Potomac Fund Management Inc. ADV Buys New Stake in ServiceNow, Inc. (NYSE:NOW)

Potomac Fund Management Inc. ADV bought a new stake in ServiceNow, Inc. (NYSE:NOW) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 320 shares of the information technology services provider’s stock, valued at approximately $339,000.

Several other institutional investors and hedge funds have also bought and sold shares of NOW. Polymer Capital Management HK LTD grew its stake in ServiceNow by 57.0% during the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after buying an additional 981 shares during the last quarter. Union Bancaire Privee UBP SA purchased a new stake in shares of ServiceNow during the fourth quarter worth about $48,802,000. Dock Street Asset Management Inc. increased its holdings in shares of ServiceNow by 3.4% during the fourth 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 acquiring an additional 1,105 shares in the last quarter. Cardano Risk Management B.V. purchased a new position in shares of ServiceNow in the 4th quarter valued at approximately $105,090,000. Finally, Rheos Capital Works Inc. acquired a new stake in ServiceNow in the 4th quarter worth approximately $10,071,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Jefferies Financial Group decreased their price target on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Canaccord Genuity Group reiterated a “buy” rating and set a $1,275.00 price target on shares of ServiceNow in a research note on Tuesday, March 11th. Cantor Fitzgerald restated an “overweight” rating and issued a $1,048.00 price objective on shares of ServiceNow in a research note on Tuesday, March 11th. KeyCorp lowered ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. Finally, Robert W. Baird reduced their price target on shares of ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating for the company in a research report on Wednesday, March 26th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have issued a buy rating to the stock. Based on data from MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and a consensus target price of $1,088.59.

Insider Activity

In other news, 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 value of $341,896.80. Following the completion of the sale, the general counsel now directly owns 4,332 shares in the company, valued at $4,408,026.60. This represents a 7.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the transaction, the insider now owns 3,027 shares in the company, valued at $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,351 shares of company stock worth $20,050,076 over the last quarter. 0.25% of the stock is currently owned by corporate insiders.

ServiceNow Stock Performance

NYSE:NOW opened at $810.61 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The stock has a market capitalization of $166.99 billion, a PE ratio of 118.68, a P/E/G ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The company has a fifty day moving average of $939.07 and a two-hundred day moving average of $983.75.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. As a group, research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has authorized a share buyback program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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.