Pinebridge Investments L.P. Buys 11,306 Shares of ServiceNow, Inc. (NYSE:NOW)

Pinebridge Investments L.P. grew its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 15.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 86,749 shares of the information technology services provider's stock after purchasing an additional 11,306 shares during the period. ServiceNow makes up about 0.7% of Pinebridge Investments L.P.'s holdings, making the stock its 22nd largest position. Pinebridge Investments L.P.'s holdings in ServiceNow were worth $91,964,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in NOW. Avidian Wealth Enterprises LLC lifted its position in ServiceNow by 1.8% during the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider's stock worth $527,000 after acquiring an additional 9 shares in the last quarter. Redhawk Wealth Advisors Inc. lifted its position in shares of ServiceNow by 2.2% during the fourth quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider's stock worth $487,000 after purchasing an additional 10 shares in the last quarter. Institute for Wealth Management LLC. boosted its stake in shares of ServiceNow by 0.4% in the fourth quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider's stock valued at $2,779,000 after purchasing an additional 11 shares during the period. TBH Global Asset Management LLC grew its holdings in ServiceNow by 3.8% during the 4th quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider's stock valued at $320,000 after purchasing an additional 11 shares in the last quarter. Finally, Onefund LLC increased its stake in ServiceNow by 2.0% during the 4th quarter. Onefund LLC now owns 552 shares of the information technology services provider's stock worth $585,000 after buying an additional 11 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Royal Bank of Canada raised their target price on ServiceNow from $975.00 to $1,060.00 and gave the company an "outperform" rating in a research note on Thursday. Guggenheim raised their price objective on ServiceNow from $716.00 to $724.00 and gave the company a "sell" rating in a research note on Thursday. BMO Capital Markets cut their target price on ServiceNow from $990.00 to $950.00 and set an "outperform" rating on the stock in a research report on Tuesday. JMP Securities reissued a "market outperform" rating and set a $1,300.00 price target on shares of ServiceNow in a research report on Thursday. Finally, UBS Group reaffirmed a "buy" rating and issued a $1,025.00 price target (up from $900.00) on shares of ServiceNow in a report on Thursday. One investment 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 stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $1,032.94.

Insider Activity

In other news, Director Larry Quinlan sold 415 shares of the company's stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $1,007.41, for a total transaction of $418,075.15. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 354 shares of the company's stock in a transaction that occurred on Wednesday, April 16th. The stock was 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 of the company's stock, valued at $2,435,554.47. The trade was a 10.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,250 shares of company stock worth $19,853,273 in the last ninety days. Corporate insiders own 0.38% of the company's stock.

ServiceNow Trading Up 0.8 %

Shares of NOW traded up $7.51 during midday trading on Friday, hitting $946.08. The stock had a trading volume of 2,886,611 shares, compared to its average volume of 1,511,785. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The business has a 50-day simple moving average of $839.67 and a two-hundred day simple moving average of $967.34. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm has a market cap of $195.84 billion, a P/E ratio of 138.52, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08.

ServiceNow (NYSE:NOW - Get Free Report) last announced its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (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 EPS for the current year.

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

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.