WBI Investments LLC Makes New $1.29 Million Investment in ServiceNow, Inc. (NYSE:NOW)

WBI Investments LLC acquired a new stake in ServiceNow, Inc. (NYSE:NOW - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 1,216 shares of the information technology services provider's stock, valued at approximately $1,289,000.

Other hedge funds have also added to or reduced their stakes in the company. Triglav Skladi D.O.O. bought a new position in shares of ServiceNow during the 4th quarter valued at about $10,707,000. Twinbeech Capital LP acquired a new position in shares of ServiceNow in the fourth quarter valued at approximately $48,928,000. Two Sigma Investments LP increased its position in shares of ServiceNow by 1.5% during the fourth quarter. Two Sigma Investments LP now owns 4,405 shares of the information technology services provider's stock worth $4,670,000 after acquiring an additional 67 shares in the last quarter. Teza Capital Management LLC acquired a new stake in shares of ServiceNow during the fourth quarter worth $3,735,000. Finally, Stonebrook Private Inc. lifted its position in ServiceNow by 3.1% in the 4th quarter. Stonebrook Private Inc. now owns 531 shares of the information technology services provider's stock valued at $563,000 after acquiring an additional 16 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Price Performance

NOW stock opened at $1,040.22 on Monday. The firm's 50-day moving average price is $863.52 and its two-hundred day moving average price is $973.56. 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 current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last issued 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 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 revenue was up 18.6% on a year-over-year basis. During the same period last year, the company posted $3.41 EPS. As a group, equities analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its board has authorized a share repurchase program 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 reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms have issued reports on NOW. Royal Bank of Canada lifted their price target on ServiceNow from $1,060.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Tuesday, May 6th. Piper Sandler cut their target price 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. Redburn Atlantic assumed coverage on shares of ServiceNow in a research note on Wednesday, February 19th. They set a "buy" rating for the company. Citigroup boosted their price objective 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, The Goldman Sachs Group reaffirmed a "buy" rating on shares of ServiceNow in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $1,062.50.

Insiders Place Their Bets

In other news, CFO Gina Mastantuono sold 4,442 shares of the stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 11,126 shares in the company, valued at approximately $10,733,252.20. This represents a 28.53% 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, General Counsel Russell S. Elmer sold 62 shares of the business'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 $63,426.00. Following the transaction, the general counsel now owns 4,332 shares in the company, valued at $4,431,636. This trade represents a 1.41% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 13,872 shares of company stock worth $13,261,400 over the last three months. 0.38% of the stock is currently owned by company insiders.

ServiceNow 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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