NZS Capital LLC Sells 3,049 Shares of ServiceNow, Inc. (NYSE:NOW)

NZS Capital LLC lessened its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 33.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,199 shares of the information technology services provider's stock after selling 3,049 shares during the period. NZS Capital LLC's holdings in ServiceNow were worth $6,572,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Quarry LP acquired a new stake in ServiceNow in the 4th quarter valued at $27,000. Atala Financial Inc bought a new stake in ServiceNow during the fourth quarter worth $28,000. LFA Lugano Financial Advisors SA purchased a new stake in ServiceNow in the 4th quarter valued at $32,000. Noble Wealth Management PBC bought a new position in ServiceNow during the 4th quarter valued at $34,000. Finally, FPC Investment Advisory Inc. boosted its holdings in ServiceNow by 725.0% during the 4th 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. Institutional investors own 87.18% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on NOW. Evercore ISI raised their price target on shares of ServiceNow from $925.00 to $1,000.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Bank of America dropped their target price on shares of ServiceNow from $1,280.00 to $1,025.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Citigroup reduced their target price on ServiceNow from $1,426.00 to $1,082.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Mizuho lowered their target price on ServiceNow from $1,210.00 to $1,100.00 and set an "outperform" rating on the stock in a research note on Tuesday, March 11th. Finally, Wells Fargo & Company increased their price target on shares of ServiceNow from $1,100.00 to $1,150.00 and gave the company an "overweight" rating in a research report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and thirty have assigned a buy rating to the company's stock. According to MarketBeat, ServiceNow has an average rating of "Moderate Buy" and an average target price of $1,041.00.

Insiders Place Their Bets

In related news, CFO Gina Mastantuono sold 4,442 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the sale, the chief financial officer now directly owns 11,126 shares of the company's stock, valued at approximately $10,733,252.20. This represents a 28.53 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jeffrey A. Miller sold 2,282 shares of the company's stock in a transaction on Friday, February 7th. The shares were sold at an average price of $1,030.64, for a total value of $2,351,920.48. Following the transaction, the director now directly owns 40,638 shares in the company, valued at approximately $41,883,148.32. The trade was a 5.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 21,618 shares of company stock worth $21,132,878. Company insiders own 0.38% of the company's stock.

ServiceNow Trading Up 0.4 %

Shares of ServiceNow stock traded up $3.87 during midday trading on Thursday, reaching $958.88. 1,804,941 shares of the company's stock traded hands, compared to its average volume of 1,509,489. The stock has a 50 day moving average of $837.53 and a 200-day moving average of $967.60. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The company has a market cap of $198.49 billion, a PE ratio of 140.39, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

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

ServiceNow declared that its Board of Directors has authorized a stock repurchase plan 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 reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board of directors believes its shares are 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.