RiverPark Advisors LLC Increases Position in ServiceNow, Inc. (NYSE:NOW)

RiverPark Advisors LLC increased its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 83.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,054 shares of the information technology services provider's stock after acquiring an additional 1,846 shares during the period. ServiceNow comprises about 3.1% of RiverPark Advisors LLC's holdings, making the stock its 9th largest holding. RiverPark Advisors LLC's holdings in ServiceNow were worth $4,298,000 as of its most recent filing with the Securities and Exchange Commission.

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

ServiceNow Stock Up 6.4 %

Shares of ServiceNow stock opened at $815.92 on Thursday. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month 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 company's 50 day moving average is $840.59 and its 200 day moving average is $967.11. The company has a market cap of $168.90 billion, a price-to-earnings ratio of 119.46, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $2.31 earnings per share for the quarter, missing the consensus estimate of $3.78 by ($1.47). ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

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

Analysts Set New Price Targets

A number of research analysts have issued reports on NOW shares. Jefferies Financial Group reduced their price objective on shares of ServiceNow from $1,250.00 to $1,025.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Barclays decreased their price target on shares of ServiceNow from $1,200.00 to $967.00 and set an "overweight" rating for the company in a research note on Monday. Stifel Nicolaus cut their price objective on ServiceNow from $1,175.00 to $950.00 and set a "buy" rating on the stock in a research report on Wednesday, April 2nd. Robert W. Baird reduced their target price on ServiceNow from $1,200.00 to $1,010.00 and set an "outperform" rating on the stock in a report on Wednesday, March 26th. Finally, Royal Bank of Canada set a $986.00 target price on ServiceNow in a research note on Tuesday, March 11th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-eight have issued a buy rating to the stock. According to data from MarketBeat.com, ServiceNow currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,021.43.

Insiders Place Their Bets

In other ServiceNow news, General Counsel Russell S. Elmer sold 2,511 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the transaction, the general counsel now directly owns 4,332 shares in the company, valued at approximately $4,384,373.88. This trade represents a 36.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jacqueline P. Canney sold 354 shares of the business's stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total transaction of $284,831.94. Following the sale, the insider now directly owns 3,027 shares of the company's stock, valued at approximately $2,435,554.47. The trade was a 10.47 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,250 shares of company stock valued at $19,853,273. 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.

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