Brevan Howard Capital Management LP Buys Shares of 2,427 ServiceNow, Inc. (NYSE:NOW)

Brevan Howard Capital Management LP purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 2,427 shares of the information technology services provider’s stock, valued at approximately $2,573,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in NOW. Union Bancaire Privee UBP SA purchased a new stake in ServiceNow in the fourth quarter valued at about $48,802,000. Dock Street Asset Management Inc. raised its position 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 during the last quarter. Cardano Risk Management B.V. acquired a new stake in ServiceNow in the 4th quarter worth approximately $105,090,000. Rheos Capital Works Inc. acquired a new stake in ServiceNow in the 4th quarter worth approximately $10,071,000. Finally, Czech National Bank grew its position in ServiceNow by 6.7% during the 4th quarter. Czech National Bank now owns 44,793 shares of the information technology services provider’s stock worth $47,486,000 after purchasing an additional 2,829 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Up 0.1 %

Shares of NYSE NOW opened at $978.40 on Tuesday. The firm has a market cap of $202.53 billion, a price-to-earnings ratio of 143.25, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. The company’s 50-day simple moving average is $840.02 and its 200-day simple moving average is $969.13. 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 quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.78 by $0.26. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The company had revenue of $3.09 billion for the quarter, compared to analysts’ expectations of $3.09 billion. During the same period in the previous year, the firm posted $3.41 EPS. ServiceNow’s revenue was up 18.6% compared to the same quarter last year. Equities analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its board has initiated 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 purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on NOW. JPMorgan Chase & Co. lowered their price objective on shares of ServiceNow from $1,200.00 to $970.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Needham & Company LLC dropped their price target on ServiceNow from $1,200.00 to $1,050.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. Redburn Atlantic began coverage on ServiceNow in a research note on Wednesday, February 19th. They issued a “buy” rating for the company. Mizuho decreased their target price on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a report on Tuesday, March 11th. Finally, Guggenheim increased their price target on shares of ServiceNow from $716.00 to $724.00 and gave the stock a “sell” rating in a report on Thursday, April 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $1,041.00.

Insider Buying and Selling at ServiceNow

In other news, CEO William R. Mcdermott sold 1,263 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,644,564.50. This represents a 32.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction that occurred on Tuesday, February 25th. The stock was 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 in the company, valued at approximately $3,370,654.28. The trade was a 44.66 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,692 shares of company stock worth $18,173,444. Corporate insiders own 0.38% of the company’s stock.

About ServiceNow

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.