Crestline Management LP Purchases New Stake in ServiceNow, Inc. (NYSE:NOW)

Crestline Management LP purchased a new stake in ServiceNow, Inc. (NYSE:NOW - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,518 shares of the information technology services provider's stock, valued at approximately $6,910,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Centiva Capital LP lifted its holdings in shares of ServiceNow by 1,300.0% during the fourth quarter. Centiva Capital LP now owns 1,680 shares of the information technology services provider's stock valued at $1,781,000 after purchasing an additional 1,560 shares during the last quarter. Cetera Investment Advisers lifted its stake in ServiceNow by 1.0% during the fourth quarter. Cetera Investment Advisers now owns 51,214 shares of the information technology services provider's stock valued at $54,293,000 after buying an additional 508 shares in the last quarter. Blue Capital Inc. acquired a new position in shares of ServiceNow in the fourth quarter worth about $3,286,000. Brevan Howard Capital Management LP purchased a new position in shares of ServiceNow in the fourth quarter worth approximately $2,573,000. Finally, Cary Street Partners Financial LLC purchased a new position in ServiceNow during the 4th quarter worth approximately $625,000. Institutional investors and hedge funds own 87.18% of the company's stock.

Insider Activity at ServiceNow

In other news, insider Jacqueline P. Canney sold 292 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the sale, the insider now owns 3,027 shares in the company, valued at approximately $3,080,123.85. This represents a 8.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jeffrey A. Miller sold 2,282 shares of ServiceNow stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $1,030.64, for a total value of $2,351,920.48. Following the completion of the transaction, the director now directly owns 40,638 shares of the company's stock, valued at $41,883,148.32. This represents a 5.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,692 shares of company stock valued at $18,173,444 in the last ninety days. Insiders own 0.38% of the company's stock.

ServiceNow Stock Performance

NOW traded up $17.72 during trading on Wednesday, reaching $982.98. 1,729,532 shares of the company's stock were exchanged, compared to its average volume of 1,512,662. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The company has a market capitalization of $203.48 billion, a P/E ratio of 143.92, a PEG ratio of 4.51 and a beta of 0.97. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The business has a 50 day moving average price of $842.03 and a 200 day moving average price of $969.22.

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 (EPS) for the quarter, topping the consensus estimate of $3.78 by $0.26. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The firm had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.09 billion. During the same quarter in the prior year, the business posted $3.41 earnings per share. The company's quarterly revenue was up 18.6% compared to the same quarter last year. As a group, analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on NOW shares. UBS Group restated a "buy" rating and issued a $1,025.00 target price (up previously from $900.00) on shares of ServiceNow in a report on Thursday, April 24th. Bank of America reduced their price objective on ServiceNow from $1,280.00 to $1,025.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Oppenheimer reaffirmed an "outperform" rating and set a $1,100.00 target price (up previously from $970.00) on shares of ServiceNow in a research note on Tuesday. Robert W. Baird increased their price target on shares of ServiceNow from $1,010.00 to $1,150.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Finally, Erste Group Bank raised shares of ServiceNow from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $1,048.55.

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.