AlphaQuest LLC Invests $131,000 in ServiceNow, Inc. (NYSE:NOW)

AlphaQuest LLC acquired a new position in shares of ServiceNow, Inc. (NYSE:NOW) in the 4th quarter, HoldingsChannel reports. The firm acquired 124 shares of the information technology services provider’s stock, valued at approximately $131,000.

Several other hedge funds also recently modified their holdings of the company. Argentarii LLC acquired a new stake in shares of ServiceNow during the fourth quarter worth approximately $2,162,000. OFI Invest Asset Management acquired a new stake in shares of ServiceNow in the fourth quarter valued at approximately $2,345,000. Amundi increased its holdings in shares of ServiceNow by 23.9% in the fourth quarter. Amundi now owns 1,012,304 shares of the information technology services provider’s stock valued at $1,061,988,000 after purchasing an additional 195,370 shares in the last quarter. Dorsey & Whitney Trust CO LLC increased its holdings in shares of ServiceNow by 11.4% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 2,252 shares of the information technology services provider’s stock valued at $2,387,000 after purchasing an additional 231 shares in the last quarter. Finally, Naviter Wealth LLC increased its holdings in shares of ServiceNow by 8.9% in the fourth quarter. Naviter Wealth LLC now owns 2,114 shares of the information technology services provider’s stock valued at $2,241,000 after purchasing an additional 172 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Trading Down 0.2 %

NOW opened at $843.03 on Tuesday. The stock has a market capitalization of $173.66 billion, a P/E ratio of 123.43, a P/E/G ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The firm’s fifty day simple moving average is $988.28 and its 200 day simple moving average is $985.78. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15.

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

ServiceNow announced that its Board of Directors has approved a stock repurchase program on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,370,654.28. The trade was a 44.66 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Gina Mastantuono sold 4,442 shares of the business’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 in the company, valued at $10,733,252.20. This trade represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on NOW. KeyCorp lowered shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. Wells Fargo & Company raised their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. UBS Group lowered their price target on shares of ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating for the company in a report on Tuesday, March 11th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $1,275.00 target price on shares of ServiceNow in a report on Tuesday, March 11th. Finally, Piper Sandler lifted their target price on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $1,108.03.

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.