Bender Robert & Associates Has $12.41 Million Stake in ServiceNow, Inc. (NYSE:NOW)

Bender Robert & Associates trimmed its stake in ServiceNow, Inc. (NYSE:NOW) by 17.8% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 11,708 shares of the information technology services provider’s stock after selling 2,530 shares during the quarter. ServiceNow makes up about 3.0% of Bender Robert & Associates’ investment portfolio, making the stock its 10th largest holding. Bender Robert & Associates’ holdings in ServiceNow were worth $12,412,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. United Bank acquired a new stake in ServiceNow in the third quarter worth about $480,000. Mesirow Financial Investment Management Inc. raised its position in shares of ServiceNow by 6.5% during the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 391 shares of the information technology services provider’s stock worth $349,000 after buying an additional 24 shares in the last quarter. Addison Advisors LLC lifted its stake in shares of ServiceNow by 15.7% in the 3rd quarter. Addison Advisors LLC now owns 184 shares of the information technology services provider’s stock worth $165,000 after acquiring an additional 25 shares during the period. Everhart Financial Group Inc. boosted its holdings in shares of ServiceNow by 54.2% in the third quarter. Everhart Financial Group Inc. now owns 1,784 shares of the information technology services provider’s stock valued at $1,596,000 after acquiring an additional 627 shares in the last quarter. Finally, Apollon Wealth Management LLC increased its stake in shares of ServiceNow by 6.6% during the third quarter. Apollon Wealth Management LLC now owns 2,835 shares of the information technology services provider’s stock valued at $2,536,000 after acquiring an additional 175 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on NOW shares. Guggenheim reaffirmed a “sell” rating and set a $716.00 price target on shares of ServiceNow in a research note on Wednesday, January 22nd. Robert W. Baird lowered their target price 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. TD Cowen upped their price target on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. William Blair reaffirmed an “outperform” rating on shares of ServiceNow in a research note on Friday, March 7th. Finally, Oppenheimer increased their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $1,114.24.

Insiders Place Their Bets

In other ServiceNow news, insider Jacqueline P. Canney sold 455 shares of the company’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the transaction, the insider now owns 3,027 shares of the company’s stock, valued at $3,204,200.58. This represents a 13.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the sale, the insider now owns 3,649 shares in the company, valued at approximately $3,370,654.28. This represents a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,351 shares of company stock valued at $20,050,076 in the last three months. Company insiders own 0.25% of the company’s stock.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $810.27 on Wednesday. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The firm has a fifty day simple moving average of $1,006.72 and a 200-day simple moving average of $985.52. 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 market capitalization of $166.92 billion, a price-to-earnings ratio of 118.63, a PEG ratio of 4.51 and a beta of 1.03.

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

ServiceNow declared that its board has initiated a stock repurchase program 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 repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is 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.