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

Nicholas Investment Partners LP raised its position in ServiceNow, Inc. (NYSE:NOW) by 223.5% during the 4th quarter, according to its most recent disclosure 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 reporting period.

Other hedge funds have also made changes to their positions in the company. Union Bancaire Privee UBP SA purchased a new position in ServiceNow during the 4th quarter valued at about $48,802,000. Janus Henderson Group PLC increased its stake in shares of ServiceNow by 1.5% during the 4th quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider’s stock worth $874,258,000 after purchasing an additional 12,533 shares in the last quarter. Dock Street Asset Management Inc. lifted its stake in ServiceNow by 3.4% in the 4th quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock valued at $35,147,000 after buying an additional 1,105 shares in the last quarter. Rheos Capital Works Inc. acquired a new stake in ServiceNow during the 4th quarter valued at $10,071,000. Finally, FMR LLC raised its holdings in shares of ServiceNow by 4.9% in the fourth quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock worth $6,232,339,000 after acquiring an additional 272,506 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on NOW shares. Erste Group Bank raised ServiceNow from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 30th. Bank of America lowered their price target on shares of ServiceNow from $1,280.00 to $1,025.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. Canaccord Genuity Group reduced their price objective on shares of ServiceNow from $1,275.00 to $900.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. William Blair reiterated an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. Finally, Royal Bank of Canada raised their price objective on ServiceNow from $1,060.00 to $1,100.00 and gave the stock an “outperform” rating in a report on Tuesday, May 6th. One equities research 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and an average target price of $1,055.83.

Insider Activity

In related news, General Counsel Russell S. Elmer sold 1,023 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $988.00, for a total value of $1,010,724.00. Following the completion of the transaction, the general counsel now owns 4,332 shares of the company’s stock, valued at approximately $4,280,016. This represents a 19.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jacqueline P. Canney sold 257 shares of the firm’s stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $985.00, for a total value of $253,145.00. Following the sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $2,981,595. This trade represents a 7.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold 14,844 shares of company stock worth $14,204,938 over the last ninety days. Corporate insiders own 0.38% of the company’s stock.

ServiceNow Stock Up 2.1%

Shares of NYSE:NOW opened at $1,037.43 on Wednesday. The company has a market capitalization of $214.75 billion, a price-to-earnings ratio of 151.89, a price-to-earnings-growth ratio of 4.51 and a beta of 0.97. The company has a 50 day moving average of $850.27 and a two-hundred day moving average of $971.49. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. 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 (NYSE:NOW) last released its quarterly earnings results 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 net margin of 12.97% and a return on equity of 17.11%. The business had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.09 billion. During the same period last year, the business earned $3.41 EPS. The business’s revenue was up 18.6% on a year-over-year basis. As a group, analysts forecast 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 stock buyback program 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 purchase up to 1.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

ServiceNow 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.