Voloridge Investment Management LLC Makes New Investment in ServiceNow, Inc. (NYSE:NOW)

Voloridge Investment Management LLC bought a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 18,813 shares of the information technology services provider's stock, valued at approximately $19,944,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Quarry LP bought a new position in shares of ServiceNow during the fourth quarter valued at approximately $27,000. Atala Financial Inc bought a new position in shares of ServiceNow during the fourth quarter valued at approximately $28,000. LFA Lugano Financial Advisors SA purchased a new stake in ServiceNow in the fourth quarter worth $32,000. FPC Investment Advisory Inc. grew its stake in ServiceNow by 725.0% in 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 period. Finally, Noble Wealth Management PBC purchased a new stake in ServiceNow in the fourth quarter worth $34,000. Institutional investors own 87.18% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on NOW shares. The Goldman Sachs Group reaffirmed a "buy" rating on shares of ServiceNow in a research note on Thursday, April 24th. Wall Street Zen cut ServiceNow from a "buy" rating to a "hold" rating in a research note on Saturday. BMO Capital Markets upped their price target on ServiceNow from $1,025.00 to $1,150.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 14th. Canaccord Genuity Group reduced their price target on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Finally, Jefferies Financial Group cut their target price on ServiceNow from $1,250.00 to $1,025.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $1,062.50.

ServiceNow Stock Performance

Shares of ServiceNow stock traded up $18.59 during trading hours on Tuesday, reaching $1,022.96. 285,443 shares of the stock traded hands, compared to its average volume of 1,831,816. The company has a 50 day moving average price of $884.98 and a 200 day moving average price of $974.97. The firm has a market capitalization of $211.74 billion, a price-to-earnings ratio of 149.78, a P/E/G ratio of 4.51 and a beta of 0.97. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15.

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

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

Insider Activity

In other news, Director Jonathan Chadwick sold 770 shares of the company's stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $931.62, for a total transaction of $717,347.40. Following the sale, the director now directly owns 3,205 shares of the company's stock, valued at $2,985,842.10. This represents a 19.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jacqueline P. Canney sold 354 shares of the business's stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total value of $284,831.94. Following the transaction, the insider now directly owns 3,027 shares in the company, valued at approximately $2,435,554.47. This represents a 10.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,674 shares of company stock valued at $2,510,213 in the last ninety days. Corporate insiders own 0.38% of the company's stock.

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.