Shay Capital LLC Boosts Stake in ServiceNow, Inc. (NYSE:NOW)

Shay Capital LLC raised its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 73.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,900 shares of the information technology services provider's stock after acquiring an additional 805 shares during the period. Shay Capital LLC's holdings in ServiceNow were worth $2,014,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. AdvisorNet Financial Inc grew its stake in ServiceNow by 34.4% in the 4th quarter. AdvisorNet Financial Inc now owns 129 shares of the information technology services provider's stock worth $137,000 after buying an additional 33 shares in the last quarter. Oak Thistle LLC bought a new position in ServiceNow in the fourth quarter valued at $217,000. Board of the Pension Protection Fund purchased a new stake in ServiceNow during the fourth quarter valued at about $212,000. Kathmere Capital Management LLC lifted its stake in ServiceNow by 22.5% during the fourth quarter. Kathmere Capital Management LLC now owns 316 shares of the information technology services provider's stock worth $335,000 after purchasing an additional 58 shares during the last quarter. Finally, Redhawk Wealth Advisors Inc. boosted its holdings in shares of ServiceNow by 2.2% in the 4th quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider's stock worth $487,000 after purchasing an additional 10 shares in the last quarter. Institutional investors own 87.18% of the company's stock.

ServiceNow Stock Up 0.8%

Shares of ServiceNow stock opened at $1,035.34 on Friday. 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 50-day moving average of $858.93 and a 200 day moving average of $972.52. The firm has a market cap of $214.32 billion, a price-to-earnings ratio of 151.59, a PEG ratio of 4.51 and a beta of 0.97.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share 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 analyst estimates of $3.09 billion. During the same quarter last year, the company earned $3.41 EPS. The firm's revenue for the quarter was up 18.6% on a year-over-year basis. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. Barclays set a $1,085.00 target price on ServiceNow in a research report on Wednesday, May 7th. Royal Bank of Canada upped their price objective on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Tuesday, May 6th. JPMorgan Chase & Co. lowered their price target on shares of ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Robert W. Baird raised their price objective on ServiceNow from $1,010.00 to $1,150.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Finally, TD Securities reissued a "buy" rating and issued a $1,100.00 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 given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $1,062.50.

Insider Buying and Selling

In other news, insider Paul John Smith sold 2,404 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $980.05, for a total value of $2,356,040.20. Following the transaction, the insider now owns 6,244 shares in the company, valued at approximately $6,119,432.20. This represents a 27.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jacqueline P. Canney sold 66 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total transaction of $67,518.00. Following the sale, the insider now directly owns 3,027 shares of the company's stock, valued at $3,096,621. This trade represents a 2.13% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 13,872 shares of company stock worth $13,261,400 in the last quarter. Corporate 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.

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