1,983 Shares in ServiceNow, Inc. (NYSE:NOW) Bought by 1248 Management LLC

1248 Management LLC purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,983 shares of the information technology services provider's stock, valued at approximately $2,102,000. ServiceNow makes up 0.9% of 1248 Management LLC's holdings, making the stock its 21st largest holding.

Several other hedge funds also recently modified their holdings of the company. Anchor Investment Management LLC increased its stake in shares of ServiceNow by 6.1% in the third quarter. Anchor Investment Management LLC now owns 1,364 shares of the information technology services provider's stock valued at $1,220,000 after buying an additional 78 shares during the period. Stock Yards Bank & Trust Co. bought a new stake in shares of ServiceNow in the 3rd quarter valued at $202,000. World Investment Advisors LLC lifted its stake in shares of ServiceNow by 585.8% in the 3rd quarter. World Investment Advisors LLC now owns 6,549 shares of the information technology services provider's stock valued at $5,857,000 after purchasing an additional 5,594 shares during the period. Wilmington Savings Fund Society FSB bought a new position in shares of ServiceNow during the 3rd quarter worth approximately $3,191,000. Finally, American Trust acquired a new stake in ServiceNow in the third quarter worth $744,000. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Stock Up 0.1 %

Shares of NOW traded up $1.04 on Monday, reaching $978.40. The stock had a trading volume of 1,272,855 shares, compared to its average volume of 1,511,593. The firm has a market capitalization of $202.53 billion, a price-to-earnings ratio of 143.25, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. The company has a 50-day simple moving average of $839.29 and a 200-day simple moving average of $968.74. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. 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 (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping analysts' consensus estimates of $3.78 by $0.26. The business had revenue of $3.09 billion for the quarter, compared to analysts' expectations of $3.09 billion. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The business's revenue was up 18.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.41 earnings per share. Sell-side analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its Board of Directors has authorized a stock buyback program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on NOW shares. Guggenheim raised their price objective on ServiceNow from $716.00 to $724.00 and gave the company a "sell" rating in a research note on Thursday, April 24th. 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. Wells Fargo & Company increased their price target on ServiceNow from $1,100.00 to $1,150.00 and gave the company an "overweight" rating in a research report on Thursday, April 24th. Evercore ISI upped their target price on shares of ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. Finally, BMO Capital Markets dropped their price target on shares of ServiceNow from $990.00 to $950.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $1,041.00.

Insider Transactions at ServiceNow

In other ServiceNow news, Director Deborah Black sold 598 shares of ServiceNow stock in a transaction that occurred on Friday, April 25th. The shares were sold at an average price of $940.23, for a total value of $562,257.54. Following the completion of the sale, the director now owns 428 shares of the company's stock, valued at approximately $402,418.44. The trade was a 58.28 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jonathan Chadwick sold 770 shares of the stock in a transaction on Monday, April 28th. The shares were sold at an average price of $931.62, for a total value of $717,347.40. Following the transaction, the director now directly owns 3,205 shares in the company, valued at $2,985,842.10. The trade was a 19.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,107 shares of company stock valued at $18,591,520 in the last quarter. 0.38% of the stock is owned by insiders.

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.