ServiceNow, Inc. (NYSE:NOW) Short Interest Update

ServiceNow, Inc. (NYSE:NOW) was the recipient of a large growth in short interest during the month of March. As of March 15th, there was short interest totalling 4,100,000 shares, a growth of 22.4% from the February 28th total of 3,350,000 shares. Approximately 2.0% of the company’s stock are sold short. Based on an average daily trading volume, of 1,720,000 shares, the short-interest ratio is presently 2.4 days.

ServiceNow Trading Down 6.1 %

Shares of NOW opened at $774.04 on Thursday. The firm has a market cap of $159.45 billion, a price-to-earnings ratio of 113.53, a PEG ratio of 4.51 and a beta of 1.03. The firm has a 50 day moving average price of $933.06 and a 200-day moving average price of $982.64. ServiceNow has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, equities research analysts forecast that ServiceNow will post 8.93 earnings per share for the current year.

ServiceNow declared that its Board of Directors has approved a stock repurchase program on Wednesday, January 29th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at ServiceNow

In related news, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the sale, the insider now directly owns 3,027 shares in the company, valued at approximately $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Gina Mastantuono sold 4,442 shares of the company’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the sale, the chief financial officer now directly owns 11,126 shares of the company’s stock, valued at $10,733,252.20. This represents a 28.53 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,351 shares of company stock worth $20,050,076. Insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On ServiceNow

A number of hedge funds have recently modified their holdings of the company. Quarry LP purchased a new stake in shares of ServiceNow in the 4th quarter worth approximately $27,000. Atala Financial Inc bought a new position in shares of ServiceNow during the fourth quarter valued at $28,000. LFA Lugano Financial Advisors SA purchased a new position in shares of ServiceNow in the 4th quarter worth about $32,000. Noble Wealth Management PBC bought a new position in ServiceNow in the 4th quarter worth about $34,000. Finally, FPC Investment Advisory Inc. increased 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 valued at $34,000 after purchasing an additional 29 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Needham & Company LLC boosted their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Mizuho decreased their target price on shares of ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a research report on Tuesday, March 11th. Jefferies Financial Group dropped their price target on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. The Goldman Sachs Group boosted their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a report on Friday, January 10th. Finally, JPMorgan Chase & Co. upped their target price on ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have issued a buy rating to the stock. According to MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,087.21.

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.