Great Lakes Advisors LLC Sells 103 Shares of ServiceNow, Inc. (NYSE:NOW)

Great Lakes Advisors LLC trimmed its stake in ServiceNow, Inc. (NYSE:NOW) by 2.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,134 shares of the information technology services provider’s stock after selling 103 shares during the quarter. Great Lakes Advisors LLC’s holdings in ServiceNow were worth $4,383,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. World Investment Advisors LLC increased its holdings in shares of ServiceNow by 499,668.1% during the 3rd quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock worth $4,268,731,000 after acquiring an additional 4,771,830 shares during the last quarter. Bank of Montreal Can increased its holdings in shares of ServiceNow by 216.6% during the 3rd quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider’s stock worth $1,206,178,000 after acquiring an additional 935,848 shares during the last quarter. Proficio Capital Partners LLC increased its holdings in shares of ServiceNow by 154,255.3% during the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock worth $667,000 after acquiring an additional 666,383 shares during the last quarter. Alphinity Investment Management Pty Ltd acquired a new position in shares of ServiceNow during the 4th quarter worth approximately $682,468,000. Finally, Wellington Management Group LLP increased its holdings in shares of ServiceNow by 24.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock worth $2,834,797,000 after acquiring an additional 615,797 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Canaccord Genuity Group reissued a “buy” rating and set a $1,275.00 target price on shares of ServiceNow in a report on Tuesday. Scotiabank initiated coverage on ServiceNow in a report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price objective on the stock. Truist Financial upped their price objective on ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a report on Thursday, December 12th. Needham & Company LLC upped their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a report on Thursday, January 30th. Finally, TD Cowen upped their price objective on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and an average price target of $1,114.24.

ServiceNow Price Performance

Shares of NOW stock opened at $845.75 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The company has a market cap of $174.22 billion, a P/E ratio of 123.83, a P/E/G ratio of 4.51 and a beta of 1.03. The business has a fifty day simple moving average of $992.95 and a 200 day simple moving average of $983.44.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 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 forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction dated 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 in the company, valued at approximately $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction dated 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 completion of the transaction, the insider now owns 3,649 shares of the company’s stock, valued at $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. Over the last three months, insiders sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is currently owned by insiders.

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.