Cache Advisors LLC Acquires Shares of 615 ServiceNow, Inc. (NYSE:NOW)

Cache Advisors LLC acquired a new stake in shares of ServiceNow, Inc. (NYSE:NOW) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 615 shares of the information technology services provider’s stock, valued at approximately $652,000.

A number of other hedge funds have also bought and sold shares of NOW. Norges Bank purchased a new stake in shares of ServiceNow during the fourth quarter valued at $2,603,360,000. Proficio Capital Partners LLC grew its holdings in shares of ServiceNow by 154,255.3% in the fourth quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock worth $667,000 after purchasing an additional 666,383 shares during the last quarter. Alphinity Investment Management Pty Ltd bought a new position in shares of ServiceNow in the fourth quarter worth about $682,468,000. Price T Rowe Associates Inc. MD grew its holdings in shares of ServiceNow by 6.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock worth $8,434,235,000 after purchasing an additional 509,467 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in shares of ServiceNow by 36.7% in the fourth 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 worth $1,940,464,000 after purchasing an additional 491,861 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

Insider Activity at ServiceNow

In related news, CFO Gina Mastantuono sold 292 shares of the stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $985.00, for a total value of $287,620.00. Following the transaction, the chief financial officer now owns 11,198 shares in the company, valued at approximately $11,030,030. This represents a 2.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the 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 owns 3,649 shares in the company, valued at approximately $3,370,654.28. This trade represents a 44.66% decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,619 shares of company stock valued at $5,230,568 in the last three months. 0.38% of the stock is owned by insiders.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $1,005.53 on Friday. The firm has a market capitalization of $208.14 billion, a P/E ratio of 147.22, a PEG ratio of 4.51 and a beta of 0.97. 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 company has a 50 day moving average price of $881.74 and a 200 day moving average price of $975.40. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data 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 during 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%. ServiceNow’s revenue was up 18.6% on a year-over-year basis. During the same period last year, the firm posted $3.41 EPS. Sell-side analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its Board of Directors has authorized a stock 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 buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Guggenheim upped their price target on shares of ServiceNow from $716.00 to $724.00 and gave the stock a “sell” rating in a report on Thursday, April 24th. Royal Bank of Canada upped their price target on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the stock an “outperform” rating in a report on Tuesday, May 6th. JPMorgan Chase & Co. lowered their price objective on shares of ServiceNow from $1,200.00 to $970.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Erste Group Bank raised shares of ServiceNow from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 30th. Finally, Citigroup upped their price objective on shares of ServiceNow from $1,128.00 to $1,160.00 and gave the stock a “buy” rating in a research note on Wednesday, May 7th. One equities research analyst has rated the stock with a sell rating, three have given 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 a consensus rating of “Moderate Buy” and a consensus target price of $1,062.50.

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.