CloudAlpha Capital Management Limited Hong Kong Has $10.99 Million Stock Position in ServiceNow, Inc. (NYSE:NOW)

CloudAlpha Capital Management Limited Hong Kong raised its holdings in ServiceNow, Inc. (NYSE:NOW) by 1,455.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 15,550 shares of the information technology services provider’s stock after buying an additional 14,550 shares during the quarter. ServiceNow accounts for about 1.0% of CloudAlpha Capital Management Limited Hong Kong’s investment portfolio, making the stock its 18th largest position. CloudAlpha Capital Management Limited Hong Kong’s holdings in ServiceNow were worth $10,986,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NOW. Sandbox Financial Partners LLC lifted its position in shares of ServiceNow by 8.6% in the 4th quarter. Sandbox Financial Partners LLC now owns 835 shares of the information technology services provider’s stock worth $590,000 after acquiring an additional 66 shares during the period. Raymond James & Associates lifted its position in shares of ServiceNow by 5.9% during the 4th quarter. Raymond James & Associates now owns 331,406 shares of the information technology services provider’s stock worth $234,135,000 after buying an additional 18,442 shares during the period. Sequoia Financial Advisors LLC lifted its position in shares of ServiceNow by 15.4% during the 4th quarter. Sequoia Financial Advisors LLC now owns 25,726 shares of the information technology services provider’s stock worth $18,175,000 after buying an additional 3,438 shares during the period. Fifth Third Bancorp lifted its position in shares of ServiceNow by 4.7% during the 4th quarter. Fifth Third Bancorp now owns 70,150 shares of the information technology services provider’s stock worth $49,560,000 after buying an additional 3,154 shares during the period. Finally, F M Investments LLC bought a new position in shares of ServiceNow during the 3rd quarter worth approximately $1,624,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Trading Down 1.1 %

Shares of ServiceNow stock traded down $8.33 during trading on Wednesday, reaching $736.45. 721,183 shares of the company were exchanged, compared to its average volume of 1,176,390. The business has a 50-day moving average price of $768.63 and a 200-day moving average price of $700.17. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $151.25 billion, a price-to-earnings ratio of 88.56, a P/E/G ratio of 4.65 and a beta of 0.97. ServiceNow, Inc. has a twelve month low of $427.68 and a twelve month high of $815.32.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share for the quarter, topping the consensus estimate of $2.77 by $0.34. The firm had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.40 billion. ServiceNow had a return on equity of 11.85% and a net margin of 19.30%. The company’s revenue for the quarter was up 25.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.88 earnings per share. Sell-side analysts anticipate that ServiceNow, Inc. will post 6.16 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

NOW has been the subject of several analyst reports. Jefferies Financial Group raised their target price on ServiceNow from $885.00 to $900.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. BMO Capital Markets raised their target price on ServiceNow from $630.00 to $850.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. Stifel Nicolaus reaffirmed a “buy” rating and set a $820.00 price target on shares of ServiceNow in a report on Wednesday, March 20th. Wells Fargo & Company raised their price target on ServiceNow from $875.00 to $900.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, JMP Securities raised their price target on ServiceNow from $665.00 to $825.00 and gave the company a “market outperform” rating in a report on Monday, January 22nd. Three analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. According to MarketBeat, ServiceNow presently has a consensus rating of “Moderate Buy” and an average price target of $780.00.

Insiders Place Their Bets

In other ServiceNow news, insider Paul John Smith sold 1,795 shares of ServiceNow stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $781.06, for a total transaction of $1,402,002.70. Following the transaction, the insider now directly owns 994 shares in the company, valued at $776,373.64. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO William R. Mcdermott sold 5,030 shares of the business’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total value of $3,787,992.40. Following the sale, the chief executive officer now directly owns 17,177 shares in the company, valued at $12,935,655.16. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Paul John Smith sold 1,795 shares of the business’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $781.06, for a total value of $1,402,002.70. Following the completion of the sale, the insider now owns 994 shares in the company, valued at $776,373.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,164 shares of company stock worth $9,940,303. Corporate insiders own 0.25% of the company’s stock.

About ServiceNow

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.