Shay Capital LLC Buys 805 Shares of ServiceNow, Inc. (NYSE:NOW)

Shay Capital LLC raised its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 73.5% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 1,900 shares of the information technology services provider’s stock after buying an additional 805 shares during the quarter. Shay Capital LLC’s holdings in ServiceNow were worth $2,014,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Quarry LP purchased a new stake in ServiceNow during the fourth quarter valued at $27,000. Atala Financial Inc bought a new position in shares of ServiceNow in the 4th quarter worth approximately $28,000. LFA Lugano Financial Advisors SA purchased a new position in shares of ServiceNow in the fourth quarter worth approximately $32,000. Noble Wealth Management PBC purchased a new stake in shares of ServiceNow in the 4th quarter worth $34,000. Finally, FPC Investment Advisory Inc. raised its stake in ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after acquiring an additional 29 shares during the period. 87.18% of the stock is owned by institutional investors.

Insider Transactions at ServiceNow

In other ServiceNow news, Director Deborah Black sold 598 shares of the stock in a transaction that occurred on Friday, April 25th. The shares were sold at an average price of $940.23, for a total value of $562,257.54. Following the sale, the director now directly owns 428 shares of the company’s stock, valued at approximately $402,418.44. This represents a 58.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Gina Mastantuono sold 4,442 shares of the stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the completion of the transaction, the chief financial officer now owns 11,126 shares in the company, valued at $10,733,252.20. This represents a 28.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,872 shares of company stock valued at $13,261,400. 0.38% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on NOW. Barclays set a $1,085.00 target price on ServiceNow in a research note on Wednesday, May 7th. Raymond James lowered their price target on ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating for the company in a research report on Tuesday, April 8th. Mizuho reduced their price target on shares of ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 11th. Scotiabank set a $1,100.00 price objective on ServiceNow and gave the company an “outperform” rating in a report on Wednesday, May 7th. Finally, Truist Financial upgraded ServiceNow from a “hold” rating to a “buy” rating and upped their price objective for the stock from $950.00 to $1,200.00 in a research note on Thursday, May 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $1,062.50.

ServiceNow Price Performance

ServiceNow stock opened at $1,035.34 on Friday. The firm has a market capitalization of $214.32 billion, a price-to-earnings ratio of 151.59, a PEG ratio of 4.51 and a beta of 0.97. The company has a fifty day simple moving average of $858.93 and a 200-day simple moving average of $972.52. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. 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 (NYSE:NOW) last released its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping analysts’ consensus estimates of $3.78 by $0.26. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The business had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.09 billion. During the same period in the prior year, the business posted $3.41 EPS. The company’s revenue was up 18.6% compared to the same quarter last year. On average, equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its Board of Directors has approved a share repurchase plan 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 plans are often a sign that the company’s board of directors believes its stock is undervalued.

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.