RPG Investment Advisory LLC Reduces Position in ServiceNow, Inc. (NYSE:NOW)

RPG Investment Advisory LLC cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 0.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,170 shares of the information technology services provider’s stock after selling 24 shares during the period. ServiceNow makes up 2.2% of RPG Investment Advisory LLC’s portfolio, making the stock its 15th biggest position. RPG Investment Advisory LLC’s holdings in ServiceNow were worth $16,082,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of NOW. Waverton Investment Management Ltd bought a new position in ServiceNow in the fourth quarter valued at about $201,000. World Equity Group Inc. bought a new position in ServiceNow in the fourth quarter valued at about $952,000. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its holdings in ServiceNow by 6.6% in the fourth quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 36,956 shares of the information technology services provider’s stock valued at $39,178,000 after acquiring an additional 2,300 shares during the period. MONECO Advisors LLC bought a new position in ServiceNow in the fourth quarter valued at about $297,000. Finally, Forvis Mazars Wealth Advisors LLC bought a new position in ServiceNow in the fourth quarter valued at about $240,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at ServiceNow

In other news, insider Paul John Smith sold 2,404 shares of ServiceNow stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $980.05, for a total value of $2,356,040.20. Following the completion of the transaction, the insider now owns 6,244 shares in the company, valued at approximately $6,119,432.20. The trade was a 27.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 384 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $986.64, for a total value of $378,869.76. Following the transaction, the chief executive officer now owns 6,614 shares of the company’s stock, valued at approximately $6,525,636.96. The trade was a 5.49 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,264 shares of company stock worth $13,358,909. 0.25% of the stock is currently owned by company insiders.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $937.79 on Monday. The stock has a market cap of $193.18 billion, a price-to-earnings ratio of 137.30, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The stock has a 50 day moving average price of $1,054.69 and a 200-day moving average price of $979.81. ServiceNow, Inc. has a one year low of $637.99 and a one year 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 EPS for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Equities analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its board has initiated a share buyback plan on Wednesday, January 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on NOW shares. Wells Fargo & Company raised their price objective on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $1,210.00 price objective on shares of ServiceNow in a research note on Thursday, January 30th. JPMorgan Chase & Co. raised their price objective on ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Robert W. Baird decreased their price objective on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a research note on Thursday, January 30th. Finally, Needham & Company LLC raised their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, ServiceNow presently has a consensus rating of “Moderate Buy” and an average target price 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.