Castlekeep Investment Advisors LLC Makes New $17.98 Million Investment in ServiceNow, Inc. (NYSE:NOW)

Castlekeep Investment Advisors LLC bought a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 16,962 shares of the information technology services provider's stock, valued at approximately $17,982,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Norges Bank purchased a new position in shares of ServiceNow in the 4th quarter valued at approximately $2,603,360,000. Proficio Capital Partners LLC raised its holdings in ServiceNow by 154,255.3% in the fourth quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider's stock worth $667,000 after purchasing an additional 666,383 shares in the last quarter. Alphinity Investment Management Pty Ltd purchased a new position in ServiceNow during the fourth quarter valued at $682,468,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of ServiceNow by 6.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock valued at $8,434,235,000 after buying an additional 509,467 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of ServiceNow in the 4th quarter worth about $393,868,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Morgan Stanley boosted their price objective on shares of ServiceNow from $881.00 to $950.00 and gave the stock an "equal weight" rating in a research note on Thursday, April 24th. Sanford C. Bernstein restated an "outperform" rating and issued a $1,003.00 price target on shares of ServiceNow in a research note on Thursday, April 24th. Royal Bank of Canada boosted their target price on ServiceNow from $975.00 to $1,060.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. Truist Financial raised ServiceNow from a "hold" rating to a "buy" rating and increased their target price for the stock from $950.00 to $1,200.00 in a research note on Thursday. Finally, Erste Group Bank raised ServiceNow from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $1,041.00.

ServiceNow Stock Performance

NYSE:NOW opened at $977.24 on Monday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The stock has a 50-day simple moving average of $839.29 and a two-hundred day simple moving average of $968.74. The firm has a market capitalization of $202.29 billion, a PE ratio of 143.08, a P/E/G ratio of 4.51 and a beta of 1.08. 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 released its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, topping analysts' consensus estimates of $3.78 by $0.26. The company 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 firm's revenue was up 18.6% compared to the same quarter last year. During the same quarter last year, the business earned $3.41 EPS. Analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its board has approved a stock repurchase plan on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's leadership believes its shares are undervalued.

Insiders Place Their Bets

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

ServiceNow Profile

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.

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