ServiceNow, Inc. (NYSE:NOW) Shares Sold by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. lessened its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 9.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 82,828 shares of the information technology services provider’s stock after selling 8,543 shares during the quarter. ServiceNow accounts for 1.1% of Oppenheimer Asset Management Inc.’s portfolio, making the stock its 12th largest position. Oppenheimer Asset Management Inc.’s holdings in ServiceNow were worth $87,808,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the business. Truvestments Capital LLC bought a new position in ServiceNow during the 3rd quarter worth approximately $30,000. FPC Investment Advisory Inc. lifted its holdings in ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after buying an additional 29 shares during the last quarter. Heck Capital Advisors LLC bought a new position in ServiceNow during the 4th quarter worth approximately $37,000. Stonebridge Financial Group LLC bought a new position in ServiceNow during the 4th quarter worth approximately $37,000. Finally, Bank of Jackson Hole Trust bought a new stake in shares of ServiceNow in the 4th quarter worth approximately $40,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Activity

In related news, Director Paul Edward Chamberlain sold 300 shares of ServiceNow stock in a transaction 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 sale, the director now owns 10,467 shares of the company’s stock, valued at approximately $10,968,892.65. This trade represents a 2.79 % 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, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction on 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 directly owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. The trade was a 28.53 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,706 shares of company stock worth $17,644,106. 0.25% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on NOW. Robert W. Baird cut their price target on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a report on Thursday, January 30th. The Goldman Sachs Group raised their price target on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Oppenheimer raised their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Truist Financial raised their price target on ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a report on Thursday, December 12th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $1,210.00 price target on shares of ServiceNow in a report on Thursday, January 30th. One analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $1,129.72.

ServiceNow Stock Performance

Shares of NOW stock opened at $941.79 on Thursday. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year 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 company has a market capitalization of $194.01 billion, a price-to-earnings ratio of 137.89, a P/E/G ratio of 4.51 and a beta of 0.99. The stock’s fifty day simple moving average is $1,044.39 and its 200-day simple moving average is $981.23.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results 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%. On average, sell-side analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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

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.