Valinor Management L.P. Reduces Position in ServiceNow Inc (NYSE:NOW)

Valinor Management L.P. lowered its stake in shares of ServiceNow Inc (NYSE:NOW) by 4.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 341,533 shares of the information technology services provider’s stock after selling 15,550 shares during the period. ServiceNow makes up approximately 3.0% of Valinor Management L.P.’s portfolio, making the stock its 21st biggest holding. Valinor Management L.P. owned about 0.19% of ServiceNow worth $60,810,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. National Pension Service lifted its stake in ServiceNow by 5.6% in the fourth quarter. National Pension Service now owns 190,922 shares of the information technology services provider’s stock valued at $44,681,000 after purchasing an additional 10,166 shares during the last quarter. UBS Oconnor LLC raised its holdings in ServiceNow by 215.0% during the 4th quarter. UBS Oconnor LLC now owns 18,326 shares of the information technology services provider’s stock valued at $3,263,000 after acquiring an additional 12,509 shares during the period. Carmignac Gestion raised its holdings in ServiceNow by 6.6% during the 4th quarter. Carmignac Gestion now owns 926,930 shares of the information technology services provider’s stock valued at $165,040,000 after acquiring an additional 57,470 shares during the period. Legal & General Group Plc raised its holdings in ServiceNow by 9.7% during the 4th quarter. Legal & General Group Plc now owns 742,543 shares of the information technology services provider’s stock valued at $132,240,000 after acquiring an additional 65,752 shares during the period. Finally, Circle Wealth Management LLC raised its holdings in ServiceNow by 2.1% during the 4th quarter. Circle Wealth Management LLC now owns 3,062 shares of the information technology services provider’s stock valued at $545,000 after acquiring an additional 62 shares during the period. Institutional investors and hedge funds own 97.30% of the company’s stock.

NYSE NOW traded down $0.51 during trading on Monday, hitting $243.79. 1,287,030 shares of the company’s stock traded hands, compared to its average volume of 1,969,935. The company has a quick ratio of 1.17, a current ratio of 1.16 and a debt-to-equity ratio of 0.60. ServiceNow Inc has a 12-month low of $147.63 and a 12-month high of $251.65. The firm has a market cap of $44.10 billion, a price-to-earnings ratio of 1,218.95, a PEG ratio of 25.18 and a beta of 1.44.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, January 30th. The information technology services provider reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.14. ServiceNow had a negative net margin of 1.02% and a positive return on equity of 3.95%. The business had revenue of $715.44 million during the quarter, compared to analyst estimates of $717.73 million. During the same period in the prior year, the business posted $0.37 earnings per share. The company’s revenue was up 30.3% on a year-over-year basis. Equities analysts expect that ServiceNow Inc will post 0.35 earnings per share for the current fiscal year.

NOW has been the topic of a number of analyst reports. Royal Bank of Canada reissued a “top pick” rating and set a $230.00 target price (up previously from $210.00) on shares of ServiceNow in a report on Thursday, January 31st. ValuEngine raised shares of ServiceNow from a “buy” rating to a “strong-buy” rating in a report on Friday, March 1st. JMP Securities reaffirmed a “mkt outperform” rating and issued a $225.00 price target (up previously from $220.00) on shares of ServiceNow in a report on Thursday, January 31st. Bank of America reaffirmed a “buy” rating and issued a $235.00 price target (up previously from $217.00) on shares of ServiceNow in a report on Thursday, January 31st. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $210.00 price target (up previously from $180.00) on shares of ServiceNow in a report on Thursday, January 31st. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty-one have assigned a buy rating and three have issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $233.04.

In other news, Director Ronald E. F. Codd sold 100,000 shares of the stock in a transaction dated Friday, February 1st. The shares were sold at an average price of $220.08, for a total transaction of $22,008,000.00. Following the completion of the sale, the director now directly owns 78,428 shares in the company, valued at $17,260,434.24. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Frederic B. Luddy sold 32,500 shares of the stock in a transaction dated Friday, January 18th. The stock was sold at an average price of $189.76, for a total transaction of $6,167,200.00. Following the sale, the director now owns 282,383 shares of the company’s stock, valued at $53,584,998.08. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 258,898 shares of company stock valued at $57,822,234. Company insiders own 1.60% of the company’s stock.

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ServiceNow Profile

ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers service management solutions for customer service, human resources, security operations, and other enterprise departments. It operates ServiceNow platform that provides workflow automation, electronic service catalogs and portals, configuration management systems, data benchmarking, performance analytics, encryption, and collaboration and development tools.

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Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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