Moore Capital Management LP Sells 7,387 Shares of ServiceNow, Inc. (NYSE:NOW)

Moore Capital Management LP cut its position in shares of ServiceNow, Inc. (NYSE:NOW) by 70.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,045 shares of the information technology services provider’s stock after selling 7,387 shares during the quarter. Moore Capital Management LP’s holdings in ServiceNow were worth $3,228,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Lazard Asset Management LLC increased its position in shares of ServiceNow by 25.0% during the 4th quarter. Lazard Asset Management LLC now owns 36,749 shares of the information technology services provider’s stock valued at $38,957,000 after purchasing an additional 7,349 shares during the last quarter. Laird Norton Wetherby Wealth Management LLC grew its position in ServiceNow by 1.6% during the 4th quarter. Laird Norton Wetherby Wealth Management LLC now owns 5,539 shares of the information technology services provider’s stock worth $5,872,000 after acquiring an additional 85 shares during the last quarter. Interval Partners LP bought a new position in ServiceNow during the 4th quarter worth approximately $2,296,000. Investment Management Corp of Ontario grew its position in ServiceNow by 25.1% during the 4th quarter. Investment Management Corp of Ontario now owns 11,189 shares of the information technology services provider’s stock worth $11,862,000 after acquiring an additional 2,242 shares during the last quarter. Finally, Janus Henderson Group PLC grew its position in ServiceNow by 1.5% during the 4th quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider’s stock worth $874,258,000 after acquiring an additional 12,533 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Up 3.6%

Shares of NYSE:NOW opened at $1,015.60 on Tuesday. The stock has a fifty day simple moving average of $846.83 and a two-hundred day simple moving average of $971.03. The stock has a market capitalization of $210.23 billion, a price-to-earnings ratio of 148.70, a PEG ratio of 4.51 and a beta of 0.97. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.78 by $0.26. The business had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The firm’s quarterly revenue was up 18.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.41 earnings per share. On average, research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors has approved a stock buyback program on Wednesday, January 29th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other ServiceNow news, insider Jacqueline P. Canney sold 257 shares of ServiceNow stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $985.00, for a total value of $253,145.00. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $2,981,595. This trade represents a 7.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Gina Mastantuono sold 292 shares of ServiceNow stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $985.00, for a total value of $287,620.00. Following the completion of the sale, the chief financial officer now directly owns 11,198 shares of the company’s stock, valued at approximately $11,030,030. The trade was a 2.54% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 14,844 shares of company stock valued at $14,204,938. Corporate insiders own 0.38% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Citigroup raised their price target on ServiceNow from $1,128.00 to $1,160.00 and gave the stock a “buy” rating in a research report on Wednesday, May 7th. Robert W. Baird raised their price target on ServiceNow from $1,010.00 to $1,150.00 and gave the stock an “outperform” rating in a research report on Thursday, April 24th. Oppenheimer restated an “outperform” rating and set a $1,100.00 price target (up from $970.00) on shares of ServiceNow in a research report on Tuesday, May 6th. Mizuho reduced their price target on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 11th. Finally, UBS Group reiterated a “buy” rating and issued a $1,025.00 price objective (up previously from $900.00) on shares of ServiceNow in a report on Thursday, April 24th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $1,055.83.

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.