Caxton Associates LLP Acquires New Holdings in ServiceNow, Inc. $NOW

Key Points

• Caxton Associates LLP has acquired 1,018 shares of ServiceNow, Inc., valued at approximately $810,000, marking a significant investment in the information technology services provider.
• Insider transactions indicate notable activity, with Vice Chairman Nicholas Tzitzon and another insider selling a total of 3,171 shares, reflecting decreases of 36.43% and 76.06% in their holdings, respectively.
• ServiceNow reported a 22.4% year-over-year revenue increase with earnings of $4.09 per share, surpassing expectations and resulting in a market cap of $192.38 billion.

Caxton Associates LLP bought a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,018 shares of the information technology services provider's stock, valued at approximately $810,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its stake in ServiceNow by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider's stock worth $15,522,335,000 after buying an additional 297,734 shares during the period. GAMMA Investing LLC boosted its position in ServiceNow by 87,501.3% in the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock valued at $2,141,108,000 after buying an additional 2,686,291 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of ServiceNow by 3.4% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,654,825 shares of the information technology services provider's stock valued at $2,814,433,000 after acquiring an additional 87,876 shares in the last quarter. Nuveen Asset Management LLC increased its position in shares of ServiceNow by 4.9% during the fourth quarter. Nuveen Asset Management LLC now owns 2,343,840 shares of the information technology services provider's stock worth $2,484,752,000 after acquiring an additional 109,293 shares during the last quarter. Finally, Nuveen LLC acquired a new position in shares of ServiceNow in the first quarter worth about $1,817,535,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Morgan Stanley restated an "equal weight" rating on shares of ServiceNow in a research note on Tuesday, July 8th. Raymond James Financial increased their target price on ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Oppenheimer reissued an "outperform" rating and set a $1,150.00 price target (up previously from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. BMO Capital Markets upped their price target on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Finally, Wall Street Zen downgraded shares of ServiceNow from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Stock Performance

NOW traded down $8.24 during trading hours on Friday, hitting $930.04. 711,066 shares of the stock were exchanged, compared to its average volume of 1,580,307. The stock has a market cap of $193.45 billion, a price-to-earnings ratio of 117.13, a price-to-earnings-growth ratio of 4.23 and a beta of 0.91. The stock has a 50-day simple moving average of $927.34 and a 200-day simple moving average of $922.46. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. During the same period in the prior year, the company earned $3.13 earnings per share. The firm's revenue was up 22.4% compared to the same quarter last year. Analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Insider Activity

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the firm's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,489,427.55. Following the transaction, the insider owned 3,000 shares of the company's stock, valued at $2,599,350. This trade represents a 36.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Anita M. Sands sold 1,097 shares of ServiceNow stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $915.11, for a total value of $1,003,875.67. Following the completion of the transaction, the director owned 9,307 shares of the company's stock, valued at approximately $8,516,928.77. The trade was a 10.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,976 shares of company stock valued at $17,049,775 over the last quarter. Corporate insiders own 0.38% of the company's stock.

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.