Tidal Investments LLC Decreases Stock Position in ServiceNow, Inc. (NYSE:NOW)

Tidal Investments LLC trimmed its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 6.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 45,792 shares of the information technology services provider's stock after selling 3,016 shares during the period. Tidal Investments LLC's holdings in ServiceNow were worth $48,545,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of NOW. Quarry LP purchased a new position in ServiceNow in the 4th quarter worth about $27,000. Atala Financial Inc bought a new stake in shares of ServiceNow in the fourth quarter worth approximately $28,000. LFA Lugano Financial Advisors SA purchased a new position in shares of ServiceNow during the fourth quarter valued at approximately $32,000. FPC Investment Advisory Inc. lifted its position in ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock valued at $34,000 after purchasing an additional 29 shares during the period. Finally, Noble Wealth Management PBC bought a new position in ServiceNow during the fourth quarter valued at approximately $34,000. Institutional investors own 87.18% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on NOW shares. Redburn Atlantic started coverage on shares of ServiceNow in a research report on Wednesday, February 19th. They set a "buy" rating on the stock. Erste Group Bank upgraded shares of ServiceNow from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, April 30th. Cantor Fitzgerald restated an "overweight" rating and set a $1,048.00 price objective on shares of ServiceNow in a research report on Thursday, April 24th. Mizuho lowered their price objective on shares of ServiceNow from $1,210.00 to $1,100.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 11th. Finally, Guggenheim increased their price objective on shares of ServiceNow from $716.00 to $724.00 and gave the company a "sell" rating in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $1,062.50.

ServiceNow Stock Performance

NOW opened at $1,040.22 on Friday. The stock has a market capitalization of $215.33 billion, a price-to-earnings ratio of 152.30, a PEG ratio of 4.51 and a beta of 0.97. The company has a fifty day moving average of $863.52 and a 200 day moving average of $973.27. 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 issued its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, topping analysts' consensus estimates of $3.78 by $0.26. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The business had revenue of $3.09 billion during the quarter, compared to analysts' expectations of $3.09 billion. During the same period last year, the company posted $3.41 EPS. The business's revenue was up 18.6% on a year-over-year basis. As a group, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has initiated a stock buyback program on Wednesday, January 29th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In other news, General Counsel Russell S. Elmer sold 62 shares of the firm's 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 $63,426.00. Following the completion of the sale, the general counsel now owns 4,332 shares in the company, valued at approximately $4,431,636. This trade represents a 1.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 384 shares of the firm's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $986.64, for a total transaction of $378,869.76. Following the completion of the sale, the chief executive officer now owns 6,614 shares of the company's stock, valued at $6,525,636.96. This trade represents a 5.49% decrease in their position. The disclosure for this sale can be found here. Insiders sold 13,872 shares of company stock valued at $13,261,400 in the last three months. 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.

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