Breed s Hill Capital LLC purchased a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the fourth quarter, according to its most recent 13F filing with the SEC. The fund purchased 466 shares of the information technology services provider's stock, valued at approximately $494,000.
A number of other hedge funds have also recently made changes to their positions in the company. Avidian Wealth Enterprises LLC grew its holdings in shares of ServiceNow by 1.8% during the fourth quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider's stock valued at $527,000 after buying an additional 9 shares during the last quarter. Institute for Wealth Management LLC. grew its holdings in shares of ServiceNow by 0.4% during the fourth quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider's stock valued at $2,779,000 after buying an additional 11 shares during the last quarter. TBH Global Asset Management LLC grew its holdings in shares of ServiceNow by 3.8% during the fourth quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider's stock valued at $320,000 after buying an additional 11 shares during the last quarter. Onefund LLC grew its holdings in shares of ServiceNow by 2.0% during the fourth quarter. Onefund LLC now owns 552 shares of the information technology services provider's stock valued at $585,000 after buying an additional 11 shares during the last quarter. Finally, Cassady Schiller Wealth Management LLC grew its holdings in shares of ServiceNow by 44.0% during the fourth quarter. Cassady Schiller Wealth Management LLC now owns 36 shares of the information technology services provider's stock valued at $38,000 after buying an additional 11 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at ServiceNow
In related news, insider Jacqueline P. Canney sold 66 shares of the firm's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total transaction of $67,518.00. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company's stock, valued at approximately $3,096,621. This trade represents a 2.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Gina Mastantuono sold 292 shares of ServiceNow stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $985.00, for a total transaction of $287,620.00. Following the completion of the transaction, the chief financial officer now directly owns 11,198 shares of the company's stock, valued at $11,030,030. The trade was a 2.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,619 shares of company stock valued at $5,230,568. Corporate insiders own 0.38% of the company's stock.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on NOW. Oppenheimer restated an "outperform" rating and set a $1,100.00 price objective (up previously from $970.00) on shares of ServiceNow in a research report on Tuesday, May 6th. William Blair restated an "outperform" rating on shares of ServiceNow in a research report on Friday, March 7th. Raymond James lowered their price objective on shares of ServiceNow from $1,200.00 to $1,000.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 8th. Citigroup increased their price target on shares of ServiceNow from $1,128.00 to $1,160.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. Finally, Scotiabank set a $1,100.00 price target on shares of ServiceNow and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. 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 company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $1,062.50.
Check Out Our Latest Stock Report on ServiceNow
ServiceNow Stock Performance
NOW opened at $1,015.74 on Friday. The stock has a market capitalization of $210.26 billion, a price-to-earnings ratio of 148.72, a PEG ratio of 4.51 and a beta of 0.97. The company has a fifty day moving average of $878.23 and a 200 day moving average of $975.16. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.
ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results 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. The company had revenue of $3.09 billion during the quarter, compared to analysts' expectations of $3.09 billion. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. ServiceNow's quarterly revenue was up 18.6% on a year-over-year basis. During the same period last year, the company posted $3.41 earnings per share. As a group, sell-side analysts forecast 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 share repurchase program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's leadership believes its stock is undervalued.
About ServiceNow
(
Free Report)
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.
Further Reading
Want to see what other hedge funds are holding NOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ServiceNow, Inc. (NYSE:NOW - Free Report).
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