Twinbeech Capital LP Buys Shares of 46,153 ServiceNow, Inc. (NYSE:NOW)

Twinbeech Capital LP bought a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 46,153 shares of the information technology services provider's stock, valued at approximately $48,928,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Carnegie Investment Counsel bought a new position in ServiceNow during the fourth quarter worth $257,000. Merit Financial Group LLC raised its stake in ServiceNow by 79.6% during the fourth quarter. Merit Financial Group LLC now owns 3,049 shares of the information technology services provider's stock worth $3,232,000 after acquiring an additional 1,351 shares in the last quarter. Sax Wealth Advisors LLC raised its stake in ServiceNow by 4.1% during the fourth quarter. Sax Wealth Advisors LLC now owns 603 shares of the information technology services provider's stock worth $639,000 after acquiring an additional 24 shares in the last quarter. Integrated Investment Consultants LLC raised its stake in ServiceNow by 3.8% during the fourth quarter. Integrated Investment Consultants LLC now owns 439 shares of the information technology services provider's stock worth $465,000 after acquiring an additional 16 shares in the last quarter. Finally, Trust Co. of Vermont raised its stake in ServiceNow by 133.6% during the fourth quarter. Trust Co. of Vermont now owns 1,091 shares of the information technology services provider's stock worth $1,157,000 after acquiring an additional 624 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Stock Down 0.6%

Shares of NOW traded down $5.76 during trading hours on Wednesday, reaching $1,016.08. The stock had a trading volume of 1,258,790 shares, compared to its average volume of 1,525,797. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The firm has a 50-day simple moving average of $871.37 and a 200 day simple moving average of $974.45. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $210.33 billion, a price-to-earnings ratio of 148.77, a P/E/G ratio of 4.51 and a beta of 0.97.

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

ServiceNow announced that its Board of Directors has authorized a stock repurchase program on Wednesday, January 29th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

Several research analysts have commented on NOW shares. Oppenheimer reissued 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, May 6th. Mizuho lowered their price objective on ServiceNow from $1,210.00 to $1,100.00 and set an "outperform" rating for the company in a research note on Tuesday, March 11th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $1,048.00 price objective on shares of ServiceNow in a research note on Thursday, April 24th. TD Securities reaffirmed a "buy" rating and issued a $1,100.00 price objective on shares of ServiceNow in a research note on Thursday, April 24th. Finally, Robert W. Baird upped their price objective on ServiceNow from $1,010.00 to $1,150.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $1,062.50.

Insider Buying and Selling at ServiceNow

In other news, Director Jonathan Chadwick sold 770 shares of the firm's stock in a transaction 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 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 document filed with the SEC, which is available through the SEC website. Also, CFO Gina Mastantuono sold 4,442 shares of the firm's stock in a transaction on Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the sale, the chief financial officer now directly owns 11,126 shares of the company's stock, valued at approximately $10,733,252.20. This represents a 28.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,061 shares of company stock worth $9,515,766. 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.