Taikang Asset Management Hong Kong Co Ltd Has $1.91 Million Position in ServiceNow, Inc. (NYSE:NOW)

Taikang Asset Management Hong Kong Co Ltd trimmed its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 50.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,800 shares of the information technology services provider’s stock after selling 1,800 shares during the quarter. Taikang Asset Management Hong Kong Co Ltd’s holdings in ServiceNow were worth $1,908,000 at the end of the most recent reporting period.

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

ServiceNow Price Performance

Shares of NOW opened at $851.56 on Tuesday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The business’s fifty day moving average is $968.10 and its 200 day moving average is $985.50. The stock has a market cap of $175.42 billion, a P/E ratio of 124.68, a P/E/G ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results 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%. Sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors has initiated a stock buyback 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 buy up to 1.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

NOW has been the topic of several recent research reports. KeyCorp downgraded shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. William Blair reiterated an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. Royal Bank of Canada set a $986.00 target price on ServiceNow in a research report on Tuesday, March 11th. Needham & Company LLC lifted their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Finally, Robert W. Baird decreased their price target on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a research note on Thursday, January 30th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $1,100.31.

Insider Transactions at ServiceNow

In other news, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction on Friday, February 21st. The stock was sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the sale, the chief financial officer now directly owns 11,126 shares in the company, valued at $10,733,252.20. The trade was a 28.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the transaction, the insider now directly owns 3,649 shares in the company, valued at $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. Insiders have sold 20,351 shares of company stock worth $20,050,076 in the last 90 days. Insiders own 0.25% of the company’s stock.

ServiceNow 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.