ServiceNow, Inc. (NYSE:NOW) Shares Acquired by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership boosted its holdings in ServiceNow, Inc. (NYSE:NOW) by 193.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 347,949 shares of the information technology services provider’s stock after acquiring an additional 229,496 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in ServiceNow were worth $368,868,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in NOW. World Investment Advisors LLC grew its position in shares of ServiceNow by 499,668.1% in the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock valued at $4,268,731,000 after purchasing an additional 4,771,830 shares during the last quarter. Norges Bank purchased a new stake in ServiceNow in the 4th quarter valued at approximately $2,603,360,000. Proficio Capital Partners LLC grew its holdings in ServiceNow by 154,255.3% during the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock valued at $667,000 after buying an additional 666,383 shares during the last quarter. Alphinity Investment Management Pty Ltd purchased a new position in ServiceNow during the fourth quarter worth $682,468,000. Finally, Wellington Management Group LLP raised its holdings in shares of ServiceNow by 24.1% in the third quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock worth $2,834,797,000 after acquiring an additional 615,797 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Stock Performance

Shares of NOW opened at $796.61 on Friday. The firm has a market cap of $164.10 billion, a price-to-earnings ratio of 116.63, a PEG ratio of 4.51 and a beta of 1.03. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The business’s 50 day moving average is $950.30 and its two-hundred day moving average is $984.09. 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 quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (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%. Analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Mizuho cut their target price on shares of ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a research note on Tuesday, March 11th. Wells Fargo & Company boosted their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. William Blair restated an “outperform” rating on shares of ServiceNow in a research report on Friday, March 7th. Royal Bank of Canada set a $986.00 price target on ServiceNow in a report on Tuesday, March 11th. Finally, Needham & Company LLC lifted their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. One investment 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’s stock. According to MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and a consensus target price of $1,093.76.

Insider Transactions at ServiceNow

In related news, insider Jacqueline P. Canney sold 455 shares of the firm’s stock in a transaction 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 transaction, the insider now directly owns 3,027 shares in the company, valued at $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Larry Quinlan sold 415 shares of the business’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $1,007.41, for a total transaction of $418,075.15. Following the sale, the director now owns 1,737 shares of the company’s stock, valued at approximately $1,749,871.17. The trade was a 19.28 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,351 shares of company stock valued at $20,050,076. Insiders own 0.25% of the company’s stock.

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.