CenterBook Partners LP Takes $4.73 Million Position in ServiceNow, Inc. $NOW

Key Points

• CenterBook Partners LP initiated a new position in ServiceNow during the fourth quarter, buying 30,865 shares valued at about $4.73 million.
• Institutional ownership remains very high, with funds holding 87.18% of ServiceNow’s stock, while several investors recently increased their stakes.
• ServiceNow reported Q1 earnings of $0.97 per share on revenue of $3.77 billion, topping revenue estimates and matching EPS expectations; analysts still rate the stock Moderate Buy with a consensus target of $141.85.

CenterBook Partners LP acquired a new stake in ServiceNow, Inc. (NYSE:NOW - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 30,865 shares of the information technology services provider's stock, valued at approximately $4,728,000.

Other institutional investors have also modified their holdings of the company. Brighton Jones LLC grew its stake in ServiceNow by 1.1% during the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock worth $2,919,000 after purchasing an additional 30 shares in the last quarter. Sivia Capital Partners LLC grew its stake in ServiceNow by 4.2% during the 2nd quarter. Sivia Capital Partners LLC now owns 837 shares of the information technology services provider's stock worth $861,000 after purchasing an additional 34 shares in the last quarter. United Bank grew its stake in ServiceNow by 15.5% during the 2nd quarter. United Bank now owns 1,519 shares of the information technology services provider's stock worth $1,562,000 after purchasing an additional 204 shares in the last quarter. Riggs Asset Managment Co. Inc. grew its stake in ServiceNow by 2.2% during the 2nd quarter. Riggs Asset Managment Co. Inc. now owns 1,922 shares of the information technology services provider's stock worth $1,976,000 after purchasing an additional 42 shares in the last quarter. Finally, Nebula Research & Development LLC grew its stake in ServiceNow by 205.1% during the 2nd quarter. Nebula Research & Development LLC now owns 906 shares of the information technology services provider's stock worth $931,000 after purchasing an additional 609 shares in the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at ServiceNow

In other news, Director Paul Edward Chamberlain sold 1,500 shares of the business's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $87.23, for a total value of $130,845.00. Following the completion of the sale, the director directly owned 44,930 shares of the company's stock, valued at approximately $3,919,243.90. The trade was a 3.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Fipps sold 1,048 shares of the business's stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $98.51, for a total value of $103,238.48. Following the completion of the sale, the insider directly owned 12,072 shares of the company's stock, valued at $1,189,212.72. The trade was a 7.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 28,071 shares of company stock valued at $2,529,956 over the last quarter. Company insiders own 0.34% of the company's stock.

ServiceNow Stock Up 1.8%

Shares of NYSE NOW opened at $114.43 on Tuesday. The company has a market capitalization of $117.98 billion, a price-to-earnings ratio of 68.20, a price-to-earnings-growth ratio of 1.86 and a beta of 0.94. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.84 and a quick ratio of 0.84. The business has a 50-day moving average of $99.69 and a two-hundred day moving average of $121.36. ServiceNow, Inc. has a 1 year low of $81.24 and a 1 year high of $211.48.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.97. The company had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $3.75 billion. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.ServiceNow's revenue for the quarter was up 22.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.81 EPS. On average, analysts forecast that ServiceNow, Inc. will post 2.35 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on NOW. Evercore boosted their target price on ServiceNow from $140.00 to $150.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 5th. Raymond James Financial lowered their target price on ServiceNow from $160.00 to $130.00 and set an "outperform" rating for the company in a research note on Thursday, April 23rd. Jefferies Financial Group reissued a "buy" rating and set a $135.00 target price (down from $175.00) on shares of ServiceNow in a research note on Thursday, April 23rd. JPMorgan Chase & Co. lowered their target price on ServiceNow from $195.00 to $145.00 and set an "overweight" rating for the company in a research note on Thursday, April 23rd. Finally, BNP Paribas Exane raised ServiceNow from a "neutral" rating to an "outperform" rating and set a $140.00 price target for the company in a report on Monday, March 16th. Two research analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, ServiceNow presently has an average rating of "Moderate Buy" and a consensus price target of $141.85.

About ServiceNow

ServiceNow NYSE: NOW is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company's flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.

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