Interval Partners LP Acquires New Position in ServiceNow, Inc. (NYSE:NOW)

Interval Partners LP acquired a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 2,166 shares of the information technology services provider's stock, valued at approximately $2,296,000.

Several other institutional investors and hedge funds also recently bought and sold shares of NOW. Norges Bank purchased a new stake in ServiceNow in the 4th quarter valued at about $2,603,360,000. Proficio Capital Partners LLC grew its stake in ServiceNow by 154,255.3% in the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider's stock worth $667,000 after acquiring an additional 666,383 shares in the last quarter. Alphinity Investment Management Pty Ltd bought a new position in ServiceNow in the 4th quarter worth about $682,468,000. Price T Rowe Associates Inc. MD grew its stake in ServiceNow by 6.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock worth $8,434,235,000 after acquiring an additional 509,467 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in shares of ServiceNow by 36.7% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,830,419 shares of the information technology services provider's stock valued at $1,940,464,000 after acquiring an additional 491,861 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at ServiceNow

In related news, insider Jacqueline P. Canney sold 66 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 $67,518.00. Following the transaction, the insider now directly owns 3,027 shares of the company's stock, valued at approximately $3,096,621. This trade represents a 2.13% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Paul John Smith sold 1,184 shares of the firm's stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $980.08, for a total transaction of $1,160,414.72. Following the completion of the transaction, the insider now directly owns 4,204 shares in the company, valued at $4,120,256.32. This represents a 21.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,056 shares of company stock valued at $14,421,814. 0.38% of the stock is owned by company insiders.

ServiceNow Stock Performance

Shares of ServiceNow stock traded down $6.96 on Wednesday, reaching $1,029.76. 1,413,326 shares of the stock were exchanged, compared to its average volume of 1,519,603. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. 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 $213.16 billion, a price-to-earnings ratio of 150.77, a PEG ratio of 4.51 and a beta of 0.97. The business has a 50 day moving average price of $850.27 and a two-hundred day moving average price of $971.49.

ServiceNow (NYSE:NOW - Get Free Report) last announced 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. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The company had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.09 billion. During the same period in the previous year, the company posted $3.41 earnings per share. ServiceNow's revenue for the quarter was up 18.6% on a year-over-year basis. Analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on NOW. Guggenheim lifted their price objective on ServiceNow from $716.00 to $724.00 and gave the company a "sell" rating in a report on Thursday, April 24th. Erste Group Bank upgraded ServiceNow from a "hold" rating to a "strong-buy" rating in a report on Wednesday, April 30th. Mizuho decreased their price objective on ServiceNow from $1,210.00 to $1,100.00 and set an "outperform" rating for the company in a report on Tuesday, March 11th. JMP Securities restated a "market outperform" rating and issued a $1,300.00 price objective on shares of ServiceNow in a report on Tuesday, May 6th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $1,048.00 target price 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 given a hold rating, twenty-nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, ServiceNow currently has an average rating of "Moderate Buy" and an average price target 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.