Prudential Financial Inc. Buys 9,680 Shares of ServiceNow, Inc. (NYSE:NOW)

Prudential Financial Inc. boosted its stake in ServiceNow, Inc. (NYSE:NOW) by 3.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 292,851 shares of the information technology services provider’s stock after acquiring an additional 9,680 shares during the period. Prudential Financial Inc. owned 0.14% of ServiceNow worth $310,457,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in NOW. Atala Financial Inc acquired a new stake in shares of ServiceNow during the fourth quarter worth $28,000. Truvestments Capital LLC bought a new stake in ServiceNow during the third quarter valued at $30,000. LFA Lugano Financial Advisors SA acquired a new stake in ServiceNow during the 4th quarter worth about $32,000. FPC Investment Advisory Inc. raised its position in shares of ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after acquiring an additional 29 shares in the last quarter. Finally, Noble Wealth Management PBC acquired a new position in ServiceNow in the fourth quarter valued at approximately $34,000. Institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

NOW opened at $827.92 on Monday. The stock has a market capitalization of $170.55 billion, a P/E ratio of 121.22, a PEG ratio of 4.51 and a beta of 1.03. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The stock has a 50-day moving average price of $971.31 and a 200-day moving average price of $985.39.

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

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

Wall Street Analysts Forecast Growth

NOW has been the subject of a number of research analyst reports. Piper Sandler boosted their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. William Blair restated an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. Needham & Company LLC raised their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. Jefferies Financial Group reduced their target price on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. Finally, Royal Bank of Canada set a $986.00 price objective on ServiceNow in a research note on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $1,100.31.

Insider Transactions at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction that occurred 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 transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,370,654.28. The trade was a 44.66 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of the 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 value of $481,635.70. Following the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. This trade represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,351 shares of company stock worth $20,050,076. Company insiders own 0.25% of the company’s stock.

ServiceNow Company Profile

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.