Fred Alger Management LLC Raises Stake in ServiceNow, Inc. (NYSE:NOW)

Fred Alger Management LLC increased its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 12.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 93,739 shares of the information technology services provider's stock after buying an additional 10,219 shares during the period. Fred Alger Management LLC's holdings in ServiceNow were worth $99,375,000 as of its most recent SEC filing.

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

ServiceNow Stock Up 1.8 %

Shares of NYSE NOW opened at $982.98 on Thursday. The company has a market cap of $203.48 billion, a price-to-earnings ratio of 143.92, a PEG ratio of 4.51 and a beta of 0.97. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm's fifty day moving average is $842.03 and its 200 day moving average is $969.22. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09.

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, 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 firm had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.09 billion. During the same period in the prior year, the firm posted $3.41 earnings per share. The company's quarterly revenue was up 18.6% compared to the same quarter last year. On average, equities research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its board has authorized a share buyback program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

NOW has been the subject of several recent research reports. Piper Sandler reduced their target price on shares of ServiceNow from $1,200.00 to $1,120.00 and set an "overweight" rating for the company in a research note on Thursday, April 24th. Mizuho lowered their target price on shares of ServiceNow from $1,210.00 to $1,100.00 and set an "outperform" rating on the stock in a report on Tuesday, March 11th. Barclays set a $1,085.00 price target on ServiceNow in a report on Wednesday. BMO Capital Markets decreased their price objective on ServiceNow from $990.00 to $950.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. Finally, Scotiabank set a $1,100.00 target price on ServiceNow and gave the stock an "outperform" rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, three have given a hold rating, thirty have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $1,048.55.

Insider Activity

In related news, Director Jeffrey A. Miller sold 2,282 shares of the stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $1,030.64, for a total value of $2,351,920.48. Following the completion of the transaction, the director now directly owns 40,638 shares of the company's stock, valued at $41,883,148.32. This represents a 5.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Deborah Black sold 598 shares of ServiceNow stock in a transaction that occurred on Friday, April 25th. The shares were sold at an average price of $940.23, for a total value of $562,257.54. Following the sale, the director now directly owns 428 shares in the company, valued at approximately $402,418.44. The trade was a 58.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,692 shares of company stock valued at $18,173,444. Company 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.

Want to see what other hedge funds are holding NOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ServiceNow, Inc. (NYSE:NOW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.