Baker Avenue Asset Management LP Buys 408 Shares of ServiceNow, Inc. (NYSE:NOW)

Key Points

• Baker Avenue Asset Management LP increased its stake in ServiceNow by 22.0%, acquiring a total of 2,259 shares worth approximately $1,798,000 by the end of the first quarter.
• Several institutional investors, including JBF Capital Inc. and Blueshift Asset Management LLC, significantly boosted their holdings in ServiceNow during the same period, with JBF increasing its position by 25.0% and Blueshift by 164.0%.
• CEO William R. Mcdermott sold 2,050 shares of ServiceNow stock, marking a 23.66% decrease in his holdings, while total insider sales amounted to $6,047,567 over the past 90 days.

Baker Avenue Asset Management LP grew its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 22.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,259 shares of the information technology services provider's stock after buying an additional 408 shares during the period. Baker Avenue Asset Management LP's holdings in ServiceNow were worth $1,798,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Janus Henderson Group PLC increased its holdings in ServiceNow by 1.5% in the 4th quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock worth $874,258,000 after acquiring an additional 12,533 shares in the last quarter. FMR LLC lifted its position in ServiceNow by 4.9% in the fourth quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider's stock worth $6,232,339,000 after buying an additional 272,506 shares during the last quarter. Parr Mcknight Wealth Management Group LLC purchased a new stake in ServiceNow in the first quarter worth $1,820,000. Nicholas Investment Partners LP increased its stake in ServiceNow by 223.5% in the fourth quarter. Nicholas Investment Partners LP now owns 2,805 shares of the information technology services provider's stock worth $2,974,000 after purchasing an additional 1,938 shares during the period. Finally, Eastern Bank increased its stake in shares of ServiceNow by 0.9% during the first quarter. Eastern Bank now owns 54,771 shares of the information technology services provider's stock valued at $43,605,000 after buying an additional 511 shares during the period. Institutional investors own 87.18% of the company's stock.

ServiceNow Trading Down 2.0%

NYSE NOW traded down $18.40 during trading hours on Tuesday, reaching $904.60. The company had a trading volume of 1,447,353 shares, compared to its average volume of 1,687,661. The stock has a 50-day moving average of $993.22 and a 200 day moving average of $948.24. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $188.16 billion, a P/E ratio of 113.93, a price-to-earnings-growth ratio of 4.12 and a beta of 0.93.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. ServiceNow's quarterly revenue was up 22.4% on a year-over-year basis. During the same period last year, the firm posted $3.13 EPS. As a group, research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Lawrence Jackson sold 757 shares of the stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $990.50, for a total value of $749,808.50. Following the completion of the sale, the director directly owned 588 shares of the company's stock, valued at approximately $582,414. This represents a 56.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Gina Mastantuono sold 292 shares of the stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $985.00, for a total value of $287,620.00. Following the transaction, the chief financial officer directly owned 11,198 shares in the company, valued at approximately $11,030,030. This represents a 2.54% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,990 shares of company stock worth $6,047,567 over the last 90 days. 0.38% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on NOW shares. Wells Fargo & Company lifted their target price on ServiceNow from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Morgan Stanley reiterated an "equal weight" rating on shares of ServiceNow in a research report on Tuesday, July 8th. Royal Bank Of Canada boosted their price target on ServiceNow from $1,060.00 to $1,100.00 and gave the company an "outperform" rating in a report on Tuesday, May 6th. The Goldman Sachs Group reiterated a "buy" rating on shares of ServiceNow in a research report on Thursday, April 24th. Finally, Sanford C. Bernstein restated an "outperform" rating and issued a $1,003.00 target price on shares of ServiceNow in a report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

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.