Lord Abbett & CO. LLC Grows Position in ServiceNow, Inc. (NYSE:NOW)

Lord Abbett & CO. LLC raised its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 62.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 175,252 shares of the information technology services provider's stock after acquiring an additional 67,475 shares during the period. Lord Abbett & CO. LLC owned 0.09% of ServiceNow worth $185,788,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in ServiceNow by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider's stock valued at $20,353,517,000 after acquiring an additional 190,430 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in ServiceNow by 6.8% in the fourth 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 acquiring an additional 509,467 shares in the last quarter. FMR LLC boosted its stake in ServiceNow by 4.9% in the fourth quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider's stock valued at $6,232,339,000 after acquiring an additional 272,506 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of ServiceNow by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider's stock worth $4,560,890,000 after buying an additional 100,670 shares during the period. Finally, Norges Bank acquired a new stake in shares of ServiceNow during the fourth quarter worth about $2,603,360,000. Institutional investors and hedge funds own 87.18% of the company's stock.

Insider Activity

In other news, insider Jacqueline P. Canney sold 292 shares of the company's stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total value of $297,124.60. Following the sale, the insider now directly owns 3,027 shares in the company, valued at $3,080,123.85. This represents a 8.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Gina Mastantuono sold 4,442 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $964.70, for a total value of $4,285,197.40. Following the transaction, the chief financial officer now owns 11,126 shares in the company, valued at $10,733,252.20. This trade represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,250 shares of company stock worth $19,853,273 over the last three months. 0.38% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

NOW has been the subject of several recent research reports. Needham & Company LLC decreased their target price on shares of ServiceNow from $1,200.00 to $1,050.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. TD Securities reiterated a "buy" rating and set a $1,100.00 target price on shares of ServiceNow in a research note on Thursday, April 24th. BMO Capital Markets decreased their target price on shares of ServiceNow from $990.00 to $950.00 and set an "outperform" rating for the company in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. decreased their target price on shares of ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Finally, Evercore ISI increased their target price on shares of ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-nine have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $1,032.94.

ServiceNow Price Performance

NYSE:NOW traded down $1.28 during trading hours on Tuesday, reaching $936.13. 550,594 shares of the company traded hands, compared to its average volume of 1,939,641. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The stock has a market cap of $193.78 billion, a P/E ratio of 137.06, a P/E/G ratio of 4.51 and a beta of 1.08. The firm's 50-day moving average is $837.70 and its 200-day moving average is $967.86. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data 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. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The business had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. During the same period in the prior year, the business earned $3.41 earnings per share. The business's revenue was up 18.6% on a year-over-year basis. Equities research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has authorized a stock 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 usually a sign that the company's management believes its stock is 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.