Seldon Capital LP Acquires New Position in ServiceNow, Inc. (NYSE:NOW)

Seldon Capital LP bought a new position in ServiceNow, Inc. (NYSE:NOW) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 206 shares of the information technology services provider’s stock, valued at approximately $218,000.

A number of other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in ServiceNow by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider’s stock valued at $20,353,517,000 after acquiring an additional 190,430 shares in the last quarter. FMR LLC increased its stake in shares of ServiceNow by 4.9% during the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock worth $6,232,339,000 after purchasing an additional 272,506 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of ServiceNow by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider’s stock worth $4,560,890,000 after purchasing an additional 100,670 shares during the last quarter. Norges Bank bought a new position in shares of ServiceNow during the 4th quarter valued at $2,603,360,000. Finally, Jennison Associates LLC boosted its holdings in ServiceNow by 17.4% in the fourth quarter. Jennison Associates LLC now owns 2,352,111 shares of the information technology services provider’s stock worth $2,493,520,000 after purchasing an additional 348,187 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Trading Down 3.1 %

Shares of ServiceNow stock opened at $772.18 on Friday. The stock has a market capitalization of $159.84 billion, a P/E ratio of 113.06, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month 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. The company has a 50-day simple moving average of $852.94 and a 200 day simple moving average of $970.14.

ServiceNow (NYSE:NOW) last announced 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%. Research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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

Insider Activity

In other ServiceNow news, CFO Gina Mastantuono sold 4,442 shares of the company’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the transaction, the chief financial officer now owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. This represents a 28.53 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Larry Quinlan sold 415 shares of ServiceNow stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $1,007.41, for a total value of $418,075.15. Following the completion of the sale, the director now directly owns 1,737 shares of the company’s stock, valued at $1,749,871.17. This trade represents a 19.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,250 shares of company stock worth $19,853,273. 0.38% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have weighed in on the company. JMP Securities reaffirmed a “market outperform” rating and issued a $1,300.00 price target on shares of ServiceNow in a research report on Thursday, January 30th. Citigroup reduced their target price on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. Oppenheimer increased their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Cantor Fitzgerald restated an “overweight” rating and issued a $1,048.00 price objective on shares of ServiceNow in a research note on Wednesday. Finally, JPMorgan Chase & Co. raised their target price 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. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-eight have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,057.17.

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.