Allspring Global Investments Holdings LLC Cuts Stake in ServiceNow, Inc. (NYSE:NOW)

Allspring Global Investments Holdings LLC decreased its position in ServiceNow, Inc. (NYSE:NOW) by 8.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 286,897 shares of the information technology services provider’s stock after selling 26,464 shares during the period. Allspring Global Investments Holdings LLC owned about 0.14% of ServiceNow worth $302,558,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Davidson Capital Management Inc. grew its position in ServiceNow by 3.2% during the fourth quarter. Davidson Capital Management Inc. now owns 3,863 shares of the information technology services provider’s stock worth $4,095,000 after buying an additional 120 shares during the period. Avidian Wealth Enterprises LLC boosted its stake in shares of ServiceNow by 1.8% during the 4th 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. Great Lakes Retirement Inc. acquired a new stake in shares of ServiceNow in the 4th quarter worth approximately $1,020,000. Valley Brook Capital Group Inc. increased its stake in ServiceNow by 2.7% in the 4th quarter. Valley Brook Capital Group Inc. now owns 459 shares of the information technology services provider’s stock valued at $487,000 after purchasing an additional 12 shares in the last quarter. Finally, Certuity LLC raised its holdings in ServiceNow by 13.0% during the fourth quarter. Certuity LLC now owns 668 shares of the information technology services provider’s stock worth $708,000 after purchasing an additional 77 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Down 1.3 %

Shares of ServiceNow stock opened at $1,008.63 on Wednesday. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The company has a market capitalization of $207.78 billion, a PE ratio of 147.68, a P/E/G ratio of 4.76 and a beta of 0.99. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The business has a 50-day moving average of $1,079.78 and a 200-day moving average of $968.21.

ServiceNow (NYSE:NOW) 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, equities analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its board has approved a stock buyback plan on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Cantor Fitzgerald assumed coverage on shares of ServiceNow in a research report on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 price objective on the stock. Sanford C. Bernstein upped their price target on shares of ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Scotiabank began coverage on shares of ServiceNow in a research report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price target on the stock. Stifel Nicolaus lifted their price objective on ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Finally, Needham & Company LLC increased their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a report on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $1,129.72.

Insider Buying and Selling

In other news, insider Nicholas Tzitzon sold 313 shares of ServiceNow stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $333,219.80. Following the completion of the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,884,725.40. The trade was a 7.90 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the sale, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,644,564.50. This trade represents a 32.74 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 24,809 shares of company stock worth $25,174,184. Corporate insiders own 0.25% of the company’s stock.

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.