Cary Street Partners Financial LLC Acquires New Stake in ServiceNow, Inc. (NYSE:NOW)

Cary Street Partners Financial LLC purchased a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 590 shares of the information technology services provider's stock, valued at approximately $625,000.

A number of other hedge funds have also bought and sold shares of the business. Castlekeep Investment Advisors LLC purchased a new stake in ServiceNow in the 4th quarter worth approximately $17,982,000. Baird Financial Group Inc. increased its stake in ServiceNow by 2.5% in the 4th quarter. Baird Financial Group Inc. now owns 95,237 shares of the information technology services provider's stock worth $100,963,000 after acquiring an additional 2,283 shares during the last quarter. Baker Avenue Asset Management LP boosted its position in shares of ServiceNow by 13.3% during the 4th quarter. Baker Avenue Asset Management LP now owns 1,851 shares of the information technology services provider's stock valued at $1,962,000 after acquiring an additional 218 shares during the last quarter. Banque Transatlantique SA purchased a new position in shares of ServiceNow during the fourth quarter worth about $58,586,000. Finally, Banque de Luxembourg S.A. purchased a new stake in ServiceNow in the fourth quarter valued at approximately $255,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Stock Up 0.7 %

NYSE:NOW traded up $6.64 during mid-day trading on Friday, hitting $981.13. 919,297 shares of the company's stock were exchanged, compared to its average volume of 1,513,424. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The business has a fifty day moving average price of $844.85 and a 200 day moving average price of $970.05. The company has a market cap of $203.09 billion, a PE ratio of 143.65, a P/E/G ratio of 4.51 and a beta of 0.97. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10.

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

ServiceNow announced that its Board of Directors has initiated a stock 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 typically a sign that the company's management believes its stock is undervalued.

Insider Activity

In related news, General Counsel Russell S. Elmer sold 336 shares of ServiceNow stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total value of $341,896.80. Following the completion of the sale, the general counsel now directly owns 4,332 shares in the company, valued at approximately $4,408,026.60. This trade represents a 7.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 292 shares of the company's stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the transaction, the insider now owns 3,027 shares in the company, valued at $3,080,123.85. This represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 16,410 shares of company stock worth $15,821,524 over the last three months. 0.38% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Canaccord Genuity Group cut their price target on shares of ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Erste Group Bank upgraded ServiceNow from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, April 30th. BMO Capital Markets reduced 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. Citigroup boosted their price objective on shares of ServiceNow from $1,128.00 to $1,160.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, Morgan Stanley increased their target price on shares of ServiceNow from $881.00 to $950.00 and gave the company an "equal weight" rating in a report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, ServiceNow currently has an average rating of "Moderate Buy" and an average target price of $1,048.55.

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.