Washington Harbour Partners LP Invests $2.01 Million in ServiceNow, Inc. (NYSE:NOW)

Washington Harbour Partners LP purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,900 shares of the information technology services provider's stock, valued at approximately $2,014,000. ServiceNow accounts for about 3.7% of Washington Harbour Partners LP's investment portfolio, making the stock its 12th biggest position.

Other hedge funds have also made changes to their positions in the company. Janus Henderson Group PLC increased its stake in shares of ServiceNow by 1.5% in 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 purchasing an additional 12,533 shares during the period. Union Bancaire Privee UBP SA bought a new position in ServiceNow in the 4th quarter worth approximately $48,802,000. Dock Street Asset Management Inc. increased its position in ServiceNow by 3.4% in the 4th quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider's stock valued at $35,147,000 after acquiring an additional 1,105 shares during the period. Rheos Capital Works Inc. bought a new stake in ServiceNow during the 4th quarter valued at $10,071,000. Finally, FMR LLC raised its stake in ServiceNow by 4.9% during the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider's stock valued at $6,232,339,000 after acquiring an additional 272,506 shares in the last quarter. Institutional investors own 87.18% of the company's stock.

ServiceNow Stock Up 0.1%

Shares of NOW stock traded up $0.98 during trading on Thursday, hitting $1,015.74. 855,696 shares of the company were exchanged, compared to its average volume of 1,523,130. The business's 50-day simple moving average is $874.78 and its 200 day simple moving average is $974.74. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The firm has a market capitalization of $210.26 billion, a price-to-earnings ratio of 148.72, a P/E/G ratio of 4.51 and a beta of 0.97. 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 quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $3.09 billion. During the same period in the previous year, the company posted $3.41 EPS. ServiceNow's revenue was up 18.6% on a year-over-year basis. As a group, analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its board has initiated a stock repurchase plan 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 reacquire up to 1.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its shares are undervalued.

Insider Activity at ServiceNow

In other news, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the completion of the sale, the chief financial officer now directly owns 11,126 shares in the company, valued at $10,733,252.20. The trade was a 28.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 66 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was 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 owns 3,027 shares in the company, valued at $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 sold 10,061 shares of company stock valued at $9,515,766. Insiders own 0.38% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on NOW shares. Redburn Atlantic assumed coverage on ServiceNow in a report on Wednesday, February 19th. They set a "buy" rating on the stock. Needham & Company LLC reissued a "buy" rating and set a $1,050.00 target price on shares of ServiceNow in a research note on Tuesday, May 6th. Scotiabank set a $1,100.00 price target on shares of ServiceNow and gave the stock an "outperform" rating in a research note on Wednesday, May 7th. Guggenheim raised their price objective on shares of ServiceNow from $716.00 to $724.00 and gave the company a "sell" rating in a research note on Thursday, April 24th. Finally, Barclays set a $1,085.00 target price on ServiceNow in a report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $1,062.50.

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.