Principal Street Partners LLC Decreases Stock Position in ServiceNow, Inc. (NYSE:NOW)

Principal Street Partners LLC decreased its position in shares of ServiceNow, Inc. (NYSE:NOW) by 12.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 938 shares of the information technology services provider’s stock after selling 133 shares during the period. Principal Street Partners LLC’s holdings in ServiceNow were worth $994,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in NOW. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. purchased a new position in ServiceNow in the fourth quarter valued at about $5,702,000. Delta Investment Management LLC raised its position in shares of ServiceNow by 3.1% in the 4th quarter. Delta Investment Management LLC now owns 1,050 shares of the information technology services provider’s stock valued at $1,113,000 after purchasing an additional 32 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of ServiceNow by 3.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,654,825 shares of the information technology services provider’s stock valued at $2,814,433,000 after purchasing an additional 87,876 shares in the last quarter. Voloridge Investment Management LLC purchased a new position in shares of ServiceNow during the 4th quarter valued at approximately $19,944,000. Finally, Waverly Advisors LLC grew its position in shares of ServiceNow by 110.0% during the fourth quarter. Waverly Advisors LLC now owns 1,842 shares of the information technology services provider’s stock worth $1,953,000 after buying an additional 965 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on NOW. Oppenheimer reiterated an “outperform” rating and set a $1,100.00 price objective (up from $970.00) on shares of ServiceNow in a research note on Tuesday, May 6th. Evercore ISI increased their price target on shares of ServiceNow from $925.00 to $1,000.00 and gave the stock an “outperform” rating in a research report on Thursday, April 24th. JPMorgan Chase & Co. decreased their price target on ServiceNow from $1,200.00 to $970.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Sanford C. Bernstein restated an “outperform” rating and set a $1,003.00 price objective on shares of ServiceNow in a research note on Thursday, April 24th. Finally, Mizuho dropped their price target on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,062.50.

ServiceNow Price Performance

Shares of NOW opened at $1,025.55 on Tuesday. The company has a market capitalization of $212.29 billion, a price-to-earnings ratio of 150.15, a P/E/G ratio of 4.51 and a beta of 0.97. 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 business’s 50-day moving average is $867.15 and its 200-day moving average is $974.13. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.78 by $0.26. The business had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.09 billion. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. ServiceNow’s quarterly revenue was up 18.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.41 EPS. Equities research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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

Insider Buying and Selling at ServiceNow

In other news, General Counsel Russell S. Elmer sold 191 shares of the firm’s stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $985.00, for a total value of $188,135.00. Following the transaction, the general counsel now directly owns 4,332 shares in the company, valued at $4,267,020. This trade represents a 4.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Gina Mastantuono sold 4,442 shares of the stock in a transaction dated 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 disclosure for this sale can be found here. Over the last three months, insiders sold 10,061 shares of company stock valued at $9,515,766. 0.38% of the stock is currently owned by company insiders.

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.