Alta Park Capital LP Invests $43.12 Million in ServiceNow, Inc. (NYSE:NOW)

Alta Park Capital LP bought a new stake in shares of ServiceNow, Inc. (NYSE:NOWFree Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 61,030 shares of the information technology services provider’s stock, valued at approximately $43,117,000. ServiceNow accounts for about 4.4% of Alta Park Capital LP’s investment portfolio, making the stock its 8th biggest holding.

Several other hedge funds have also recently added to or reduced their stakes in the company. AdvisorNet Financial Inc boosted its holdings in shares of ServiceNow by 266.7% during the 4th quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider’s stock worth $31,000 after buying an additional 32 shares in the last quarter. Disciplined Equity Management Inc. acquired a new stake in ServiceNow in the fourth quarter worth $35,000. Sachetta LLC bought a new stake in ServiceNow in the fourth quarter valued at $35,000. Fortitude Family Office LLC acquired a new position in shares of ServiceNow during the fourth quarter valued at about $41,000. Finally, Oliver Lagore Vanvalin Investment Group boosted its position in shares of ServiceNow by 30.4% during the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 60 shares of the information technology services provider’s stock worth $42,000 after purchasing an additional 14 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

Insider Buying and Selling at ServiceNow

In other news, insider Paul John Smith sold 602 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $769.75, for a total value of $463,389.50. Following the completion of the transaction, the insider now directly owns 3,619 shares in the company, valued at $2,785,725.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Paul John Smith sold 602 shares of the stock in a transaction on Monday, May 20th. The stock was sold at an average price of $769.75, for a total value of $463,389.50. Following the sale, the insider now owns 3,619 shares in the company, valued at $2,785,725.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Nicholas Tzitzon sold 2,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $690.99, for a total value of $1,381,980.00. Following the transaction, the insider now owns 3,649 shares of the company’s stock, valued at $2,521,422.51. The disclosure for this sale can be found here. Insiders sold 5,530 shares of company stock valued at $3,997,012 in the last quarter. 0.25% of the stock is currently owned by corporate insiders.

ServiceNow Stock Performance

NYSE NOW traded up $4.03 during trading on Tuesday, hitting $713.18. 447,299 shares of the company’s stock traded hands, compared to its average volume of 1,285,829. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market capitalization of $146.20 billion, a price-to-earnings ratio of 76.62, a PEG ratio of 4.38 and a beta of 0.96. ServiceNow, Inc. has a 12-month low of $527.24 and a 12-month high of $815.32. The business has a 50 day moving average of $731.41 and a 200-day moving average of $736.30.

ServiceNow (NYSE:NOWGet Free Report) last posted its quarterly earnings results on Wednesday, April 24th. The information technology services provider reported $1.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.41. ServiceNow had a net margin of 20.34% and a return on equity of 13.59%. The company had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.59 billion. As a group, equities research analysts anticipate that ServiceNow, Inc. will post 6.5 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on NOW shares. Needham & Company LLC reiterated a “buy” rating and issued a $900.00 price target on shares of ServiceNow in a report on Tuesday, May 7th. KeyCorp dropped their price objective on shares of ServiceNow from $1,000.00 to $950.00 and set an “overweight” rating on the stock in a research note on Thursday, April 25th. Morgan Stanley boosted their target price on shares of ServiceNow from $814.00 to $830.00 and gave the stock an “overweight” rating in a research report on Thursday, April 25th. Wolfe Research reaffirmed an “outperform” rating and issued a $830.00 price target on shares of ServiceNow in a research report on Friday, May 10th. Finally, BMO Capital Markets decreased their price objective on ServiceNow from $850.00 to $830.00 and set an “outperform” rating for the company in a report on Thursday, April 25th. Three research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $814.48.

View Our Latest Stock Report on ServiceNow

ServiceNow Company Profile

(Free Report)

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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Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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