Alliancebernstein L.P. Increases Position in ServiceNow, Inc. (NYSE:NOW)

Alliancebernstein L.P. lifted its position in shares of ServiceNow, Inc. (NYSE:NOW) by 0.2% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,490,554 shares of the information technology services provider’s stock after buying an additional 3,681 shares during the quarter. Alliancebernstein L.P. owned approximately 0.72% of ServiceNow worth $1,580,166,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Edmond DE Rothschild Holding S.A. boosted its stake in shares of ServiceNow by 12.7% in the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 850 shares of the information technology services provider’s stock worth $901,000 after acquiring an additional 96 shares during the period. Pier 88 Investment Partners LLC bought a new position in ServiceNow in the 4th quarter worth approximately $2,014,000. Axiom Investors LLC DE boosted its stake in ServiceNow by 67.3% in the 4th quarter. Axiom Investors LLC DE now owns 398,594 shares of the information technology services provider’s stock worth $422,557,000 after purchasing an additional 160,378 shares during the period. O Shaughnessy Asset Management LLC grew its holdings in ServiceNow by 11.8% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 23,572 shares of the information technology services provider’s stock valued at $24,989,000 after buying an additional 2,493 shares in the last quarter. Finally, United Bank raised its position in shares of ServiceNow by 46.0% during the fourth quarter. United Bank now owns 784 shares of the information technology services provider’s stock valued at $831,000 after buying an additional 247 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Truist Financial raised their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research note on Thursday, December 12th. Citigroup reduced their target price on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. JMP Securities reissued a “market outperform” rating and set a $1,300.00 price target on shares of ServiceNow in a research note on Thursday, January 30th. Oppenheimer raised their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Finally, Royal Bank of Canada set a $986.00 price objective on ServiceNow in a report on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have assigned a buy rating to the company. Based on data from MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and an average price target of $1,093.76.

ServiceNow Price Performance

Shares of NOW stock opened at $796.61 on Monday. The company has a market capitalization of $164.10 billion, a P/E ratio of 116.63, a P/E/G ratio of 4.51 and a beta of 1.03. The company’s 50-day simple moving average is $950.30 and its two-hundred day simple moving average is $984.86. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10.

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

ServiceNow declared that its board has initiated a stock 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 buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other ServiceNow news, Director Larry Quinlan sold 415 shares of the stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $1,007.41, for a total transaction of $418,075.15. Following the sale, the director now owns 1,737 shares of the company’s stock, valued at approximately $1,749,871.17. This trade represents a 19.28 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction 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 directly owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,351 shares of company stock worth $20,050,076. Company 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.