Townsquare Capital LLC Decreases Stake in ServiceNow, Inc. (NYSE:NOW)

Townsquare Capital LLC trimmed its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 17.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,606 shares of the information technology services provider's stock after selling 11,054 shares during the period. ServiceNow accounts for about 0.6% of Townsquare Capital LLC's investment portfolio, making the stock its 29th biggest holding. Townsquare Capital LLC's holdings in ServiceNow were worth $53,648,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Atala Financial Inc acquired a new position in ServiceNow during the 4th quarter worth approximately $28,000. LFA Lugano Financial Advisors SA acquired a new position in ServiceNow during the fourth quarter worth $32,000. FPC Investment Advisory Inc. grew its position in ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock valued at $34,000 after purchasing an additional 29 shares in the last quarter. Noble Wealth Management PBC acquired a new stake in ServiceNow in the 4th quarter valued at $34,000. Finally, Heck Capital Advisors LLC bought a new stake in ServiceNow during the 4th quarter worth about $37,000. 87.18% of the stock is owned by institutional investors.

ServiceNow Stock Performance

NYSE:NOW traded up $16.19 during trading hours on Tuesday, reaching $816.01. 123,571 shares of the company's stock were exchanged, compared to its average volume of 1,462,898. The company has a 50-day moving average of $870.99 and a 200 day moving average of $973.31. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year 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 market capitalization of $168.92 billion, a price-to-earnings ratio of 119.02, a P/E/G ratio of 4.51 and a beta of 1.08.

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ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $3.67. 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 approved a share repurchase program on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on NOW. Stifel Nicolaus lowered their target price on shares of ServiceNow from $1,175.00 to $950.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Raymond James reduced their price target on ServiceNow from $1,200.00 to $1,000.00 and set an "outperform" rating for the company in a report on Tuesday, April 8th. Scotiabank reduced their target price on ServiceNow from $1,230.00 to $1,050.00 and set a "sector outperform" rating for the company in a research note on Monday, March 17th. Redburn Atlantic assumed coverage on shares of ServiceNow in a research report on Wednesday, February 19th. They set a "buy" rating for the company. Finally, BMO Capital Markets cut their target price on shares of ServiceNow from $1,185.00 to $990.00 and set an "outperform" rating for the company in a research note on Friday, April 4th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,061.00.

Insiders Place Their Bets

In other ServiceNow news, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction dated 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 sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the transaction, the insider now directly owns 3,649 shares of the company's stock, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is owned by corporate 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.