Transamerica Financial Advisors Inc. Trims Stake in ServiceNow, Inc. (NYSE:NOW)

Transamerica Financial Advisors Inc. cut its position in shares of ServiceNow, Inc. (NYSE:NOW) by 2.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,604 shares of the information technology services provider’s stock after selling 183 shares during the period. ServiceNow makes up 0.7% of Transamerica Financial Advisors Inc.’s portfolio, making the stock its 29th largest holding. Transamerica Financial Advisors Inc.’s holdings in ServiceNow were worth $7,001,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. United Bank purchased a new stake in shares of ServiceNow in the third quarter worth approximately $480,000. Truvestments Capital LLC bought a new position in ServiceNow in the 3rd quarter valued at $30,000. Freedom Investment Management Inc. lifted its position in shares of ServiceNow by 72.9% during the third quarter. Freedom Investment Management Inc. now owns 740 shares of the information technology services provider’s stock worth $662,000 after purchasing an additional 312 shares during the last quarter. CreativeOne Wealth LLC purchased a new stake in shares of ServiceNow during the third quarter valued at $1,071,000. Finally, Fiduciary Trust Co increased its stake in ServiceNow by 23.2% in the 3rd quarter. Fiduciary Trust Co now owns 5,557 shares of the information technology services provider’s stock worth $4,970,000 after buying an additional 1,047 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on NOW shares. Raymond James started coverage on shares of ServiceNow in a research report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 target price on the stock. StockNews.com lowered ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th. UBS Group dropped their price target on ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating on the stock in a research report on Tuesday, March 11th. Redburn Atlantic assumed coverage on ServiceNow in a report on Wednesday, February 19th. They issued a “buy” rating for the company. Finally, JMP Securities reiterated a “market outperform” rating and set a $1,300.00 target price on shares of ServiceNow in a report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $1,093.76.

Insiders Place Their Bets

In related news, CFO Gina Mastantuono sold 4,442 shares of the business’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the completion of the transaction, the chief financial officer now directly owns 11,126 shares in the company, valued at $10,733,252.20. The trade was a 28.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the sale, the insider now owns 3,649 shares in the company, valued at approximately $3,370,654.28. This represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,351 shares of company stock worth $20,050,076. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Trading Down 3.8 %

Shares of ServiceNow stock opened at $796.61 on Friday. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The stock has a market cap of $164.10 billion, a PE ratio of 116.63, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The firm has a fifty day moving average price of $950.30 and a 200 day moving average price of $983.23.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (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%. Equities research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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

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.