Bamco Inc. NY Has $76.22 Million Position in ServiceNow, Inc. (NYSE:NOW)

Bamco Inc. NY reduced its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 4.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 71,899 shares of the information technology services provider's stock after selling 3,345 shares during the quarter. Bamco Inc. NY's holdings in ServiceNow were worth $76,222,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of NOW. Quarry LP bought a new stake in shares of ServiceNow in the fourth quarter valued at about $27,000. Atala Financial Inc acquired a new position in ServiceNow in the 4th quarter valued at approximately $28,000. LFA Lugano Financial Advisors SA bought a new stake in shares of ServiceNow in the 4th quarter worth approximately $32,000. FPC Investment Advisory Inc. lifted its position in shares of ServiceNow by 725.0% in 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 period. Finally, Noble Wealth Management PBC acquired a new stake in shares of ServiceNow during the 4th quarter worth approximately $34,000. 87.18% of the stock is owned by institutional investors.

Insider Buying and Selling

In other ServiceNow news, insider Jacqueline P. Canney sold 292 shares of the firm's stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the sale, the insider now directly owns 3,027 shares in the company, valued at approximately $3,080,123.85. This trade represents a 8.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company's stock in a transaction that occurred on 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 completion of the transaction, the insider now owns 3,649 shares of the company's stock, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,692 shares of company stock valued at $18,173,444. 0.38% of the stock is owned by company insiders.

ServiceNow Trading Down 1.1 %

Shares of NYSE:NOW traded down $10.34 during midday trading on Tuesday, hitting $967.71. The company had a trading volume of 1,275,846 shares, compared to its average volume of 1,511,951. 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, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The firm has a fifty day simple moving average of $840.96 and a 200 day simple moving average of $969.12. The stock has a market cap of $200.32 billion, a price-to-earnings ratio of 141.69, a PEG ratio of 4.51 and a beta of 0.97.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, topping 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 company had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.09 billion. During the same period in the previous year, the company earned $3.41 EPS. The company's revenue for the quarter was up 18.6% compared to the same quarter last year. On average, analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its board has approved a stock buyback plan 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 buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

NOW has been the subject of a number of recent research reports. Truist Financial upgraded ServiceNow from a "hold" rating to a "buy" rating and upped their target price for the company from $950.00 to $1,200.00 in a research note on Thursday, May 1st. Bank of America reduced their price objective on shares of ServiceNow from $1,280.00 to $1,025.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. BMO Capital Markets lowered their target price on shares of ServiceNow from $990.00 to $950.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. cut their price target 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, Piper Sandler lowered their price objective on ServiceNow from $1,200.00 to $1,120.00 and set an "overweight" rating on the stock in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $1,041.48.

ServiceNow 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.