L & S Advisors Inc Decreases Stake in ServiceNow, Inc.

L & S Advisors Inc has decreased its investment in ServiceNow, Inc. (NYSE:NOW) by 11.6% during the fourth quarter, as stated in its latest filing with the SEC. After selling 1,391 shares during the quarter, the fund now holds 10,641 shares of the information technology services provider. ServiceNow represents 1.2% of L & S Advisors Inc's portfolio, making it the 13th largest position in their investments. As per their recent SEC filing, the value of L & S Advisors Inc's holdings in ServiceNow was approximately $11,281,000.

Recent Investor Activity

Several other institutional investors have recently made changes to their positions in ServiceNow. For instance, Atala Financial Inc acquired a new stake worth $28,000 in the fourth quarter. Similarly, LFA Lugano Financial Advisors SA took up a new position valued at about $32,000 during the same period. Noble Wealth Management PBC also invested approximately $34,000 in ServiceNow. Other institutions such as Truvestments Capital LLC and FPC Investment Advisory Inc have increased their stakes or made new investments, further indicating strong interest in ServiceNow among institutional investors, who now own around 87.18% of the company's shares.

Insider Transactions

In related news, CFO Gina Mastantuono sold 4,442 shares of ServiceNow on February 21st at an average price of $964.70, totaling about $4.29 million. After this sale, she retains 11,126 shares, worth around $10.73 million. This represents a 28.53% reduction in her ownership. Additionally, Vice Chairman Nicholas Tzitzon sold 2,945 shares on February 25th, valued at approximately $2.72 million. Following this transaction, he holds 3,649 shares, valued around $3.37 million. Over the last 90 days, insiders have sold a total of 20,351 shares valued at about $20.05 million, with company insiders holding only 0.25% of total shares.

Analyst Predictions for ServiceNow

Various research analysts have provided insights regarding ServiceNow’s stock. Royal Bank of Canada has set a price target of $986.00, while Raymond James issued an 'outperform' rating with a target of $1,200. JMP Securities reiterated an 'outperform' rating with a target price of $1,300. On the other hand, Robert W. Baird adjusted their target from $1,200 to $1,010 while maintaining an 'outperform' rating. Cantor Fitzgerald also reaffirmed an 'overweight' rating with a price target of $1,048. Currently, the consensus rating across analysts categorizes ServiceNow as a 'Moderate Buy', with a consensus target price of $1,093.76.

Current Market Status of ServiceNow

On Friday, ServiceNow shares opened at $796.61. The stock has a 52-week low of $637.99 and a 52-week high reaching $1,198.09. With a market capitalization of approximately $164.10 billion, the company has a P/E ratio of 116.63 and a P/E/G ratio of 4.51. Recent performance shows shares decreased by 3.8%. The company reported earnings of $3.67 per share, meeting analyst expectations, and anticipates earnings per share of 8.93 in the current fiscal year.

Share Repurchase Program

In a noteworthy development, ServiceNow's board has approved a new share repurchase program, allowing the company to buy back $3.00 billion in shares. This decision indicates management's confidence in the company's valuation and its commitment to enhancing shareholder value.

About ServiceNow, Inc.

ServiceNow, Inc. offers comprehensive intelligent workflow automation solutions that cater to digital businesses across various regions, including North America and Europe. The company operates the Now platform, which supports digital transformation through tools in artificial intelligence, machine learning, and performance analytics.

ServiceNow, Investment, Insider, Market