Soros Fund Management LLC Sells 12,890 Shares of ServiceNow, Inc. (NYSE:NOW)

Soros Fund Management LLC lessened its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 62.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 7,685 shares of the information technology services provider's stock after selling 12,890 shares during the quarter. Soros Fund Management LLC's holdings in ServiceNow were worth $8,147,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of NOW. Quarry LP acquired a new position in ServiceNow in the fourth quarter worth approximately $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 acquired a new stake in ServiceNow during the fourth quarter worth $32,000. FPC Investment Advisory Inc. increased its stake in 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 position in shares of ServiceNow in the 4th quarter worth approximately $34,000. 87.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

NOW has been the subject of a number of research analyst reports. Guggenheim lifted their target price on shares of ServiceNow from $716.00 to $724.00 and gave the company a "sell" rating in a research note on Thursday, April 24th. Bank of America lowered their price target on ServiceNow from $1,280.00 to $1,025.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Redburn Atlantic started coverage on shares of ServiceNow in a research note on Wednesday, February 19th. They issued a "buy" rating for the company. Oppenheimer raised their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock an "outperform" rating in a research note on Thursday, January 30th. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $1,300.00 target price on shares of ServiceNow in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and thirty have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $1,041.00.

ServiceNow Price Performance

Shares of NOW traded up $3.87 during midday trading on Thursday, hitting $958.88. The company's stock had a trading volume of 1,804,941 shares, compared to its average volume of 1,510,204. 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 stock has a market capitalization of $198.49 billion, a price-to-earnings ratio of 140.39, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The company's fifty day simple moving average is $838.19 and its two-hundred day simple moving average is $967.70.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly 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. The company had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.09 billion. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The company's revenue for the quarter was up 18.6% compared to the same quarter last year. During the same period in the prior year, the business earned $3.41 earnings per share. As a group, equities analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has initiated a stock repurchase plan on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's management believes its stock is undervalued.

Insider Buying and Selling

In other ServiceNow news, General Counsel Russell S. Elmer sold 336 shares of the firm's stock in a transaction on Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total value of $341,896.80. Following the completion of the sale, the general counsel now directly owns 4,332 shares in the company, valued at approximately $4,408,026.60. This trade represents a 7.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 292 shares of the firm's stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total value of $297,124.60. Following the completion of the sale, the insider now owns 3,027 shares of the company's stock, valued at approximately $3,080,123.85. This represents a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 21,618 shares of company stock valued at $21,132,878 over the last 90 days. 0.38% of the stock is owned by insiders.

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.