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

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

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Virtu Financial LLC bought a new position in ServiceNow in the third quarter worth $9,833,000. Anchor Investment Management LLC increased its stake in shares of ServiceNow by 6.1% in the 3rd quarter. Anchor Investment Management LLC now owns 1,364 shares of the information technology services provider's stock worth $1,220,000 after acquiring an additional 78 shares in the last quarter. Stock Yards Bank & Trust Co. purchased a new position in ServiceNow during the 3rd quarter valued at about $202,000. World Investment Advisors LLC increased its stake in shares of ServiceNow by 585.8% during the third quarter. World Investment Advisors LLC now owns 6,549 shares of the information technology services provider's stock valued at $5,857,000 after purchasing an additional 5,594 shares in the last quarter. Finally, Sfmg LLC bought a new position in shares of ServiceNow during the third quarter valued at approximately $226,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Performance

NOW traded up $7.51 during midday trading on Friday, reaching $946.08. The company had a trading volume of 2,886,611 shares, compared to its average volume of 1,504,303. The business has a 50-day moving average of $838.68 and a two-hundred day moving average of $967.51. 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, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The company has a market cap of $195.84 billion, a P/E ratio of 138.52, a P/E/G ratio of 4.51 and a beta of 1.08.

ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting 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 research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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

Wall Street Analyst Weigh In

NOW has been the topic of several recent research reports. UBS Group restated a "buy" rating and issued a $1,025.00 price target (up previously from $900.00) on shares of ServiceNow in a research note on Thursday. Stifel Nicolaus set a $975.00 target price on ServiceNow and gave the stock a "buy" rating in a research note on Thursday. TD Securities reaffirmed a "buy" rating and issued a $1,100.00 price target on shares of ServiceNow in a research report on Thursday. Mizuho cut their price objective on shares of ServiceNow from $1,210.00 to $1,100.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 11th. Finally, Oppenheimer lifted their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-nine have given a buy rating to the stock. According to data from MarketBeat, ServiceNow currently has a consensus rating of "Moderate Buy" and an average price target of $1,032.94.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 354 shares of the company's stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total value of $284,831.94. Following the completion of the transaction, the insider now owns 3,027 shares of the company's stock, valued at $2,435,554.47. This represents a 10.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the sale, the chief financial officer now directly owns 11,126 shares in the company, valued at $10,733,252.20. This trade represents a 28.53 % 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 three months. 0.38% of the stock is currently owned by company insiders.

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.