Northern Trust Corp Buys 309,273 Shares of ServiceNow, Inc. (NYSE:NOW)

Northern Trust Corp increased its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 15.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,259,591 shares of the information technology services provider's stock after buying an additional 309,273 shares during the quarter. Northern Trust Corp owned 1.10% of ServiceNow worth $2,395,438,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Norges Bank bought a new stake in shares of ServiceNow during the fourth quarter worth about $2,603,360,000. Proficio Capital Partners LLC grew its holdings in ServiceNow by 154,255.3% during the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider's stock worth $667,000 after acquiring an additional 666,383 shares during the last quarter. Alphinity Investment Management Pty Ltd acquired a new position in ServiceNow in the 4th quarter valued at approximately $682,468,000. Price T Rowe Associates Inc. MD raised its stake in shares of ServiceNow by 6.8% during 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 during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of ServiceNow during the fourth quarter worth $393,868,000. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Price Performance

Shares of ServiceNow stock traded up $3.87 during trading on Thursday, hitting $958.88. The stock had a trading volume of 1,804,941 shares, compared to its average volume of 1,510,203. The firm has a market cap of $198.49 billion, a price-to-earnings ratio of 140.39, a P/E/G ratio of 4.51 and a beta of 1.08. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The business's 50-day moving average is $837.53 and its 200 day moving average is $967.60. 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 (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 the consensus estimate of $3.78 by $0.26. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The company had revenue of $3.09 billion for the quarter, compared to analysts' expectations of $3.09 billion. During the same period in the prior year, the business earned $3.41 earnings per share. ServiceNow's revenue for the quarter was up 18.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its Board of Directors has authorized a stock buyback program on Wednesday, January 29th that permits the company to repurchase $3.00 billion in outstanding 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 programs are usually an indication that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Barclays set a $969.00 target price on ServiceNow in a research report on Thursday, April 24th. StockNews.com lowered ServiceNow from a "buy" rating to a "hold" rating in a research note on Tuesday, February 11th. Piper Sandler dropped their price target on shares of ServiceNow from $1,200.00 to $1,120.00 and set an "overweight" rating on the stock in a research report on Thursday, April 24th. Canaccord Genuity Group lowered their target price on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Finally, Morgan Stanley boosted their target price on shares of ServiceNow from $881.00 to $950.00 and gave the company an "equal weight" rating in a research report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and thirty have given a buy rating to the company. According to MarketBeat.com, ServiceNow has an average rating of "Moderate Buy" and a consensus target price of $1,041.00.

Insider Transactions at ServiceNow

In related news, CEO William R. Mcdermott sold 1,263 shares of the firm's 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 sale, the chief executive officer now owns 2,595 shares of the company's stock, valued at $2,644,564.50. This trade represents a 32.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction dated 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 sale, the insider now directly owns 3,649 shares in the company, valued at $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 three months, insiders sold 21,618 shares of company stock worth $21,132,878. 0.38% of the stock is currently owned by corporate insiders.

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.