Adage Capital Partners GP L.L.C. Raises Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Adage Capital Partners GP L.L.C. lifted its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 3.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 187,600 shares of the information technology services provider's stock after purchasing an additional 5,400 shares during the period. Adage Capital Partners GP L.L.C. owned 0.09% of ServiceNow worth $198,879,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of NOW. Atala Financial Inc purchased a new stake in ServiceNow in the fourth quarter worth about $28,000. LFA Lugano Financial Advisors SA bought a new position in shares of ServiceNow during the 4th quarter valued at approximately $32,000. Noble Wealth Management PBC purchased a new stake in ServiceNow in the 4th quarter worth approximately $34,000. FPC Investment Advisory Inc. raised its stake in ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock worth $34,000 after acquiring an additional 29 shares during the period. Finally, Heck Capital Advisors LLC purchased a new position in ServiceNow during the fourth quarter valued at approximately $37,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on NOW. The Goldman Sachs Group reissued a "buy" rating on shares of ServiceNow in a research note on Thursday. BMO Capital Markets cut their price target on ServiceNow from $990.00 to $950.00 and set an "outperform" rating for the company in a research note on Tuesday. Canaccord Genuity Group lowered their price objective on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating on the stock in a research report on Tuesday. William Blair reiterated an "outperform" rating on shares of ServiceNow in a research report on Friday, March 7th. Finally, Truist Financial lowered their price target on ServiceNow from $1,100.00 to $950.00 and set a "hold" rating on the stock in a report on Monday, March 31st. One analyst has rated the stock with a sell rating, four have given a hold rating and twenty-nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $1,032.94.

ServiceNow Stock Up 0.8 %

NYSE:NOW traded up $7.51 during mid-day trading on Friday, reaching $946.08. The company's stock had a trading volume of 2,886,611 shares, compared to its average volume of 1,504,303. 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 firm has a market capitalization of $195.84 billion, a PE ratio of 138.52, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. The stock has a fifty day moving average of $838.68 and a 200-day moving average of $967.51. 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 released its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Equities research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its board has initiated a stock buyback plan on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 354 shares of the firm's stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total value of $284,831.94. Following the sale, the insider now directly owns 3,027 shares in the company, valued at approximately $2,435,554.47. This trade represents a 10.47 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business's 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 transaction, the insider now owns 3,649 shares of the company's stock, 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 a total of 20,250 shares of company stock worth $19,853,273 over the last 90 days. Company insiders own 0.38% of the company's stock.

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.