ServiceNow, Inc. (NYSE:NOW) is Sycomore Asset Management’s 6th Largest Position

Sycomore Asset Management trimmed its position in ServiceNow, Inc. (NYSE:NOW) by 8.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 20,525 shares of the information technology services provider’s stock after selling 1,948 shares during the period. ServiceNow comprises about 3.1% of Sycomore Asset Management’s portfolio, making the stock its 6th largest holding. Sycomore Asset Management’s holdings in ServiceNow were worth $14,445,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. International Assets Investment Management LLC lifted its holdings in ServiceNow by 69,354.6% in the fourth quarter. International Assets Investment Management LLC now owns 821,648 shares of the information technology services provider’s stock valued at $580,486,000 after acquiring an additional 820,465 shares during the last quarter. FMR LLC raised its position in ServiceNow by 17.3% in the third quarter. FMR LLC now owns 4,036,796 shares of the information technology services provider’s stock valued at $2,256,407,000 after purchasing an additional 595,697 shares during the period. Jennison Associates LLC raised its position in ServiceNow by 23.0% in the third quarter. Jennison Associates LLC now owns 2,467,471 shares of the information technology services provider’s stock valued at $1,379,217,000 after purchasing an additional 461,614 shares during the period. Cerity Partners LLC raised its position in ServiceNow by 1,073.7% in the fourth quarter. Cerity Partners LLC now owns 406,262 shares of the information technology services provider’s stock valued at $287,020,000 after purchasing an additional 371,648 shares during the period. Finally, J.P. Morgan Private Wealth Advisors LLC purchased a new stake in ServiceNow in the third quarter valued at approximately $135,075,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO William R. Mcdermott sold 5,030 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the transaction, the chief executive officer now owns 17,177 shares of the company’s stock, valued at $12,935,655.16. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other ServiceNow news, CEO William R. Mcdermott sold 5,030 shares of ServiceNow stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total value of $3,787,992.40. Following the sale, the chief executive officer now owns 17,177 shares of the company’s stock, valued at approximately $12,935,655.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul John Smith sold 1,180 shares of ServiceNow stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $767.12, for a total value of $905,201.60. Following the completion of the sale, the insider now directly owns 1,392 shares in the company, valued at approximately $1,067,831.04. The disclosure for this sale can be found here. Insiders have sold a total of 13,164 shares of company stock valued at $9,940,303 over the last quarter. 0.25% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on NOW shares. Piper Sandler boosted their target price on ServiceNow from $750.00 to $830.00 and gave the company an “overweight” rating in a research report on Thursday, January 25th. KeyCorp started coverage on ServiceNow in a research report on Thursday, March 21st. They issued an “overweight” rating and a $1,000.00 target price on the stock. UBS Group boosted their target price on ServiceNow from $885.00 to $920.00 and gave the company a “buy” rating in a research report on Monday, April 15th. Citigroup upped their price objective on ServiceNow from $896.00 to $906.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. Finally, Oppenheimer upped their price objective on ServiceNow from $750.00 to $800.00 and gave the stock an “outperform” rating in a research report on Thursday, January 18th. Three analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $780.37.

ServiceNow Stock Performance

Shares of NOW stock traded up $5.44 during mid-day trading on Wednesday, hitting $746.39. 1,702,385 shares of the stock were exchanged, compared to its average volume of 1,186,092. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.06 and a current ratio of 1.06. ServiceNow, Inc. has a 12-month low of $427.68 and a 12-month high of $815.32. The stock’s fifty day simple moving average is $761.32 and its two-hundred day simple moving average is $706.74. The stock has a market capitalization of $153.29 billion, a price-to-earnings ratio of 88.75, a P/E/G ratio of 4.56 and a beta of 0.97.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.77 by $0.34. ServiceNow had a return on equity of 11.85% and a net margin of 19.30%. The firm had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.40 billion. During the same quarter last year, the company posted $0.88 earnings per share. The business’s revenue was up 25.6% on a year-over-year basis. On average, analysts forecast that ServiceNow, Inc. will post 6.16 EPS for the current year.

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.