Townsquare Capital LLC Has $53.65 Million Stake in ServiceNow, Inc. (NYSE:NOW)

Townsquare Capital LLC reduced its holdings in ServiceNow, Inc. (NYSE:NOW) by 17.9% during the 4th quarter, Holdings Channel reports. The fund owned 50,606 shares of the information technology services provider’s stock after selling 11,054 shares during the quarter. ServiceNow makes up approximately 0.6% of Townsquare Capital LLC’s portfolio, making the stock its 29th biggest position. Townsquare Capital LLC’s holdings in ServiceNow were worth $53,648,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. Atala Financial Inc bought a new stake in ServiceNow during the 4th quarter worth about $28,000. LFA Lugano Financial Advisors SA acquired a new position in shares of ServiceNow during the fourth quarter worth approximately $32,000. Noble Wealth Management PBC bought a new stake in shares of ServiceNow during the fourth quarter valued at approximately $34,000. FPC Investment Advisory Inc. increased its holdings in shares of 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. Finally, Heck Capital Advisors LLC bought a new position in ServiceNow in the 4th quarter worth approximately $37,000. 87.18% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Piper Sandler lifted their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Raymond James lowered their price objective on ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating for the company in a research report on Tuesday. William Blair reissued an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. Oppenheimer raised their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Finally, Stifel Nicolaus dropped their price target on shares of ServiceNow from $1,175.00 to $950.00 and set a “buy” rating for the company in a research note on Wednesday, April 2nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $1,073.93.

ServiceNow Price Performance

NOW stock opened at $785.78 on Friday. The stock has a 50-day moving average price of $875.51 and a two-hundred day moving average price of $973.27. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The stock has a market cap of $162.66 billion, a PE ratio of 115.05, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. 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 posted its quarterly earnings data 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 return on equity of 17.11% and a net margin of 12.97%. Equities analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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

Insider Transactions at ServiceNow

In related news, insider Jacqueline P. Canney sold 455 shares of the company’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the sale, the insider now owns 3,027 shares in the company, valued at approximately $3,204,200.58. This represents a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Russell S. Elmer sold 336 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total value of $341,896.80. Following the transaction, the general counsel now directly owns 4,332 shares of the company’s stock, valued at $4,408,026.60. This trade represents a 7.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock valued at $20,050,076 in the last ninety days. 0.25% of the stock is currently 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.