Bridgewater Associates LP Takes $59.78 Million Position in ServiceNow, Inc. (NYSE:NOW)

Bridgewater Associates LP acquired a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 56,394 shares of the information technology services provider's stock, valued at approximately $59,784,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Kane Investment Management Inc. bought a new stake in shares of ServiceNow during the fourth quarter worth about $1,912,000. Ontario Teachers Pension Plan Board purchased a new stake in shares of ServiceNow in the fourth quarter worth approximately $576,000. Aware Super Pty Ltd as trustee of Aware Super bought a new position in shares of ServiceNow in the fourth quarter valued at approximately $26,141,000. Canada Post Corp Registered Pension Plan purchased a new position in shares of ServiceNow during the fourth quarter valued at approximately $3,472,000. Finally, XTX Topco Ltd grew its holdings in ServiceNow by 36.3% during the fourth quarter. XTX Topco Ltd now owns 2,447 shares of the information technology services provider's stock worth $2,594,000 after buying an additional 652 shares in the last quarter. Institutional investors own 87.18% of the company's stock.

Wall Street Analysts Forecast Growth

NOW has been the topic of a number of analyst reports. Bank of America cut their price objective on shares of ServiceNow from $1,280.00 to $1,025.00 and set a "buy" rating on the stock in a report on Tuesday. Morgan Stanley cut their price target on shares of ServiceNow from $960.00 to $881.00 and set an "equal weight" rating on the stock in a report on Wednesday. Guggenheim reiterated a "sell" rating and issued a $716.00 price objective on shares of ServiceNow in a research note on Wednesday. Robert W. Baird cut their target price on ServiceNow from $1,200.00 to $1,010.00 and set an "outperform" rating on the stock in a research note on Wednesday, March 26th. Finally, Citigroup dropped their price target on ServiceNow from $1,432.00 to $1,426.00 and set a "buy" rating on the stock in a report on Tuesday, February 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have given a buy rating to the company's stock. According to MarketBeat.com, ServiceNow has a consensus rating of "Moderate Buy" and a consensus price target of $1,057.17.

ServiceNow Price Performance

Shares of NYSE:NOW traded down $24.48 on Friday, hitting $772.18. The company's stock had a trading volume of 1,802,088 shares, compared to its average volume of 1,477,657. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The company has a 50-day simple moving average of $857.67 and a 200 day simple moving average of $970.18. The company has a market capitalization of $159.84 billion, a PE ratio of 113.06, a PEG ratio of 4.51 and a beta of 1.08. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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%. Sell-side analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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

Insider Activity

In other ServiceNow news, CEO William R. Mcdermott sold 1,263 shares of the business's stock in a transaction on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares of the company's stock, valued at $2,644,564.50. The trade was a 32.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Larry Quinlan sold 415 shares of ServiceNow stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $1,007.41, for a total value of $418,075.15. Following the completion of the transaction, the director now owns 1,737 shares in the company, valued at approximately $1,749,871.17. This represents a 19.28 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,250 shares of company stock worth $19,853,273. 0.38% 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.