Alcosta Capital Management Inc. Has $12.66 Million Position in ServiceNow, Inc. (NYSE:NOW)

Alcosta Capital Management Inc. raised its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 0.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,942 shares of the information technology services provider’s stock after acquiring an additional 29 shares during the period. ServiceNow makes up 7.4% of Alcosta Capital Management Inc.’s holdings, making the stock its 2nd largest position. Alcosta Capital Management Inc.’s holdings in ServiceNow were worth $12,660,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Atala Financial Inc acquired a new stake in shares of ServiceNow in the 4th quarter worth approximately $28,000. LFA Lugano Financial Advisors SA bought a new stake in ServiceNow during the fourth quarter worth approximately $32,000. FPC Investment Advisory Inc. lifted its position in ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after purchasing an additional 29 shares during the period. Noble Wealth Management PBC bought a new position in ServiceNow during the 4th quarter valued at $34,000. Finally, Heck Capital Advisors LLC acquired a new position in shares of ServiceNow during the 4th quarter valued at $37,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Trading Down 6.9 %

ServiceNow stock opened at $720.69 on Friday. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month 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. The stock has a market cap of $148.46 billion, a P/E ratio of 105.52, a P/E/G ratio of 4.51 and a beta of 1.03. The company’s fifty day simple moving average is $917.80 and its 200-day simple moving average is $980.64.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its board has initiated 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 buy up to 1.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

NOW has been the subject of several research reports. KeyCorp cut ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. Cantor Fitzgerald restated an “overweight” rating and set a $1,048.00 price objective on shares of ServiceNow in a research report on Tuesday, March 11th. JPMorgan Chase & Co. boosted their target price on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. TD Cowen raised their target price on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Finally, Raymond James began coverage on ServiceNow in a report on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 price target on the stock. One analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $1,086.00.

Insider Activity at ServiceNow

In other news, insider Jacqueline P. Canney sold 455 shares of the firm’s stock in a transaction on Thursday, January 16th. The shares were 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 approximately $3,204,200.58. This trade represents a 13.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Gina Mastantuono sold 4,442 shares of the company’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the completion of the sale, the chief financial officer now owns 11,126 shares of the company’s stock, 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. In the last quarter, insiders sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is owned by corporate insiders.

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.