ServiceNow, Inc. (NYSE:NOW) is Ithaka Group LLC’s 2nd Largest Position

by · The Cerbat Gem

Ithaka Group LLC lessened its position in shares of ServiceNow, Inc. (NYSE:NOW – Free Report) by 5.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 43,601 shares of the information technology services provider’s stock after selling 2,585 shares during the quarter. ServiceNow comprises 8.5% of Ithaka Group LLC’s investment portfolio, making the stock its 2nd biggest holding. Ithaka Group LLC’s holdings in ServiceNow were worth $46,222,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Avidian Wealth Enterprises LLC raised its position in ServiceNow by 1.8% in the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock valued at $527,000 after purchasing an additional 9 shares during the last quarter. Redhawk Wealth Advisors Inc. raised its holdings in shares of ServiceNow by 2.2% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $487,000 after buying an additional 10 shares during the last quarter. Institute for Wealth Management LLC. increased its position in ServiceNow by 0.4% in the 4th quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock valued at $2,779,000 after acquiring an additional 11 shares during the period. TBH Global Asset Management LLC raised its stake in ServiceNow by 3.8% during the 4th quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock valued at $320,000 after acquiring an additional 11 shares during the last quarter. Finally, Onefund LLC lifted its position in ServiceNow by 2.0% during the 4th quarter. Onefund LLC now owns 552 shares of the information technology services provider’s stock worth $585,000 after acquiring an additional 11 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Activity

In related news, insider Jacqueline P. Canney sold 455 shares of the company’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at $3,204,200.58. This represents a 13.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 value of $2,720,355.40. Following the completion of the sale, the insider now owns 3,649 shares in the company, valued at $3,370,654.28. The trade was a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 20,351 shares of company stock valued at $20,050,076. Company insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on NOW shares. Canaccord Genuity Group restated a “buy” rating and set a $1,275.00 price target on shares of ServiceNow in a research note on Tuesday. Oppenheimer lifted their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Mizuho reduced their target price on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a report on Tuesday. StockNews.com downgraded ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th. Finally, Needham & Company LLC upped their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $1,114.24.

View Our Latest Analysis on NOW

ServiceNow Price Performance

ServiceNow stock opened at $844.27 on Thursday. The firm has a market capitalization of $173.92 billion, a P/E ratio of 123.61, a PEG ratio of 4.51 and a beta of 1.03. The firm has a fifty day moving average of $1,002.41 and a 200-day moving average of $984.53. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09.

ServiceNow (NYSE:NOW – Get Free Report) last announced 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%. As a group, analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its board has approved a stock repurchase program on Wednesday, January 29th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

ServiceNow Profile

(Free Report)

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.

Further Reading

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