Ardsley Advisory Partners LP Makes New $8.06 Million Investment in ServiceNow, Inc. (NYSE:NOW)

Ardsley Advisory Partners LP purchased a new stake in shares of ServiceNow, Inc. (NYSE:NOW) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 7,600 shares of the information technology services provider’s stock, valued at approximately $8,057,000. ServiceNow makes up about 1.3% of Ardsley Advisory Partners LP’s investment portfolio, making the stock its 24th biggest position.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in ServiceNow by 1.0% in the 4th 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 during the period. Price T Rowe Associates Inc. MD grew its stake in shares of ServiceNow by 6.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock worth $8,434,235,000 after purchasing an additional 509,467 shares during the last quarter. FMR LLC increased its holdings in ServiceNow by 4.9% in the fourth quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock valued at $6,232,339,000 after purchasing an additional 272,506 shares during the period. Geode Capital Management LLC raised its position in 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. Finally, Norges Bank acquired a new position in ServiceNow during the 4th quarter worth about $2,603,360,000. 87.18% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Deborah Black sold 598 shares of the firm’s stock in a transaction that occurred on Friday, April 25th. The shares were sold at an average price of $940.23, for a total transaction of $562,257.54. Following the completion of the sale, the director now owns 428 shares in the company, valued at $402,418.44. This trade represents a 58.28 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Larry Quinlan sold 415 shares of the company’s stock in a transaction that occurred 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 transaction, the director now owns 1,737 shares in the company, 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. Insiders sold a total of 21,618 shares of company stock valued at $21,132,878 in the last ninety days. 0.38% of the stock is currently owned by insiders.

ServiceNow Stock Performance

Shares of NOW stock opened at $977.24 on Friday. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The company has a market cap of $202.29 billion, a P/E ratio of 143.08, a P/E/G ratio of 4.51 and a beta of 1.08. The firm has a 50-day moving average of $839.29 and a 200-day moving average of $968.04. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, topping the consensus estimate of $3.78 by $0.26. The firm had revenue of $3.09 billion for the quarter, compared to analysts’ expectations of $3.09 billion. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The company’s quarterly revenue was up 18.6% compared to the same quarter last year. During the same quarter last year, the firm earned $3.41 EPS. Equities research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its Board of Directors has initiated a stock buyback plan on Wednesday, January 29th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

NOW has been the topic of a number of recent analyst reports. JMP Securities reaffirmed a “market outperform” rating and issued a $1,300.00 price objective on shares of ServiceNow in a research note on Thursday, April 24th. Wells Fargo & Company boosted their price target on shares of ServiceNow from $1,100.00 to $1,150.00 and gave the stock an “overweight” rating in a research report on Thursday, April 24th. Mizuho lowered 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. Truist Financial upgraded shares of ServiceNow from a “hold” rating to a “buy” rating and boosted their target price for the company from $950.00 to $1,200.00 in a report on Thursday. Finally, Robert W. Baird lifted their price objective on ServiceNow from $1,010.00 to $1,150.00 and gave the stock an “outperform” rating in a research report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,041.00.

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.