DRW Securities LLC Raises Stock Position in ServiceNow, Inc. (NYSE:NOW)

DRW Securities LLC increased its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 72.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,053 shares of the information technology services provider's stock after purchasing an additional 6,331 shares during the period. ServiceNow makes up approximately 0.5% of DRW Securities LLC's holdings, making the stock its 19th biggest position. DRW Securities LLC's holdings in ServiceNow were worth $15,958,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Norges Bank bought a new stake in ServiceNow in the 4th quarter worth about $2,603,360,000. Proficio Capital Partners LLC boosted its holdings in shares of ServiceNow by 154,255.3% during the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider's stock valued at $667,000 after acquiring an additional 666,383 shares during the last quarter. Alphinity Investment Management Pty Ltd bought a new stake in shares of ServiceNow in the fourth quarter worth approximately $682,468,000. Raymond James Financial Inc. purchased a new position in shares of ServiceNow during the fourth quarter valued at approximately $393,868,000. Finally, Jennison Associates LLC lifted its position in ServiceNow by 17.4% during the fourth quarter. Jennison Associates LLC now owns 2,352,111 shares of the information technology services provider's stock valued at $2,493,520,000 after purchasing an additional 348,187 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

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ServiceNow Trading Up 0.3 %

NOW stock traded up $2.29 during trading on Friday, hitting $785.78. The company had a trading volume of 2,102,410 shares, compared to its average volume of 1,466,980. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The company has a 50 day simple moving average of $875.51 and a 200-day simple moving average of $973.89. The firm has a market capitalization of $162.66 billion, a P/E ratio of 115.05, a PEG ratio of 4.51 and a beta of 1.08. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15.

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

ServiceNow declared that its board has approved a stock buyback 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 repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of research reports. Needham & Company LLC boosted their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company a "buy" rating in a research note on Thursday, January 30th. Royal Bank of Canada set a $986.00 target price on ServiceNow in a report on Tuesday, March 11th. Canaccord Genuity Group restated a "buy" rating and set a $1,275.00 price target on shares of ServiceNow in a research note on Tuesday, March 11th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $1,048.00 price objective on shares of ServiceNow in a research note on Tuesday, March 11th. Finally, StockNews.com lowered shares of ServiceNow from a "buy" rating to a "hold" rating in a research report on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $1,073.93.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction dated 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 directly owns 3,027 shares in the company, valued at $3,204,200.58. This represents a 13.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm's stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the transaction, the insider now directly owns 3,649 shares in the company, valued at $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 20,351 shares of company stock valued at $20,050,076 in the last ninety days. Corporate insiders own 0.25% of the company's stock.

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.