Prakash Investment Advisors LLC Acquires New Shares in ServiceNow, Inc. (NYSE:NOW)

Prakash Investment Advisors LLC acquired a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 2,709 shares of the information technology services provider's stock, valued at approximately $2,872,000. ServiceNow accounts for approximately 2.8% of Prakash Investment Advisors LLC's portfolio, making the stock its 9th largest position.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. ING Groep NV grew its holdings in ServiceNow by 17.1% during the fourth quarter. ING Groep NV now owns 46,311 shares of the information technology services provider's stock worth $49,095,000 after acquiring an additional 6,760 shares during the period. Zullo Investment Group Inc. grew its holdings in ServiceNow by 7.9% during the fourth quarter. Zullo Investment Group Inc. now owns 898 shares of the information technology services provider's stock worth $952,000 after acquiring an additional 66 shares during the period. Concurrent Investment Advisors LLC grew its holdings in ServiceNow by 12.5% in the fourth quarter. Concurrent Investment Advisors LLC now owns 2,962 shares of the information technology services provider's stock valued at $3,140,000 after purchasing an additional 328 shares during the last quarter. Meitav Investment House Ltd. acquired a new stake in ServiceNow in the fourth quarter valued at $318,000. Finally, Handelsbanken Fonder AB lifted its position in shares of ServiceNow by 41.0% in the fourth quarter. Handelsbanken Fonder AB now owns 186,086 shares of the information technology services provider's stock valued at $197,273,000 after acquiring an additional 54,142 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

Insider Activity

In other news, Director Anita M. Sands sold 2,229 shares of ServiceNow stock in a transaction on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the transaction, the director now directly owns 11,000 shares in the company, valued at approximately $11,710,600. This trade represents a 16.85 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the transaction, the insider now owns 3,027 shares in the company, valued at $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 15,806 shares of company stock worth $16,065,122. 0.25% of the stock is owned by company insiders.

ServiceNow Stock Performance

NYSE:NOW traded down $30.19 during trading hours on Friday, reaching $937.79. 2,001,299 shares of the stock were exchanged, compared to its average volume of 1,645,842. The stock has a market capitalization of $193.18 billion, a P/E ratio of 137.30, a P/E/G ratio of 4.60 and a beta of 0.99. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. 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 50 day simple moving average of $1,058.36 and a 200-day simple moving average of $976.01.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly 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 return on equity of 17.11% and a net margin of 12.97%. As a group, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on NOW shares. Canaccord Genuity Group increased their target price on ServiceNow from $1,200.00 to $1,275.00 and gave the stock a "buy" rating in a research report on Thursday, January 30th. Royal Bank of Canada restated an "outperform" rating and issued a $1,210.00 price objective on shares of ServiceNow in a report on Thursday, January 30th. Needham & Company LLC raised their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, January 30th. Barclays raised their price objective on ServiceNow from $980.00 to $1,000.00 and gave the stock an "overweight" rating in a report on Thursday, October 24th. Finally, Redburn Atlantic initiated coverage on ServiceNow in a report on Wednesday. They issued a "buy" rating on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $1,129.72.

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.