Teza Capital Management LLC Takes Position in ServiceNow, Inc. (NYSE:NOW)

Teza Capital Management LLC bought a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,523 shares of the information technology services provider's stock, valued at approximately $3,735,000.

Other hedge funds have also recently made changes to their positions in the company. Janus Henderson Group PLC increased its stake in shares of ServiceNow by 1.5% during the fourth quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock valued at $874,258,000 after buying an additional 12,533 shares during the period. Union Bancaire Privee UBP SA purchased a new position in shares of ServiceNow during the fourth quarter valued at approximately $48,802,000. Dock Street Asset Management Inc. grew its stake in ServiceNow by 3.4% in the fourth quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider's stock worth $35,147,000 after purchasing an additional 1,105 shares during the period. Rheos Capital Works Inc. purchased a new stake in ServiceNow in the fourth quarter worth $10,071,000. Finally, FMR LLC grew its stake 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 purchasing an additional 272,506 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

NOW has been the topic of several recent research reports. Guggenheim upped their price target on ServiceNow from $716.00 to $724.00 and gave the stock a "sell" rating in a research note on Thursday, April 24th. Scotiabank set a $1,100.00 price target on ServiceNow and gave the stock an "outperform" rating in a research note on Wednesday, May 7th. TD Securities reaffirmed a "buy" rating and issued a $1,100.00 price target on shares of ServiceNow in a research note on Thursday, April 24th. Evercore ISI upped their price target on ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. Finally, Piper Sandler reduced their price target on ServiceNow from $1,200.00 to $1,120.00 and set an "overweight" rating on the stock in a research note on Thursday, April 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, ServiceNow presently has a consensus rating of "Moderate Buy" and an average target price of $1,062.50.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the transaction, the insider now owns 3,649 shares of the company's stock, valued at approximately $3,370,654.28. This represents a 44.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 66 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total value of $67,518.00. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at approximately $3,096,621. This represents a 2.13% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,872 shares of company stock valued at $13,261,400. 0.38% of the stock is owned by company insiders.

ServiceNow Trading Up 0.5%

Shares of NYSE:NOW opened at $1,040.22 on Friday. The company has a market cap of $215.33 billion, a P/E ratio of 152.30, a PEG ratio of 4.51 and a beta of 0.97. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The stock's fifty day moving average price is $863.52 and its 200-day moving average price is $973.27.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.78 by $0.26. The firm had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The company's quarterly revenue was up 18.6% on a year-over-year basis. During the same period in the prior year, the company posted $3.41 earnings per share. Sell-side analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its Board of Directors has initiated a share buyback plan on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.

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.

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