Convergence Financial LLC Raises Stake in ServiceNow, Inc. (NYSE:NOW)

Convergence Financial LLC raised its stake in ServiceNow, Inc. (NYSE:NOW) by 1.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,029 shares of the information technology services provider’s stock after acquiring an additional 27 shares during the period. Convergence Financial LLC’s holdings in ServiceNow were worth $2,151,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently added to or reduced their stakes in the company. World Investment Advisors LLC lifted its stake in ServiceNow by 499,668.1% in the 3rd quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock valued at $4,268,731,000 after buying an additional 4,771,830 shares in the last quarter. Bank of Montreal Can increased its holdings in ServiceNow by 216.6% in the 3rd quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider’s stock valued at $1,206,178,000 after purchasing an additional 935,848 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of ServiceNow by 24.1% during the third quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock worth $2,834,797,000 after purchasing an additional 615,797 shares in the last quarter. FMR LLC boosted its holdings in ServiceNow by 9.9% in the third quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock valued at $5,014,302,000 after purchasing an additional 502,845 shares during the last quarter. Finally, Jennison Associates LLC increased its position in shares of ServiceNow by 17.4% in the 4th quarter. Jennison Associates LLC now owns 2,352,111 shares of the information technology services provider’s stock worth $2,493,520,000 after purchasing an additional 348,187 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on NOW. Scotiabank assumed coverage on shares of ServiceNow in a report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 target price on the stock. KeyCorp downgraded shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. Guggenheim reiterated a “sell” rating and issued a $716.00 price target on shares of ServiceNow in a research report on Wednesday, January 22nd. Needham & Company LLC lifted their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. Finally, Wells Fargo & Company upped their target price on ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $1,129.72.

ServiceNow Stock Performance

Shares of NOW opened at $941.79 on Thursday. The company has a market capitalization of $194.01 billion, a price-to-earnings ratio of 137.89, a PEG ratio of 4.51 and a beta of 0.99. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock has a 50 day moving average of $1,044.39 and a 200 day moving average of $981.23.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. As a group, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its Board of Directors has initiated a share buyback program on Wednesday, January 29th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at ServiceNow

In other news, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at approximately $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul Edward Chamberlain sold 300 shares of the company’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $1,047.95, for a total transaction of $314,385.00. Following the completion of the transaction, the director now owns 10,467 shares in the company, valued at approximately $10,968,892.65. This represents a 2.79 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,706 shares of company stock valued at $17,644,106 over the last three months. 0.25% of the stock is owned by corporate insiders.

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.