Castleark Management LLC Reduces Stake in ServiceNow, Inc. (NYSE:NOW)

Castleark Management LLC reduced its stake in ServiceNow, Inc. (NYSE:NOW) by 5.4% during the 4th quarter, HoldingsChannel.com reports. The firm owned 59,946 shares of the information technology services provider’s stock after selling 3,450 shares during the period. ServiceNow makes up 2.2% of Castleark Management LLC’s investment portfolio, making the stock its 14th largest position. Castleark Management LLC’s holdings in ServiceNow were worth $63,550,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quarry LP purchased a new position in shares of ServiceNow during the fourth quarter worth about $27,000. Atala Financial Inc acquired a new position in shares of ServiceNow during the 4th quarter worth $28,000. LFA Lugano Financial Advisors SA purchased a new position in ServiceNow in the fourth quarter valued at about $32,000. FPC Investment Advisory Inc. increased its stake in ServiceNow by 725.0% in the 4th 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. Finally, Noble Wealth Management PBC purchased a new stake in shares of ServiceNow in the 4th quarter worth about $34,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Activity at ServiceNow

In other ServiceNow news, CFO Gina Mastantuono sold 4,442 shares of the firm’s stock in a transaction on Friday, February 21st. The stock was 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 of the company’s stock, valued at approximately $10,733,252.20. This trade represents a 28.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the sale, the insider now owns 3,649 shares in the company, valued at $3,370,654.28. This represents a 44.66% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 10,061 shares of company stock worth $9,515,766. Insiders own 0.38% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on NOW. UBS Group reaffirmed a “buy” rating and issued a $1,025.00 target price (up previously from $900.00) on shares of ServiceNow in a research note on Thursday, April 24th. Piper Sandler decreased their price objective on ServiceNow from $1,200.00 to $1,120.00 and set an “overweight” rating on the stock in a report on Thursday, April 24th. Guggenheim increased their target price on ServiceNow from $716.00 to $724.00 and gave the stock a “sell” rating in a research report on Thursday, April 24th. TD Securities reaffirmed a “buy” rating and set a $1,100.00 price target on shares of ServiceNow in a research report on Thursday, April 24th. Finally, Morgan Stanley increased their target price on shares of ServiceNow from $881.00 to $950.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and an average price target of $1,062.50.

ServiceNow Stock Down 0.5%

Shares of NOW opened at $1,020.53 on Wednesday. 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 firm has a market capitalization of $211.25 billion, a price-to-earnings ratio of 149.42, a PEG ratio of 4.51 and a beta of 0.97. The business’s fifty day moving average price is $871.37 and its two-hundred day moving average price is $974.45. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09.

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

ServiceNow announced that its board has authorized a stock 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 management believes its stock is undervalued.

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.