Adage Capital Partners GP L.L.C. Increases Holdings in ServiceNow, Inc. (NYSE:NOW)

Adage Capital Partners GP L.L.C. boosted its position in ServiceNow, Inc. (NYSE:NOW) by 3.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 187,600 shares of the information technology services provider’s stock after purchasing an additional 5,400 shares during the period. Adage Capital Partners GP L.L.C.’s holdings in ServiceNow were worth $198,879,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NOW. Atala Financial Inc purchased a new position in shares of ServiceNow in the fourth quarter valued at $28,000. LFA Lugano Financial Advisors SA acquired a new stake in ServiceNow in the 4th quarter valued at about $32,000. FPC Investment Advisory Inc. increased its holdings 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 valued at $34,000 after acquiring an additional 29 shares in the last quarter. Noble Wealth Management PBC acquired a new position in ServiceNow during the fourth quarter worth about $34,000. Finally, Heck Capital Advisors LLC purchased a new stake in shares of ServiceNow in the fourth quarter valued at about $37,000. 87.18% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Jacqueline P. Canney sold 354 shares of ServiceNow stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total transaction of $284,831.94. Following the sale, the insider now owns 3,027 shares of the company’s stock, valued at $2,435,554.47. The trade was a 10.47 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the transaction, the insider now owns 3,649 shares in the company, valued at $3,370,654.28. This represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,250 shares of company stock valued at $19,853,273. Corporate insiders own 0.38% of the company’s stock.

ServiceNow Stock Up 1.4 %

Shares of ServiceNow stock opened at $766.53 on Wednesday. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The stock has a market cap of $158.67 billion, a price-to-earnings ratio of 112.23, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The company has a fifty day moving average price of $843.99 and a 200 day moving average price of $968.16.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Equities research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has approved a stock buyback plan 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 repurchase up to 1.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of recent research reports. Guggenheim reissued a “sell” rating and set a $716.00 price objective on shares of ServiceNow in a research note on Wednesday, April 16th. Wells Fargo & Company dropped their price target on ServiceNow from $1,250.00 to $1,100.00 and set an “overweight” rating for the company in a research report on Monday, April 14th. Redburn Atlantic assumed coverage on ServiceNow in a report on Wednesday, February 19th. They issued a “buy” rating for the company. Piper Sandler increased their price objective on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Stifel Nicolaus cut their target price on shares of ServiceNow from $1,175.00 to $950.00 and set a “buy” rating for the company in a research note on Wednesday, April 2nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,021.43.

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.