Blue Barn Wealth LLC Decreases Position in ServiceNow, Inc. (NYSE:NOW)

Blue Barn Wealth LLC lowered its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 22.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 478 shares of the information technology services provider’s stock after selling 141 shares during the quarter. Blue Barn Wealth LLC’s holdings in ServiceNow were worth $507,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of NOW. Freestone Capital Holdings LLC lifted its stake in ServiceNow by 28.4% in the fourth quarter. Freestone Capital Holdings LLC now owns 887 shares of the information technology services provider’s stock worth $940,000 after acquiring an additional 196 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of ServiceNow in the 4th quarter valued at $393,868,000. Promus Capital LLC purchased a new stake in shares of ServiceNow during the 4th quarter worth $48,000. Arizona State Retirement System grew its stake in shares of ServiceNow by 1.6% during the fourth quarter. Arizona State Retirement System now owns 59,745 shares of the information technology services provider’s stock worth $63,337,000 after purchasing an additional 967 shares in the last quarter. Finally, Proficio Capital Partners LLC increased its holdings in ServiceNow by 45.6% in the fourth quarter. Proficio Capital Partners LLC now owns 629 shares of the information technology services provider’s stock valued at $667,000 after buying an additional 197 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on NOW. Mizuho upped their price objective on ServiceNow from $1,070.00 to $1,210.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Redburn Atlantic initiated coverage on ServiceNow in a report on Wednesday, February 19th. They issued a “buy” rating for the company. JMP Securities reissued a “market outperform” rating and set a $1,300.00 price objective on shares of ServiceNow in a report on Thursday, January 30th. Oppenheimer lifted their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Finally, Citigroup decreased their target price on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $1,129.72.

ServiceNow Stock Up 1.1 %

NOW stock opened at $916.34 on Thursday. 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’s 50-day moving average price is $1,026.73 and its 200 day moving average price is $984.57. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The company has a market cap of $188.77 billion, a P/E ratio of 134.16, a P/E/G ratio of 4.51 and a beta of 0.99.

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, hitting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its Board of Directors has authorized a stock repurchase plan 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 buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction on 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 represents a 32.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. This trade represents a 44.66 % 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 valued at $20,050,076. 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.