ServiceNow, Inc. (NYSE:NOW) Shares Sold by Polar Capital Holdings Plc

Polar Capital Holdings Plc cut its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 9.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 183,948 shares of the information technology services provider's stock after selling 20,302 shares during the quarter. ServiceNow comprises approximately 1.1% of Polar Capital Holdings Plc's portfolio, making the stock its 17th largest holding. Polar Capital Holdings Plc owned about 0.09% of ServiceNow worth $195,007,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. Avidian Wealth Enterprises LLC increased its position in shares of ServiceNow by 1.8% in the fourth quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider's stock worth $527,000 after acquiring an additional 9 shares in the last quarter. Redhawk Wealth Advisors Inc. increased its position in shares of ServiceNow by 2.2% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider's stock worth $487,000 after acquiring an additional 10 shares in the last quarter. Institute for Wealth Management LLC. increased its position in shares of ServiceNow by 0.4% in the fourth quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider's stock worth $2,779,000 after acquiring an additional 11 shares in the last quarter. TBH Global Asset Management LLC increased its position in shares of ServiceNow by 3.8% in the fourth quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider's stock worth $320,000 after acquiring an additional 11 shares in the last quarter. Finally, Onefund LLC increased its position in shares of ServiceNow by 2.0% in the fourth quarter. Onefund LLC now owns 552 shares of the information technology services provider's stock worth $585,000 after acquiring an additional 11 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Stock Performance

Shares of NYSE NOW traded up $5.04 during midday trading on Friday, hitting $1,040.22. The company's stock had a trading volume of 1,156,504 shares, compared to its average volume of 1,517,797. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The firm's fifty day moving average price is $863.52 and its 200-day moving average price is $973.12. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The firm has a market cap of $215.33 billion, a P/E ratio of 152.30, a P/E/G ratio of 4.51 and a beta of 0.97.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, beating 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 business 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 business posted $3.41 EPS. The company's quarterly revenue was up 18.6% on a year-over-year basis. On average, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its board has authorized a share 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 buy up to 1.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling

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 value of $4,285,197.40. Following the sale, the chief financial officer now owns 11,126 shares of the company's stock, valued at $10,733,252.20. This trade represents a 28.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the sale, the insider now directly owns 3,649 shares in the company, valued at approximately $3,370,654.28. This trade represents a 44.66% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 13,872 shares of company stock valued at $13,261,400 in the last quarter. Company insiders own 0.38% of the company's stock.

Analyst Upgrades and Downgrades

NOW has been the subject of several recent research reports. Citigroup increased their price objective on shares of ServiceNow from $1,128.00 to $1,160.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. TD Securities restated a "buy" rating and issued a $1,100.00 target price on shares of ServiceNow in a research note on Thursday, April 24th. JMP Securities restated a "market outperform" rating and issued a $1,300.00 target price on shares of ServiceNow in a research note on Tuesday, May 6th. Canaccord Genuity Group decreased their target price on shares of ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Finally, Wells Fargo & Company upped their target price on shares of ServiceNow from $1,100.00 to $1,150.00 and gave the company an "overweight" rating 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, twenty-nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $1,062.50.

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.