ServiceNow, Inc. (NYSE:NOW) Stock Holdings Lowered by Praesidium Investment Management Company LLC

Praesidium Investment Management Company LLC decreased its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 7.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 84,150 shares of the information technology services provider's stock after selling 6,528 shares during the quarter. ServiceNow comprises about 15.0% of Praesidium Investment Management Company LLC's portfolio, making the stock its 2nd largest holding. Praesidium Investment Management Company LLC's holdings in ServiceNow were worth $89,209,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NOW. Vanguard Group Inc. lifted its position in ServiceNow by 1.0% during 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 purchasing an additional 190,430 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in 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 purchasing an additional 509,467 shares during the last quarter. FMR LLC lifted its position in ServiceNow by 4.9% during 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 purchasing an additional 272,506 shares during the last quarter. Geode Capital Management LLC lifted its position in 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 valued at $4,560,890,000 after purchasing an additional 100,670 shares during the last quarter. Finally, Norges Bank bought a new position in ServiceNow during the fourth quarter valued at $2,603,360,000. Institutional investors own 87.18% of the company's stock.

Analysts Set New Price Targets

NOW has been the subject of several research reports. Robert W. Baird increased their price objective on shares of ServiceNow from $1,010.00 to $1,150.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Oppenheimer reissued an "outperform" rating and issued a $1,100.00 target price (up previously from $970.00) on shares of ServiceNow in a research note on Tuesday, May 6th. William Blair reissued an "outperform" rating on shares of ServiceNow in a research note on Friday, March 7th. Barclays set a $1,085.00 target price on shares of ServiceNow in a research note on Wednesday, May 7th. Finally, BMO Capital Markets increased their target price on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the company an "outperform" rating in a research note on Wednesday. One equities research 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. According to data from MarketBeat, ServiceNow presently has an average rating of "Moderate Buy" and an average target price of $1,062.50.

ServiceNow Stock Up 0.5%

Shares of NYSE:NOW traded up $5.04 during trading on Friday, reaching $1,040.22. The stock had a trading volume of 1,156,504 shares, compared to its average volume of 1,517,798. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The company has a market capitalization of $215.33 billion, a P/E ratio of 152.30, a PEG ratio of 4.51 and a beta of 0.97. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm's 50-day simple moving average is $863.52 and its 200 day simple moving average is $973.12.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly 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 business had revenue of $3.09 billion for the quarter, compared to analysts' expectations of $3.09 billion. During the same period last year, the business earned $3.41 EPS. The company's revenue was up 18.6% compared to the same quarter last year. As a group, research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its board has approved a share repurchase program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

Insider Activity

In related news, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the completion of the sale, the chief financial officer now directly owns 11,126 shares in the company, valued at $10,733,252.20. This trade represents a 28.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William R. Mcdermott sold 384 shares of ServiceNow stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $986.64, for a total transaction of $378,869.76. Following the completion of the sale, the chief executive officer now owns 6,614 shares of the company's stock, 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 ninety days, insiders have sold 13,872 shares of company stock worth $13,261,400. Corporate insiders own 0.38% of the company's stock.

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.