 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Stock Up 1.3%

NYSE:NOW traded up $13.36 during midday trading on Tuesday, hitting $1,028.96. 371,855 shares of the company were exchanged, compared to its average volume of 1,511,487. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. 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 market capitalization of $213.00 billion, a PE ratio of 150.65, a price-to-earnings-growth ratio of 4.51 and a beta of 0.97. The company has a fifty day simple moving average of $846.83 and a 200 day simple moving average of $971.03.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping analysts' consensus estimates of $3.78 by $0.26. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The company had revenue of $3.09 billion during the quarter, compared to analysts' expectations of $3.09 billion. During the same period last year, the firm earned $3.41 EPS. The firm's revenue for the quarter was up 18.6% on a year-over-year basis. As a group, equities analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its Board of Directors has approved a stock repurchase program 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 stock through open market purchases. Stock repurchase programs are usually an indication that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,023 shares of the business's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $988.00, for a total transaction of $1,010,724.00. Following the completion of the sale, the general counsel now owns 4,332 shares of the company's stock, valued at approximately $4,280,016. The trade was a 19.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William R. Mcdermott sold 384 shares of the business's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $986.64, for a total value of $378,869.76. Following the transaction, the chief executive officer now directly owns 6,614 shares in the company, valued at $6,525,636.96. This trade represents a 5.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 14,844 shares of company stock worth $14,204,938. 0.38% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have commented on NOW. Raymond James decreased their target price on ServiceNow from $1,200.00 to $1,000.00 and set an "outperform" rating for the company in a research note on Tuesday, April 8th. Wells Fargo & Company boosted their target price on shares of ServiceNow from $1,100.00 to $1,150.00 and gave the company an "overweight" rating in a research note on Thursday, April 24th. Redburn Atlantic initiated coverage on ServiceNow in a research report on Wednesday, February 19th. They issued a "buy" rating on the stock. StockNews.com cut shares of ServiceNow from a "buy" rating to a "hold" rating in a research note on Tuesday, February 11th. Finally, Truist Financial raised ServiceNow from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $950.00 to $1,200.00 in a research note on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus 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.