Pinnbrook Capital Management LP Purchases Shares of 2,809 ServiceNow, Inc. (NYSE:NOW)

Pinnbrook Capital Management LP bought a new position in ServiceNow, Inc. (NYSE:NOW - Free Report) during the fourth quarter, according to the company in its most recent filing with the SEC. The firm bought 2,809 shares of the information technology services provider's stock, valued at approximately $2,978,000.

Several other hedge funds have also added to or reduced their stakes in NOW. Truvestments Capital LLC purchased a new position in shares of ServiceNow in the third quarter worth about $30,000. Heck Capital Advisors LLC bought a new position in ServiceNow during the 4th quarter worth approximately $37,000. Stonebridge Financial Group LLC purchased a new position in ServiceNow in the 4th quarter worth approximately $37,000. DT Investment Partners LLC lifted its position in ServiceNow by 77.3% in the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider's stock valued at $35,000 after purchasing an additional 17 shares during the last quarter. Finally, Avion Wealth boosted its stake in shares of ServiceNow by 44.8% during the fourth quarter. Avion Wealth now owns 42 shares of the information technology services provider's stock valued at $44,000 after purchasing an additional 13 shares during the period. 87.18% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

NOW has been the topic of several analyst reports. Citigroup decreased their target price on shares of ServiceNow from $1,432.00 to $1,426.00 and set a "buy" rating on the stock in a research note on Tuesday, February 4th. Wells Fargo & Company upped their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an "overweight" rating in a research note on Thursday, December 5th. Robert W. Baird dropped their target price on shares of ServiceNow from $1,250.00 to $1,200.00 and set an "outperform" rating for the company in a report on Thursday, January 30th. Barclays boosted their price target on ServiceNow from $980.00 to $1,000.00 and gave the company an "overweight" rating in a report on Thursday, October 24th. Finally, StockNews.com cut ServiceNow from a "buy" rating to a "hold" rating in a report on Tuesday, February 11th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $1,129.72.

ServiceNow Stock Down 3.1 %

Shares of NYSE NOW traded down $30.19 during trading on Friday, reaching $937.79. The company had a trading volume of 2,001,299 shares, compared to its average volume of 1,645,842. The business's 50-day moving average is $1,054.69 and its 200 day moving average is $977.09. 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 $193.18 billion, a PE ratio of 137.30, a P/E/G ratio of 4.60 and a beta of 0.99. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. As a group, equities analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has approved a share repurchase program 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 shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.

Insider Activity

In related news, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the sale, the chief executive officer now directly owns 2,595 shares of the company's stock, valued at $2,644,564.50. This trade represents a 32.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Paul John Smith sold 2,404 shares of the business's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $980.05, for a total value of $2,356,040.20. Following the completion of the transaction, the insider now directly owns 6,244 shares of the company's stock, valued at approximately $6,119,432.20. This trade represents a 27.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,806 shares of company stock worth $16,065,122 over the last 90 days. 0.25% of the stock is currently owned by insiders.

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.