ServiceNow, Inc. (NYSE:NOW) Shares Bought by CenterBook Partners LP

CenterBook Partners LP boosted its position in shares of ServiceNow, Inc. (NYSE:NOW) by 380.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,230 shares of the information technology services provider’s stock after buying an additional 2,558 shares during the period. CenterBook Partners LP’s holdings in ServiceNow were worth $3,424,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Atala Financial Inc purchased a new position in ServiceNow during the fourth quarter worth about $28,000. LFA Lugano Financial Advisors SA acquired a new position in shares of ServiceNow in the 4th quarter worth $32,000. FPC Investment Advisory Inc. boosted its position in ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after purchasing an additional 29 shares during the last quarter. Noble Wealth Management PBC acquired a new stake in shares of ServiceNow in the fourth quarter worth about $34,000. Finally, Heck Capital Advisors LLC bought a new position in shares of ServiceNow in the fourth quarter worth about $37,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Stock Up 13.5 %

NOW stock opened at $825.78 on Thursday. The firm has a 50 day moving average of $884.76 and a 200 day moving average of $974.96. The stock has a market capitalization of $170.11 billion, a PE ratio of 120.91, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. 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, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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%. Sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its board has authorized a share buyback program on Wednesday, January 29th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, CFO Gina Mastantuono sold 4,442 shares of the business’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the sale, the chief financial officer now directly owns 11,126 shares in the company, valued at approximately $10,733,252.20. The trade was a 28.53 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the sale, the insider now owns 3,649 shares in the company, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on NOW shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $1,048.00 target price on shares of ServiceNow in a report on Tuesday, March 11th. JPMorgan Chase & Co. lifted their price objective on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Robert W. Baird dropped their target price on shares of ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating on the stock in a report on Wednesday, March 26th. JMP Securities reissued a “market outperform” rating and set a $1,300.00 target price on shares of ServiceNow in a research report on Thursday, January 30th. Finally, Redburn Atlantic initiated coverage on shares of ServiceNow in a research note on Wednesday, February 19th. They issued a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $1,079.10.

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.