Sherbrooke Park Advisers LLC Acquires Shares of 431 ServiceNow, Inc. (NYSE:NOW)

Sherbrooke Park Advisers LLC purchased a new stake in ServiceNow, Inc. (NYSE:NOW) in the fourth quarter, HoldingsChannel reports. The fund purchased 431 shares of the information technology services provider’s stock, valued at approximately $457,000.

A number of other institutional investors have also recently made changes to their positions in NOW. Janus Henderson Group PLC raised its position in ServiceNow by 1.5% in the 4th quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider’s stock worth $874,258,000 after purchasing an additional 12,533 shares during the period. Union Bancaire Privee UBP SA purchased a new stake in ServiceNow in the 4th quarter worth about $48,802,000. Dock Street Asset Management Inc. raised its position in 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 worth $35,147,000 after purchasing an additional 1,105 shares during the period. Rheos Capital Works Inc. purchased a new stake in ServiceNow in the 4th quarter worth about $10,071,000. Finally, FMR LLC raised its position in ServiceNow by 4.9% in the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock worth $6,232,339,000 after purchasing an additional 272,506 shares during the period. Institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Up 0.5%

Shares of NYSE:NOW opened at $1,040.22 on Friday. The stock has a market capitalization of $215.33 billion, a price-to-earnings ratio of 152.30, a price-to-earnings-growth ratio of 4.51 and a beta of 0.97. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The company’s fifty day moving average is $863.52 and its two-hundred day moving average is $973.27. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW) last issued its 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 net margin of 12.97% and a return on equity of 17.11%. 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 prior year, the company earned $3.41 earnings per share. The firm’s revenue was up 18.6% compared to the same quarter last year. Equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its board has approved a stock repurchase program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Stifel Nicolaus raised their target price on shares of ServiceNow from $975.00 to $1,050.00 and gave the stock a “buy” rating in a research report on Tuesday, May 6th. Piper Sandler reduced their target price on shares of 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. Evercore ISI raised their target price on shares of ServiceNow from $925.00 to $1,000.00 and gave the stock an “outperform” rating in a research report on Thursday, April 24th. Royal Bank of Canada raised their target price on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 6th. Finally, BMO Capital Markets raised their target price on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the stock an “outperform” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $1,062.50.

Insider Buying and Selling

In other news, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the transaction, the chief financial officer now owns 11,126 shares of the company’s stock, valued at $10,733,252.20. The trade was a 28.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through 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 transaction of $2,720,355.40. Following the completion of the transaction, the insider now directly owns 3,649 shares in the company, valued at $3,370,654.28. This represents a 44.66% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 13,872 shares of company stock valued at $13,261,400 in the last quarter. Company insiders own 0.38% of the company’s stock.

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.