Grace & Mercy Foundation Inc. Trims Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Grace & Mercy Foundation Inc. cut its stake in ServiceNow, Inc. (NYSE:NOW) by 1.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,300 shares of the information technology services provider’s stock after selling 400 shares during the quarter. ServiceNow accounts for 6.0% of Grace & Mercy Foundation Inc.’s holdings, making the stock its 8th biggest position. Grace & Mercy Foundation Inc.’s holdings in ServiceNow were worth $26,821,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of NOW. Union Bancaire Privee UBP SA acquired a new stake in shares of ServiceNow during the fourth quarter worth about $48,802,000. Dock Street Asset Management Inc. raised its holdings in ServiceNow by 3.4% during the 4th quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock worth $35,147,000 after buying an additional 1,105 shares during the period. Cardano Risk Management B.V. bought a new position in ServiceNow in the fourth quarter valued at approximately $105,090,000. Rheos Capital Works Inc. acquired a new position in shares of ServiceNow in the fourth quarter valued at approximately $10,071,000. Finally, Czech National Bank increased its position in shares of ServiceNow by 6.7% during the fourth quarter. Czech National Bank now owns 44,793 shares of the information technology services provider’s stock worth $47,486,000 after acquiring an additional 2,829 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. StockNews.com cut shares of ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th. Needham & Company LLC reaffirmed a “buy” rating and set a $1,050.00 price objective on shares of ServiceNow in a research report on Tuesday. Morgan Stanley lifted their target price on ServiceNow from $881.00 to $950.00 and gave the company an “equal weight” rating in a research report on Thursday, April 24th. Raymond James reduced their price target on ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating for the company in a research report on Tuesday, April 8th. Finally, Stifel Nicolaus lifted their price objective on shares of ServiceNow from $975.00 to $1,050.00 and gave the company a “buy” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and an average price target of $1,048.55.

Insiders Place Their Bets

In other ServiceNow news, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the transaction, the insider now owns 3,649 shares in the company, valued at approximately $3,370,654.28. This trade represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,150 shares of company stock worth $16,550,424 in the last 90 days. Company insiders own 0.38% of the company’s stock.

ServiceNow Stock Up 0.7 %

Shares of NOW opened at $981.13 on Friday. The firm has a market cap of $203.09 billion, a P/E ratio of 143.65, a price-to-earnings-growth ratio of 4.51 and a beta of 0.97. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The firm’s 50-day simple moving average is $844.85 and its 200 day simple moving average is $970.05.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, beating the consensus estimate of $3.78 by $0.26. The company had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The firm’s revenue for the quarter was up 18.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.41 earnings per share. On average, analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its Board of Directors has approved a share buyback program 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 buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

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.