Andar Capital Management HK Ltd Buys New Stake in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Andar Capital Management HK Ltd purchased a new stake in ServiceNow, Inc., acquiring 6,000 shares valued at approximately $4.8 million, making it their third largest holding.
• Institutional investors hold a significant majority of ServiceNow's stock, with 87.18% ownership, while several other large investors have also adjusted their positions recently.
• ServiceNow reported earnings of $4.09 per share for the last quarter, exceeding expectations, and its revenue increased by 22.4% compared to the same quarter last year.

Andar Capital Management HK Ltd bought a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,000 shares of the information technology services provider's stock, valued at approximately $4,777,000. ServiceNow accounts for about 9.2% of Andar Capital Management HK Ltd's holdings, making the stock its 3rd largest holding.

Other large investors have also recently bought and sold shares of the company. Quarry LP acquired a new position in shares of ServiceNow during the 4th quarter worth $27,000. Bogart Wealth LLC boosted its stake in shares of ServiceNow by 113.3% during the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 17 shares during the last quarter. Graybill Wealth Management LTD. purchased a new stake in ServiceNow in the 1st quarter worth approximately $26,000. Heck Capital Advisors LLC purchased a new position in ServiceNow during the fourth quarter worth about $37,000. Finally, WASHINGTON TRUST Co grew its holdings in ServiceNow by 620.0% in the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after purchasing an additional 31 shares during the period. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Price Performance

Shares of NYSE:NOW traded up $5.95 on Wednesday, reaching $911.07. The company's stock had a trading volume of 1,067,095 shares, compared to its average volume of 1,683,416. The company has a 50-day simple moving average of $990.76 and a 200 day simple moving average of $947.93. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The company has a market cap of $189.50 billion, a P/E ratio of 114.74, a PEG ratio of 4.16 and a beta of 0.93. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $3.12 billion. During the same period in the previous year, the firm earned $3.13 earnings per share. ServiceNow's quarterly revenue was up 22.4% compared to the same quarter last year. As a group, equities research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on NOW. Mizuho raised their target price on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Thursday, June 12th. Stifel Nicolaus raised their price target on shares of ServiceNow from $975.00 to $1,050.00 and gave the stock a "buy" rating in a research report on Tuesday, May 6th. DA Davidson increased their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Truist Financial upgraded shares of ServiceNow from a "hold" rating to a "buy" rating and lifted their price objective for the company from $950.00 to $1,200.00 in a research note on Thursday, May 1st. Finally, Wall Street Zen raised ServiceNow from a "hold" rating to a "buy" rating in a research note on Tuesday, July 29th. One investment 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 data from MarketBeat, ServiceNow has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insider Transactions at ServiceNow

In related news, insider Jacqueline P. Canney sold 145 shares of the company's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total value of $147,900.00. Following the completion of the sale, the insider directly owned 3,027 shares of the company's stock, valued at $3,087,540. This represents a 4.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Anita M. Sands sold 239 shares of the stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $1,050.00, for a total transaction of $250,950.00. Following the transaction, the director owned 10,404 shares in the company, valued at approximately $10,924,200. This represents a 2.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,990 shares of company stock valued at $6,047,567 in the last ninety days. 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.