Alight Capital Management LP purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 4,000 shares of the information technology services provider’s stock, valued at approximately $1,553,000. ServiceNow makes up 1.7% of Alight Capital Management LP’s investment portfolio, making the stock its 19th biggest position.
Several other large investors have also recently made changes to their positions in the company. Ambassador Advisors LLC increased its position in shares of ServiceNow by 24.4% during the fourth quarter. Ambassador Advisors LLC now owns 10,279 shares of the information technology services provider’s stock worth $3,991,000 after purchasing an additional 2,016 shares in the last quarter. Ardmore Road Asset Management LP purchased a new stake in shares of ServiceNow during the fourth quarter worth approximately $9,707,000. ArrowMark Colorado Holdings LLC increased its position in shares of ServiceNow by 270.0% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 3,700 shares of the information technology services provider’s stock worth $1,437,000 after purchasing an additional 2,700 shares in the last quarter. Freedom Wealth Alliance LLC purchased a new stake in shares of ServiceNow during the fourth quarter worth approximately $59,000. Finally, Zullo Investment Group Inc. increased its position in shares of ServiceNow by 4.0% during the fourth quarter. Zullo Investment Group Inc. now owns 781 shares of the information technology services provider’s stock worth $303,000 after purchasing an additional 30 shares in the last quarter. 86.31% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling at ServiceNow
In other ServiceNow news, General Counsel Russell S. Elmer sold 7,796 shares of the stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $456.31, for a total value of $3,557,392.76. Following the sale, the general counsel now owns 4,047 shares of the company’s stock, valued at approximately $1,846,686.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other ServiceNow news, Director Frederic B. Luddy sold 660 shares of the stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $546.00, for a total value of $360,360.00. Following the sale, the director now owns 598 shares of the company’s stock, valued at approximately $326,508. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Russell S. Elmer sold 7,796 shares of the stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $456.31, for a total value of $3,557,392.76. Following the completion of the sale, the general counsel now directly owns 4,047 shares in the company, valued at approximately $1,846,686.57. The disclosure for this sale can be found here. Insiders have sold 32,569 shares of company stock valued at $16,256,660 in the last quarter. Corporate insiders own 0.28% of the company’s stock.
Analyst Upgrades and Downgrades
Several brokerages recently commented on NOW. Stifel Nicolaus boosted their price target on ServiceNow from $495.00 to $525.00 in a research report on Thursday, April 27th. Sanford C. Bernstein upped their target price on ServiceNow from $586.00 to $665.00 in a report on Tuesday, May 30th. Guggenheim upped their target price on ServiceNow from $511.00 to $518.00 in a report on Wednesday, May 17th. BNP Paribas upgraded ServiceNow from an “underperform” rating to a “neutral” rating and set a $410.00 target price for the company in a report on Friday, April 28th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on ServiceNow from $525.00 to $545.00 in a report on Thursday, April 27th. Two analysts have rated the stock with a hold rating and twenty-eight have issued a buy rating to the stock. Based on data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and a consensus target price of $532.83.
ServiceNow Price Performance
NOW opened at $554.61 on Wednesday. The stock’s 50-day moving average price is $488.43 and its 200 day moving average price is $447.09. ServiceNow, Inc. has a 12-month low of $337.00 and a 12-month high of $563.63. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.27. The firm has a market cap of $113.00 billion, a price-to-earnings ratio of 282.96, a PEG ratio of 6.84 and a beta of 1.03.
ServiceNow (NYSE:NOW – Get Rating) last posted its earnings results on Wednesday, April 26th. The information technology services provider reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.37. ServiceNow had a return on equity of 10.18% and a net margin of 5.25%. The firm had revenue of $2.10 billion for the quarter, compared to analyst estimates of $2.09 billion. As a group, sell-side analysts expect that ServiceNow, Inc. will post 3.17 earnings per share for the current year.
About ServiceNow
ServiceNow, Inc provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide. The company operates the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.
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