Insight Holdings Group LLC Boosts Stock Position in ServiceNow, Inc. (NYSE:NOW)

Insight Holdings Group LLC raised its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 759.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 31,800 shares of the information technology services provider's stock after purchasing an additional 28,100 shares during the period. ServiceNow accounts for approximately 2.2% of Insight Holdings Group LLC's portfolio, making the stock its 12th largest holding. Insight Holdings Group LLC's holdings in ServiceNow were worth $33,712,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of NOW. Quarry LP purchased a new stake in ServiceNow during the fourth quarter valued at about $27,000. Atala Financial Inc purchased a new position in shares of ServiceNow in the fourth quarter valued at about $28,000. LFA Lugano Financial Advisors SA bought a new position in shares of ServiceNow during the fourth quarter valued at about $32,000. Noble Wealth Management PBC purchased a new stake in shares of ServiceNow during the fourth quarter worth about $34,000. Finally, FPC Investment Advisory Inc. raised its position in ServiceNow by 725.0% during the 4th 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 last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Gina Mastantuono sold 4,442 shares of the business's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO William R. Mcdermott sold 1,263 shares of the firm's stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares of the company's stock, valued at $2,644,564.50. The trade was a 32.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 21,618 shares of company stock worth $21,132,878 over the last 90 days. Corporate insiders own 0.38% of the company's stock.

ServiceNow Price Performance

Shares of NYSE:NOW traded up $3.87 during trading on Thursday, hitting $958.88. 1,804,941 shares of the company's stock were exchanged, compared to its average volume of 1,510,203. The business's 50-day simple moving average is $837.53 and its 200 day simple moving average is $967.60. The company has a market cap of $198.49 billion, a price-to-earnings ratio of 140.39, a PEG ratio of 4.51 and a beta of 1.08. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. 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 (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.78 by $0.26. The firm had revenue of $3.09 billion for 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%. The company's revenue for the quarter was up 18.6% compared to the same quarter last year. During the same quarter last year, the business posted $3.41 earnings per share. As a group, equities analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current 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.

Wall Street Analysts Forecast Growth

NOW has been the topic of several recent research reports. William Blair reaffirmed an "outperform" rating on shares of ServiceNow in a research note on Friday, March 7th. Needham & Company LLC reduced their price objective on ServiceNow from $1,200.00 to $1,050.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Citigroup dropped their target price on ServiceNow from $1,426.00 to $1,082.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Mizuho dropped their price target on shares of ServiceNow from $1,210.00 to $1,100.00 and set an "outperform" rating on the stock in a research note on Tuesday, March 11th. Finally, Barclays set a $969.00 price objective on shares of ServiceNow in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and thirty have given a buy rating to the company's stock. According to data from MarketBeat.com, ServiceNow has an average rating of "Moderate Buy" and an average price target of $1,041.00.

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.