ServiceNow, Inc. (NYSE:NOW) Shares Sold by Totem Point Management LLC

Totem Point Management LLC cut its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 21.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,481 shares of the information technology services provider's stock after selling 674 shares during the period. ServiceNow makes up approximately 2.8% of Totem Point Management LLC's holdings, making the stock its 14th largest holding. Totem Point Management LLC's holdings in ServiceNow were worth $2,630,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in NOW. Union Bancaire Privee UBP SA purchased a new stake in shares of ServiceNow in the fourth quarter valued at $48,802,000. Dock Street Asset Management Inc. lifted its position in shares of ServiceNow by 3.4% in the fourth quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider's stock valued at $35,147,000 after acquiring an additional 1,105 shares in the last quarter. Cardano Risk Management B.V. purchased a new stake in shares of ServiceNow in the fourth quarter valued at $105,090,000. Rheos Capital Works Inc. purchased a new stake in shares of ServiceNow in the fourth quarter valued at $10,071,000. Finally, Czech National Bank lifted its position in shares of ServiceNow by 6.7% in the fourth quarter. Czech National Bank now owns 44,793 shares of the information technology services provider's stock valued at $47,486,000 after acquiring an additional 2,829 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 292 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the transaction, the insider now owns 3,027 shares of the company's stock, valued at $3,080,123.85. This trade represents a 8.80 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the transaction, the insider now directly owns 3,649 shares in the company, valued at approximately $3,370,654.28. This represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,250 shares of company stock worth $19,853,273 in the last 90 days. 0.38% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Needham & Company LLC reduced their price objective on ServiceNow from $1,200.00 to $1,050.00 and set a "buy" rating on the stock in a research report on Thursday. Redburn Atlantic assumed coverage on ServiceNow in a research report on Wednesday, February 19th. They issued a "buy" rating on the stock. Robert W. Baird upped their price objective on ServiceNow from $1,010.00 to $1,150.00 and gave the company an "outperform" rating in a research report on Thursday. Guggenheim increased their target price on ServiceNow from $716.00 to $724.00 and gave the stock a "sell" rating in a research report on Thursday. Finally, JPMorgan Chase & Co. reduced their target price on ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-nine have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $1,032.94.

ServiceNow Stock Up 0.8 %

Shares of NOW stock traded up $7.51 during trading hours on Friday, reaching $946.08. The company had a trading volume of 2,886,611 shares, compared to its average volume of 1,504,540. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The company has a market capitalization of $195.84 billion, a P/E ratio of 138.52, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. The stock's fifty day simple moving average is $838.68 and its 200 day simple moving average is $967.87.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting analysts' consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, sell-side 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 share repurchase plan on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in outstanding 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 plans are typically a sign that the company's board believes its stock is undervalued.

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.