Silicon Valley Capital Partners Reduces Holdings in ServiceNow, Inc. (NYSE:NOW)

Silicon Valley Capital Partners decreased its position in ServiceNow, Inc. (NYSE:NOW) by 8.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,507 shares of the information technology services provider’s stock after selling 923 shares during the period. ServiceNow accounts for approximately 1.1% of Silicon Valley Capital Partners’ investment portfolio, making the stock its 26th largest position. Silicon Valley Capital Partners’ holdings in ServiceNow were worth $10,079,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in NOW. Polymer Capital Management HK LTD lifted its holdings in shares of ServiceNow by 57.0% in the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after acquiring an additional 981 shares during the last quarter. Union Bancaire Privee UBP SA acquired a new position in shares of ServiceNow in the 4th quarter worth approximately $48,802,000. Avidian Wealth Enterprises LLC lifted its holdings in shares of ServiceNow by 39.4% in the 3rd quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock worth $436,000 after acquiring an additional 138 shares during the last quarter. Venturi Wealth Management LLC lifted its holdings in ServiceNow by 36.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock worth $2,565,000 after buying an additional 765 shares in the last quarter. Finally, Cardano Risk Management B.V. purchased a new position in ServiceNow in the 4th quarter valued at approximately $105,090,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Down 1.5 %

NOW stock opened at $1,007.79 on Monday. The company has a market cap of $207.61 billion, a P/E ratio of 147.55, a P/E/G ratio of 4.76 and a beta of 0.99. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The company’s 50-day moving average price is $1,080.32 and its 200 day moving average price is $965.20. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results 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 net margin of 12.97% and a return on equity of 17.11%. On average, research analysts expect 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 stock repurchase plan on Wednesday, January 29th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have commented on NOW shares. The Goldman Sachs Group raised their price target on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research report on Friday, January 10th. TD Cowen lifted their price objective on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Scotiabank assumed coverage on shares of ServiceNow in a research report on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 price objective for the company. Canaccord Genuity Group lifted their price objective on shares of ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. Finally, Morgan Stanley cut shares of ServiceNow from an “overweight” rating to an “equal weight” rating and lifted their price objective for the stock from $900.00 to $960.00 in a research report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

Insider Buying and Selling at ServiceNow

In related news, Director Anita M. Sands sold 2,229 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the transaction, the director now owns 11,000 shares of the company’s stock, valued at approximately $11,710,600. This represents a 16.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jacqueline P. Canney sold 66 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $1,048.29, for a total transaction of $69,187.14. Following the transaction, the insider now directly owns 3,027 shares in the company, valued at $3,173,173.83. The trade was a 2.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,702 shares of company stock valued at $20,965,306 over the last quarter. Corporate insiders own 0.25% of the company’s stock.

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.