ServiceNow, Inc. (NYSE:NOW) Shares Purchased by Nicholas Investment Partners LP

Nicholas Investment Partners LP boosted its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 223.5% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 2,805 shares of the information technology services provider's stock after purchasing an additional 1,938 shares during the period. Nicholas Investment Partners LP's holdings in ServiceNow were worth $2,974,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NOW. Quarry LP acquired a new position in ServiceNow during the 4th quarter worth about $27,000. Atala Financial Inc acquired a new stake in shares of ServiceNow in the fourth quarter valued at $28,000. LFA Lugano Financial Advisors SA purchased a new position in ServiceNow in the fourth quarter valued at $32,000. FPC Investment Advisory Inc. grew its stake 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 worth $34,000 after purchasing an additional 29 shares in the last quarter. Finally, Noble Wealth Management PBC purchased a new stake in ServiceNow during the 4th quarter worth about $34,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Price Performance

Shares of NYSE NOW opened at $1,037.43 on Wednesday. The stock has a fifty day moving average price of $850.27 and a 200 day moving average price of $971.49. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year 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. The company has a market cap of $214.75 billion, a PE ratio of 151.89, a P/E/G ratio of 4.51 and a beta of 0.97.

ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, topping 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 company had revenue of $3.09 billion during the quarter, compared to analysts' expectations of $3.09 billion. During the same quarter last year, the business earned $3.41 EPS. The business's revenue was up 18.6% on a year-over-year basis. Sell-side analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

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

Insider Buying and Selling at ServiceNow

In related news, General Counsel Russell S. Elmer sold 191 shares of ServiceNow stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $985.00, for a total value of $188,135.00. Following the sale, the general counsel now directly owns 4,332 shares in the company, valued at $4,267,020. The trade was a 4.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the transaction, the insider now owns 3,649 shares of the company's stock, valued at $3,370,654.28. The trade was a 44.66% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 14,844 shares of company stock valued at $14,204,938. 0.38% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

NOW has been the topic of a number of recent research reports. Evercore ISI upped their target price on shares of ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. Stifel Nicolaus raised their price objective on shares of ServiceNow from $975.00 to $1,050.00 and gave the company a "buy" rating in a report on Tuesday, May 6th. Piper Sandler lowered 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. Needham & Company LLC restated a "buy" rating and issued a $1,050.00 price target on shares of ServiceNow in a research note on Tuesday, May 6th. Finally, JMP Securities reissued a "market outperform" rating and set a $1,300.00 target price on shares of ServiceNow in a research report on Tuesday, May 6th. One research 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 issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $1,055.83.

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.

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