1,316 Shares in ServiceNow, Inc. (NYSE:NOW) Bought by ABC Arbitrage SA

ABC Arbitrage SA purchased a new position in ServiceNow, Inc. (NYSE:NOW) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,316 shares of the information technology services provider’s stock, valued at approximately $1,395,000.

A number of other institutional investors also recently bought and sold shares of the stock. Truvestments Capital LLC bought a new stake in shares of ServiceNow during the third quarter worth $30,000. DT Investment Partners LLC lifted its position in shares of ServiceNow by 77.3% during the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after purchasing an additional 17 shares during the last quarter. Heck Capital Advisors LLC bought a new stake in shares of ServiceNow during the fourth quarter worth $37,000. Stonebridge Financial Group LLC bought a new stake in shares of ServiceNow during the fourth quarter worth $37,000. Finally, Oakworth Capital Inc. lifted its position in shares of ServiceNow by 46.7% during the third quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock worth $39,000 after purchasing an additional 14 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

Insider Activity at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 81 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $1,016.54, for a total value of $82,339.74. Following the completion of the transaction, the general counsel now directly owns 6,843 shares of the company’s stock, valued at approximately $6,956,183.22. The trade was a 1.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Nicholas Tzitzon sold 313 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $333,219.80. Following the completion of the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,884,725.40. The trade was a 7.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 23,257 shares of company stock worth $23,579,376 over the last quarter. Insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on NOW. Barclays lifted their target price on ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Cantor Fitzgerald started coverage on ServiceNow in a report on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 price objective for the company. Evercore ISI lifted their price objective on ServiceNow from $950.00 to $1,000.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. KeyCorp downgraded ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. Finally, Morgan Stanley downgraded ServiceNow from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $900.00 to $960.00 in a report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, four have given a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $1,129.72.

ServiceNow Price Performance

Shares of NYSE NOW opened at $985.67 on Friday. The business’s 50 day moving average price is $1,070.53 and its 200 day moving average price is $971.00. The firm has a market cap of $203.05 billion, a P/E ratio of 144.31, a P/E/G ratio of 4.76 and a beta of 0.99. 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 issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 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%. On average, sell-side analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its Board of Directors has initiated a share buyback plan on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

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.