Castleark Management LLC Reduces Stock Position in ServiceNow, Inc. (NYSE:NOW)

Castleark Management LLC cut its holdings in ServiceNow, Inc. (NYSE:NOW) by 5.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 59,946 shares of the information technology services provider’s stock after selling 3,450 shares during the period. ServiceNow comprises 2.2% of Castleark Management LLC’s holdings, making the stock its 14th largest holding. Castleark Management LLC’s holdings in ServiceNow were worth $63,550,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Quarry LP purchased a new stake in shares of ServiceNow during the fourth quarter valued at $27,000. Atala Financial Inc purchased a new position in ServiceNow during the 4th quarter worth $28,000. LFA Lugano Financial Advisors SA bought a new position in ServiceNow during the 4th quarter worth about $32,000. FPC Investment Advisory Inc. boosted its stake in shares of ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after purchasing an additional 29 shares in the last quarter. Finally, Noble Wealth Management PBC purchased a new position in ServiceNow during the fourth quarter valued at approximately $34,000. Institutional investors own 87.18% of the company’s stock.

Insider Activity

In related news, General Counsel Russell S. Elmer sold 191 shares of the stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $985.00, for a total transaction of $188,135.00. Following the transaction, the general counsel now owns 4,332 shares of the company’s stock, valued at approximately $4,267,020. This represents a 4.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. This represents a 44.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,061 shares of company stock valued at $9,515,766. Company insiders own 0.38% of the company’s stock.

Analysts Set New Price Targets

NOW has been the subject of a number of analyst reports. Guggenheim upped their price objective on ServiceNow from $716.00 to $724.00 and gave the stock a “sell” rating in a research note on Thursday, April 24th. Raymond James decreased their price objective on shares of 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. The Goldman Sachs Group restated a “buy” rating on shares of ServiceNow in a research note on Thursday, April 24th. 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 report on Tuesday, May 6th. Finally, Piper Sandler dropped their price objective on shares of ServiceNow from $1,200.00 to $1,120.00 and set an “overweight” rating on the stock in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and an average target price of $1,062.50.

ServiceNow Stock Down 0.5%

Shares of NYSE:NOW opened at $1,020.53 on Wednesday. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The stock has a market cap of $211.25 billion, a P/E ratio of 149.42, a PEG ratio of 4.51 and a beta of 0.97. The business has a fifty day moving average of $871.37 and a two-hundred day moving average of $974.45. 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 EPS for the quarter, beating the consensus estimate of $3.78 by $0.26. The firm had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.09 billion. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The business’s revenue for the quarter was up 18.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.41 EPS. On average, research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

ServiceNow Company 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.