Voleon Capital Management LP Invests $8.69 Million in ServiceNow, Inc. (NYSE:NOW)

Voleon Capital Management LP purchased a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 8,192 shares of the information technology services provider's stock, valued at approximately $8,685,000.

A number of other large investors also recently bought and sold shares of the stock. Quarry LP purchased a new position in ServiceNow during the fourth quarter worth approximately $27,000. Atala Financial Inc purchased a new position in shares of ServiceNow during the 4th quarter valued at approximately $28,000. LFA Lugano Financial Advisors SA acquired a new stake in ServiceNow in the 4th quarter valued at $32,000. Noble Wealth Management PBC purchased a new stake in ServiceNow in the 4th quarter worth $34,000. Finally, FPC Investment Advisory Inc. raised its position in ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock worth $34,000 after acquiring an additional 29 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Larry Quinlan sold 415 shares of the firm's stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $1,007.41, for a total value of $418,075.15. Following the sale, the director now directly owns 1,737 shares in the company, valued at approximately $1,749,871.17. This trade represents a 19.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jonathan Chadwick sold 770 shares of the business's stock in a transaction on Monday, April 28th. The stock was sold at an average price of $931.62, for a total transaction of $717,347.40. Following the transaction, the director now owns 3,205 shares of the company's stock, valued at approximately $2,985,842.10. The trade was a 19.37 % decrease in their position. 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.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. BMO Capital Markets cut their target price on shares of ServiceNow from $990.00 to $950.00 and set an "outperform" rating for the company in a research note on Tuesday, April 22nd. Citigroup cut their price objective on ServiceNow from $1,426.00 to $1,082.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. William Blair restated an "outperform" rating on shares of ServiceNow in a research report on Friday, March 7th. UBS Group reiterated a "buy" rating and set a $1,025.00 price target (up from $900.00) on shares of ServiceNow in a research report on Thursday, April 24th. Finally, Stifel Nicolaus set a $975.00 price objective on ServiceNow and gave the company a "buy" rating in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $1,041.00.

ServiceNow Trading Up 2.0 %

Shares of NOW stock traded up $19.29 on Friday, hitting $977.24. The stock had a trading volume of 1,667,831 shares, compared to its average volume of 1,512,244. The company's 50 day moving average price is $839.29 and its 200-day moving average price is $968.04. 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 firm has a market capitalization of $202.29 billion, a P/E ratio of 143.08, a P/E/G ratio of 4.51 and a beta of 1.08.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (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 business had revenue of $3.09 billion for the quarter, compared to analysts' expectations of $3.09 billion. During the same quarter in the prior year, the company earned $3.41 earnings per share. The business's quarterly revenue 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 year.

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

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.