Knights of Columbus Asset Advisors LLC Lowers Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Knights of Columbus Asset Advisors LLC lowered its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 11.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,507 shares of the information technology services provider’s stock after selling 846 shares during the quarter. Knights of Columbus Asset Advisors LLC’s holdings in ServiceNow were worth $6,898,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Atala Financial Inc purchased a new position in shares of ServiceNow during the fourth quarter worth about $28,000. Truvestments Capital LLC purchased a new position in shares of ServiceNow during the third quarter worth about $30,000. LFA Lugano Financial Advisors SA purchased a new position in shares of ServiceNow during the fourth quarter worth about $32,000. FPC Investment Advisory Inc. lifted its position in ServiceNow by 725.0% in 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 during the period. Finally, Noble Wealth Management PBC acquired a new stake in ServiceNow in the fourth quarter valued at about $34,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on NOW. Jefferies Financial Group reduced their price objective on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. Truist Financial raised their price objective on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research report on Thursday, December 12th. TD Cowen raised their price objective on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. JPMorgan Chase & Co. raised their price objective on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Finally, Wells Fargo & Company raised their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $1,100.31.

ServiceNow Stock Up 0.5 %

Shares of NYSE NOW opened at $827.92 on Friday. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The firm has a fifty day moving average of $971.31 and a 200-day moving average of $983.30. The stock has a market capitalization of $170.55 billion, a PE ratio of 121.22, a P/E/G ratio of 4.51 and a beta of 1.03. 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 (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, meeting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. On average, analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

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

Insiders Place Their Bets

In other ServiceNow news, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total value of $481,635.70. Following the transaction, the insider now owns 3,027 shares in the company, valued at $3,204,200.58. The trade was a 13.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO William R. Mcdermott sold 1,263 shares of the business’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the completion of the transaction, the chief executive officer now owns 2,595 shares in the company, valued at $2,644,564.50. This represents a 32.74 % decrease in their position. 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 quarter. 0.25% of the stock is owned by corporate insiders.

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.