Klingenstein Fields & Co. LP Cuts Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Klingenstein Fields & Co. LP trimmed its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 1.6% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 25,996 shares of the information technology services provider’s stock after selling 413 shares during the period. Klingenstein Fields & Co. LP’s holdings in ServiceNow were worth $27,559,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Truvestments Capital LLC purchased a new position in ServiceNow during the third quarter valued at $30,000. Heck Capital Advisors LLC purchased a new position in ServiceNow during the fourth quarter valued at $37,000. Stonebridge Financial Group LLC bought a new position in ServiceNow during the fourth quarter valued at $37,000. DT Investment Partners LLC lifted its position in ServiceNow by 77.3% during the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after purchasing an additional 17 shares during the last quarter. Finally, Avion Wealth lifted its position in ServiceNow by 44.8% during the fourth quarter. Avion Wealth now owns 42 shares of the information technology services provider’s stock valued at $44,000 after purchasing an additional 13 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, General Counsel Russell S. Elmer sold 81 shares of ServiceNow stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $1,016.54, for a total value of $82,339.74. Following the completion of the transaction, the general counsel now owns 6,843 shares in the company, valued at $6,956,183.22. The trade was a 1.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jacqueline P. Canney sold 94 shares of ServiceNow stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $1,016.54, for a total transaction of $95,554.76. Following the completion of the transaction, the insider now owns 3,027 shares of the company’s stock, valued at $3,077,066.58. This represents a 3.01 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 23,257 shares of company stock valued at $23,579,376. 0.25% of the stock is currently owned by company insiders.

ServiceNow Price Performance

Shares of NYSE NOW opened at $989.70 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. The stock has a market capitalization of $203.88 billion, a price-to-earnings ratio of 144.90, a price-to-earnings-growth ratio of 4.76 and a beta of 0.99. The firm has a 50-day simple moving average of $1,075.99 and a 200-day simple moving average of $969.56. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09.

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

ServiceNow declared that its Board of Directors has initiated a share repurchase program 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 reacquire up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Sanford C. Bernstein raised their target price on shares of ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Canaccord Genuity Group lifted their price objective on shares of ServiceNow from $1,200.00 to $1,275.00 and gave the company a “buy” rating in a report on Thursday, January 30th. TD Cowen lifted their price objective on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Wells Fargo & Company lifted their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Finally, Robert W. Baird decreased their price objective on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,129.72.

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.