abrdn plc Has $468.88 Million Holdings in ServiceNow, Inc. (NYSE:NOW)

abrdn plc cut its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 0.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 441,546 shares of the information technology services provider’s stock after selling 836 shares during the period. ServiceNow comprises approximately 0.9% of abrdn plc’s investment portfolio, making the stock its 14th biggest position. abrdn plc owned approximately 0.21% of ServiceNow worth $468,878,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the stock. Trust Point Inc. increased its holdings in shares of ServiceNow by 54.3% during the fourth quarter. Trust Point Inc. now owns 2,159 shares of the information technology services provider’s stock worth $2,289,000 after buying an additional 760 shares in the last quarter. Fourpath Capital Management LLC increased its holdings in shares of ServiceNow by 1.4% during the fourth quarter. Fourpath Capital Management LLC now owns 2,191 shares of the information technology services provider’s stock worth $2,323,000 after buying an additional 30 shares in the last quarter. Optas LLC increased its holdings in shares of ServiceNow by 1.5% during the fourth quarter. Optas LLC now owns 951 shares of the information technology services provider’s stock worth $1,008,000 after buying an additional 14 shares in the last quarter. Rheos Capital Works Inc. acquired a new stake in ServiceNow in the fourth quarter valued at $10,071,000. Finally, Financial Life Planners acquired a new stake in ServiceNow in the fourth quarter valued at $402,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Trading Up 0.4 %

NOW opened at $1,021.99 on Tuesday. 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, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The firm has a market capitalization of $210.53 billion, a PE ratio of 149.63, a P/E/G ratio of 4.74 and a beta of 0.99. The company’s 50-day moving average is $1,083.66 and its 200 day moving average is $957.36.

ServiceNow (NYSE:NOW) last posted its earnings results 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%. As a group, research analysts predict that ServiceNow, Inc. will post 8.94 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.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 76 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $1,010.94, for a total value of $76,831.44. Following the completion of the sale, the insider now owns 3,027 shares in the company, valued at approximately $3,060,115.38. This trade represents a 2.45 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO William R. Mcdermott sold 12,271 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at approximately $2,588,953.65. The trade was a 82.54 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,731 shares of company stock worth $21,016,751. Insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

NOW has been the subject of a number of recent research reports. 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 for the company. UBS Group increased their price objective on ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Royal Bank of Canada restated an “outperform” rating and issued a $1,210.00 price objective on shares of ServiceNow in a report on Thursday, January 30th. The Goldman Sachs Group increased their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a report on Friday, January 10th. Finally, Cantor Fitzgerald initiated coverage on ServiceNow in a report on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.93.

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.