Tower Research Capital LLC TRC Increases Holdings in ServiceNow, Inc. (NYSE:NOW)

Tower Research Capital LLC TRC lifted its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 193.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,137 shares of the information technology services provider's stock after buying an additional 10,634 shares during the period. Tower Research Capital LLC TRC's holdings in ServiceNow were worth $17,107,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of NOW. Avidian Wealth Enterprises LLC lifted its stake in shares of ServiceNow by 1.8% in the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider's stock valued at $527,000 after purchasing an additional 9 shares during the period. Redhawk Wealth Advisors Inc. increased its holdings in ServiceNow by 2.2% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider's stock worth $487,000 after purchasing an additional 10 shares in the last quarter. Institute for Wealth Management LLC. lifted its stake in ServiceNow by 0.4% in the fourth quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider's stock valued at $2,779,000 after buying an additional 11 shares during the period. TBH Global Asset Management LLC boosted its holdings in shares of ServiceNow by 3.8% during the 4th quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider's stock worth $320,000 after buying an additional 11 shares in the last quarter. Finally, Onefund LLC grew its position in shares of ServiceNow by 2.0% during the 4th quarter. Onefund LLC now owns 552 shares of the information technology services provider's stock worth $585,000 after buying an additional 11 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

Analyst Upgrades and Downgrades

NOW has been the topic of a number of research reports. Jefferies Financial Group dropped their target price 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. Guggenheim reissued a "sell" rating and set a $716.00 price objective on shares of ServiceNow in a research report on Wednesday, April 16th. Piper Sandler upped their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an "overweight" rating in a research note on Monday, January 6th. Citigroup reduced their price objective on ServiceNow from $1,426.00 to $1,082.00 and set a "buy" rating for the company in a research note on Tuesday. Finally, Royal Bank of Canada set a $986.00 price target on shares of ServiceNow in a research report on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have given a buy rating to the stock. Based on data from MarketBeat.com, ServiceNow has an average rating of "Moderate Buy" and an average price target of $1,021.43.

ServiceNow Trading Up 6.4 %

ServiceNow stock traded up $49.09 during trading hours on Wednesday, reaching $815.92. The stock had a trading volume of 2,930,920 shares, compared to its average volume of 1,487,303. The stock has a market cap of $168.90 billion, a PE ratio of 119.46, a PEG ratio of 4.51 and a beta of 1.08. The company has a fifty day simple moving average of $843.99 and a 200-day simple moving average of $968.16. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09.

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

ServiceNow announced that its board has approved a stock repurchase program 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 shares through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its stock is undervalued.

Insider Activity at ServiceNow

In other news, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the transaction, the chief executive officer now owns 2,595 shares of the company's stock, valued at approximately $2,644,564.50. This represents a 32.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 owns 11,126 shares in the company, valued at $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,250 shares of company stock worth $19,853,273 over the last quarter. Corporate 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.