Nuveen Asset Management LLC Has $2.48 Billion Stake in ServiceNow, Inc. (NYSE:NOW)

Nuveen Asset Management LLC boosted its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 4.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,343,840 shares of the information technology services provider's stock after buying an additional 109,293 shares during the quarter. ServiceNow makes up about 0.7% of Nuveen Asset Management LLC's holdings, making the stock its 21st biggest position. Nuveen Asset Management LLC owned about 1.14% of ServiceNow worth $2,484,752,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Quarry LP bought a new position in shares of ServiceNow in the fourth quarter worth about $27,000. Atala Financial Inc bought a new position in ServiceNow in the 4th quarter worth approximately $28,000. LFA Lugano Financial Advisors SA acquired a new position in shares of ServiceNow during the fourth quarter worth approximately $32,000. FPC Investment Advisory Inc. boosted its position in shares of ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock valued at $34,000 after acquiring an additional 29 shares during the period. Finally, Noble Wealth Management PBC acquired a new stake in shares of ServiceNow in the fourth quarter worth $34,000. Institutional investors own 87.18% of the company's stock.

ServiceNow Trading Up 0.5%

NOW stock traded up $5.04 during midday trading on Friday, reaching $1,040.22. The stock had a trading volume of 1,156,504 shares, compared to its average volume of 1,516,108. The firm has a market cap of $215.33 billion, a price-to-earnings ratio of 152.30, a PEG ratio of 4.51 and a beta of 0.97. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The business has a fifty day simple moving average of $858.93 and a two-hundred day simple moving average of $972.52.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results 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 net margin of 12.97% and a return on equity of 17.11%. The business had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.09 billion. During the same period in the previous year, the firm posted $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, research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

A number of research analysts have recently commented on NOW shares. William Blair reaffirmed an "outperform" rating on shares of ServiceNow in a research report on Friday, March 7th. UBS Group restated a "buy" rating and set a $1,025.00 target price (up previously from $900.00) on shares of ServiceNow in a research report on Thursday, April 24th. TD Securities reiterated a "buy" rating and issued a $1,100.00 price target on shares of ServiceNow in a research report on Thursday, April 24th. Stifel Nicolaus lifted their price objective on ServiceNow from $975.00 to $1,050.00 and gave the company a "buy" rating in a report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. reduced their target price on shares of ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $1,062.50.

Insiders Place Their Bets

In other ServiceNow news, insider Jacqueline P. Canney sold 66 shares of the firm's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $1,023.00, for a total transaction of $67,518.00. Following the transaction, the insider now owns 3,027 shares in the company, valued at approximately $3,096,621. This trade represents a 2.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Russell S. Elmer sold 62 shares of the company's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total value of $63,426.00. Following the completion of the sale, the general counsel now directly owns 4,332 shares of the company's stock, valued at approximately $4,431,636. This trade represents a 1.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,872 shares of company stock valued at $13,261,400. Company 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.