SPX Gestao de Recursos Ltda Makes New $5.30 Million Investment in ServiceNow, Inc. (NYSE:NOW)

SPX Gestao de Recursos Ltda purchased a new position in ServiceNow, Inc. (NYSE:NOW) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 5,000 shares of the information technology services provider’s stock, valued at approximately $5,301,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Polymer Capital Management HK LTD boosted its stake in ServiceNow by 57.0% in the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after buying an additional 981 shares during the last quarter. Union Bancaire Privee UBP SA acquired a new position in shares of ServiceNow in the 4th quarter valued at about $48,802,000. Dock Street Asset Management Inc. lifted its stake in shares of ServiceNow by 3.4% in the 4th quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock valued at $35,147,000 after purchasing an additional 1,105 shares in the last quarter. Venturi Wealth Management LLC lifted its stake in shares of ServiceNow by 36.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock valued at $2,565,000 after purchasing an additional 765 shares in the last quarter. Finally, Cardano Risk Management B.V. acquired a new position in shares of ServiceNow in the 4th quarter valued at about $105,090,000. 87.18% of the stock is owned by institutional investors and hedge funds.

Insider Transactions 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 transaction of $481,635.70. Following the completion of the transaction, the insider now owns 3,027 shares in the company, valued at $3,204,200.58. The trade was a 13.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the transaction, the insider now owns 3,649 shares of the company’s stock, valued at $3,370,654.28. This represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

NOW has been the topic of several research analyst reports. Raymond James initiated coverage on ServiceNow in a research note on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 price objective on the stock. Cantor Fitzgerald initiated coverage on ServiceNow in a research note on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 price objective on the stock. Mizuho lifted their price objective on ServiceNow from $1,070.00 to $1,210.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Robert W. Baird reduced their price objective on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a research note on Thursday, January 30th. Finally, TD Cowen lifted their price objective on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $1,129.72.

ServiceNow Price Performance

Shares of NOW opened at $781.60 on Tuesday. The firm has a market cap of $161.01 billion, a price-to-earnings ratio of 114.44, a PEG ratio of 4.51 and a beta of 1.03. The stock has a 50 day moving average of $1,011.72 and a 200-day moving average of $985.64. 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, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09.

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

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

ServiceNow 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.