Regal Partners Ltd Makes New Investment in ServiceNow, Inc. (NYSE:NOW)

Regal Partners Ltd acquired a new position in ServiceNow, Inc. (NYSE:NOW - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 340 shares of the information technology services provider's stock, valued at approximately $360,000.

Several other institutional investors have also added to or reduced their stakes in NOW. Virtu Financial LLC bought a new position in ServiceNow during the third quarter worth $9,833,000. Anchor Investment Management LLC raised its position in shares of ServiceNow by 6.1% in the 3rd quarter. Anchor Investment Management LLC now owns 1,364 shares of the information technology services provider's stock worth $1,220,000 after acquiring an additional 78 shares in the last quarter. Stock Yards Bank & Trust Co. acquired a new position in shares of ServiceNow in the 3rd quarter valued at about $202,000. World Investment Advisors LLC lifted its stake in shares of ServiceNow by 585.8% in the 3rd quarter. World Investment Advisors LLC now owns 6,549 shares of the information technology services provider's stock valued at $5,857,000 after purchasing an additional 5,594 shares during the period. Finally, Sfmg LLC bought a new stake in shares of ServiceNow during the 3rd quarter valued at about $226,000. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Performance

NOW stock traded up $19.29 during mid-day trading on Friday, hitting $977.24. The company had a trading volume of 1,667,831 shares, compared to its average volume of 1,512,244. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The firm has a market cap of $202.29 billion, a PE ratio of 143.08, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The stock's fifty day moving average price is $839.29 and its two-hundred day moving average price is $968.04.

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, topping analysts' consensus estimates of $3.78 by $0.26. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The company had revenue of $3.09 billion for the quarter, compared to analysts' expectations of $3.09 billion. During the same quarter in the previous year, the firm posted $3.41 EPS. ServiceNow's revenue was up 18.6% on a year-over-year basis. On average, analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has authorized a share buyback plan 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 buy up to 1.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

Several brokerages have issued reports on NOW. Canaccord Genuity Group dropped their price target on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Guggenheim boosted their target price on shares of ServiceNow from $716.00 to $724.00 and gave the company a "sell" rating in a research report on Thursday, April 24th. Redburn Atlantic initiated coverage on shares of ServiceNow in a report on Wednesday, February 19th. They set a "buy" rating on the stock. StockNews.com cut shares of ServiceNow from a "buy" rating to a "hold" rating in a research report on Tuesday, February 11th. Finally, Citigroup decreased their target price on ServiceNow from $1,426.00 to $1,082.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. One research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, ServiceNow has a consensus rating of "Moderate Buy" and a consensus target price of $1,041.00.

Insider Activity

In other ServiceNow news, Director Deborah Black sold 598 shares of the stock in a transaction on Friday, April 25th. The stock was sold at an average price of $940.23, for a total transaction of $562,257.54. Following the sale, the director now owns 428 shares in the company, valued at $402,418.44. This represents a 58.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Russell S. Elmer sold 2,511 shares of ServiceNow stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the completion of the transaction, the general counsel now owns 4,332 shares of the company's stock, valued at approximately $4,384,373.88. This trade represents a 36.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 21,618 shares of company stock valued at $21,132,878 in the last 90 days. Insiders own 0.38% of the company's stock.

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.