Concentric Capital Strategies LP Decreases Holdings in ServiceNow, Inc. (NYSE:NOW)

Concentric Capital Strategies LP lowered its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 36.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,836 shares of the information technology services provider's stock after selling 1,035 shares during the period. Concentric Capital Strategies LP's holdings in ServiceNow were worth $1,946,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of NOW. Quarry LP acquired a new position in shares of ServiceNow in the 4th quarter valued at approximately $27,000. Atala Financial Inc bought a new position in ServiceNow in the fourth quarter valued at approximately $28,000. LFA Lugano Financial Advisors SA acquired a new position in ServiceNow during the fourth quarter valued at approximately $32,000. FPC Investment Advisory Inc. lifted its stake in ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock worth $34,000 after purchasing an additional 29 shares during the last quarter. Finally, Noble Wealth Management PBC acquired a new stake in shares of ServiceNow in the 4th quarter valued at $34,000. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Trading Up 0.7 %

Shares of NYSE:NOW traded up $6.64 during mid-day trading on Friday, hitting $981.13. The company had a trading volume of 919,297 shares, compared to its average volume of 1,513,424. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The company has a market capitalization of $203.09 billion, a PE ratio of 143.65, a price-to-earnings-growth ratio of 4.51 and a beta of 0.97. The firm has a fifty day moving average price of $844.85 and a 200 day moving average price of $970.05. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09.

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

ServiceNow declared that its board has initiated a stock repurchase plan on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Sanford C. Bernstein restated an "outperform" rating and set a $1,003.00 price objective on shares of ServiceNow in a research report on Thursday, April 24th. Barclays set a $1,085.00 price target on shares of ServiceNow in a research note on Wednesday. Oppenheimer reiterated an "outperform" rating and set a $1,100.00 price objective (up from $970.00) on shares of ServiceNow in a research report on Tuesday. Raymond James cut their target price on shares of ServiceNow from $1,200.00 to $1,000.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 8th. Finally, StockNews.com downgraded shares of ServiceNow from a "buy" rating to a "hold" rating in a report on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $1,048.55.

Insider Buying and Selling at ServiceNow

In other news, Director Deborah Black sold 598 shares of the firm's stock in a transaction that occurred on Friday, April 25th. The stock was sold at an average price of $940.23, for a total value of $562,257.54. Following the transaction, the director now owns 428 shares in the company, valued at $402,418.44. This trade represents a 58.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William R. Mcdermott sold 1,263 shares of the company's stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the sale, the chief executive officer now owns 2,595 shares of the company's stock, valued at $2,644,564.50. This trade represents a 32.74 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 16,410 shares of company stock worth $15,821,524. 0.38% of the stock is owned by corporate insiders.

ServiceNow Company 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.