CenterBook Partners LP Grows Holdings in ServiceNow, Inc. (NYSE:NOW)

CenterBook Partners LP boosted its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 380.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,230 shares of the information technology services provider's stock after acquiring an additional 2,558 shares during the quarter. CenterBook Partners LP's holdings in ServiceNow were worth $3,424,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in NOW. Arete Wealth Advisors LLC lifted its holdings in ServiceNow by 47.4% during the 3rd quarter. Arete Wealth Advisors LLC now owns 1,555 shares of the information technology services provider's stock valued at $1,387,000 after buying an additional 500 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of ServiceNow in the third quarter valued at approximately $551,000. Continuum Advisory LLC grew its stake in ServiceNow by 46.9% in the third quarter. Continuum Advisory LLC now owns 141 shares of the information technology services provider's stock worth $126,000 after purchasing an additional 45 shares in the last quarter. Soltis Investment Advisors LLC increased its holdings in ServiceNow by 3.5% during the 3rd quarter. Soltis Investment Advisors LLC now owns 568 shares of the information technology services provider's stock worth $508,000 after purchasing an additional 19 shares during the period. Finally, Virtu Financial LLC bought a new stake in ServiceNow during the 3rd quarter valued at $9,833,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Trading Up 0.8 %

Shares of NYSE NOW traded up $6.21 during trading on Monday, reaching $791.88. The stock had a trading volume of 627,186 shares, compared to its average volume of 1,463,843. The business's 50-day moving average price is $875.51 and its 200-day moving average price is $973.89. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The company has a market cap of $163.92 billion, a P/E ratio of 115.94, a PEG ratio of 4.51 and a beta of 1.08.

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ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 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%. On average, equities research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its Board of Directors has authorized a share repurchase plan 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 purchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 1,263 shares of ServiceNow stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares of the company's stock, valued at $2,644,564.50. The trade was a 32.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the transaction, the insider now owns 3,649 shares in the company, valued at approximately $3,370,654.28. The trade was a 44.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock valued at $20,050,076 in the last quarter. Corporate insiders own 0.25% of the company's stock.

Wall Street Analyst Weigh In

NOW has been the topic of several research reports. William Blair restated an "outperform" rating on shares of ServiceNow in a research note on Friday, March 7th. Piper Sandler upped their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an "overweight" rating in a report on Monday, January 6th. The Goldman Sachs Group cut their price target on ServiceNow from $1,200.00 to $1,050.00 and set a "buy" rating on the stock in a report on Thursday. Raymond James dropped their price objective on ServiceNow from $1,200.00 to $1,000.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 8th. Finally, Canaccord Genuity Group reissued a "buy" rating and set a $1,275.00 price target on shares of ServiceNow in a research report on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $1,068.76.

ServiceNow 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.