Corton Capital Inc. Makes New $214,000 Investment in ServiceNow, Inc. (NYSE:NOW)

Corton Capital Inc. purchased a new stake in shares of ServiceNow, Inc. (NYSE:NOW) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 202 shares of the information technology services provider’s stock, valued at approximately $214,000.

Other institutional investors have also made changes to their positions in the company. Norges Bank bought a new position in ServiceNow during the fourth quarter valued at approximately $2,603,360,000. Proficio Capital Partners LLC increased its holdings in shares of 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 worth $667,000 after purchasing an additional 666,383 shares during the period. Alphinity Investment Management Pty Ltd bought a new stake in shares of ServiceNow in the 4th quarter worth approximately $682,468,000. Price T Rowe Associates Inc. MD boosted its stake in ServiceNow by 6.8% during 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 buying an additional 509,467 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in ServiceNow in the fourth quarter worth about $393,868,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at ServiceNow

In other news, CEO William R. Mcdermott sold 1,263 shares of the firm’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the completion of the transaction, the chief executive officer now owns 2,595 shares in the company, valued at $2,644,564.50. This trade represents a 32.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel Russell S. Elmer sold 336 shares of the stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total transaction of $341,896.80. Following the completion of the transaction, the general counsel now directly owns 4,332 shares of the company’s stock, valued at approximately $4,408,026.60. The trade was a 7.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,692 shares of company stock worth $18,173,444 in the last three months. 0.38% of the stock is currently owned by company insiders.

ServiceNow Price Performance

Shares of NYSE NOW opened at $982.98 on Thursday. The stock has a market capitalization of $203.48 billion, a P/E ratio of 143.92, a P/E/G ratio of 4.51 and a beta of 0.97. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The company’s 50-day moving average is $842.03 and its 200 day moving average is $969.22. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results 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 firm had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.09 billion. During the same quarter in the previous year, the firm earned $3.41 EPS. ServiceNow’s quarterly revenue was up 18.6% compared to the same quarter last year. On average, sell-side analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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

Analyst Upgrades and Downgrades

NOW has been the topic of several recent analyst reports. Stifel Nicolaus boosted their target price on shares of ServiceNow from $975.00 to $1,050.00 and gave the company a “buy” rating in a research note on Tuesday. Cantor Fitzgerald restated an “overweight” rating and set a $1,048.00 target price on shares of ServiceNow in a research report on Thursday, April 24th. Erste Group Bank upgraded shares of ServiceNow from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 30th. Royal Bank of Canada raised their price target on ServiceNow from $1,060.00 to $1,100.00 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, Bank of America dropped their price objective on ServiceNow from $1,280.00 to $1,025.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $1,048.55.

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.