ServiceNow, Inc. (NYSE:NOW) Position Lessened by Quadcap Wealth Management LLC

Quadcap Wealth Management LLC trimmed its position in shares of ServiceNow, Inc. (NYSE:NOW) by 2.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 662 shares of the information technology services provider’s stock after selling 16 shares during the period. Quadcap Wealth Management LLC’s holdings in ServiceNow were worth $702,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of NOW. Norges Bank purchased a new stake in shares of ServiceNow during the fourth quarter worth $2,603,360,000. Proficio Capital Partners LLC raised its holdings in ServiceNow by 154,255.3% during the fourth 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 in the last quarter. Alphinity Investment Management Pty Ltd acquired a new stake in shares of ServiceNow in the fourth quarter worth about $682,468,000. Price T Rowe Associates Inc. MD increased its holdings in shares of ServiceNow by 6.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock valued at $8,434,235,000 after acquiring an additional 509,467 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in shares of ServiceNow by 36.7% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,830,419 shares of the information technology services provider’s stock valued at $1,940,464,000 after acquiring an additional 491,861 shares in the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Stock Up 0.8%

NOW opened at $1,035.34 on Friday. 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 stock has a market cap of $214.32 billion, a price-to-earnings ratio of 151.59, a PEG ratio of 4.51 and a beta of 0.97. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The company’s 50-day moving average price is $858.93 and its two-hundred day moving average price is $972.52.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating analysts’ consensus estimates 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% on a year-over-year basis. During the same period in the previous year, the company earned $3.41 earnings per share. As a group, equities analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its board has authorized a share buyback program on Wednesday, January 29th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the information technology services provider to reacquire 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.

Analyst Ratings Changes

Several brokerages recently commented on NOW. Needham & Company LLC reiterated a “buy” rating and issued a $1,050.00 target price on shares of ServiceNow in a report on Tuesday, May 6th. Redburn Atlantic assumed coverage on ServiceNow in a research note on Wednesday, February 19th. They issued a “buy” rating on the stock. The Goldman Sachs Group restated a “buy” rating on shares of ServiceNow in a research note on Thursday, April 24th. Piper Sandler dropped their price target on ServiceNow from $1,200.00 to $1,120.00 and set an “overweight” rating on the stock in a research report on Thursday, April 24th. Finally, Stifel Nicolaus increased their price objective on ServiceNow from $975.00 to $1,050.00 and gave the company a “buy” rating in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and a consensus target price of $1,062.50.

Insider Activity at ServiceNow

In related news, General Counsel Russell S. Elmer sold 62 shares of the company’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total transaction of $63,426.00. Following the sale, the general counsel now directly owns 4,332 shares in the company, valued at approximately $4,431,636. This represents a 1.41% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Deborah Black sold 598 shares of the company’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 sale, the director now owns 428 shares in the company, valued at $402,418.44. The trade was a 58.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 13,872 shares of company stock worth $13,261,400. 0.38% of the stock is owned by corporate insiders.

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.