Alcosta Capital Management Inc. Has $12.66 Million Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Alcosta Capital Management Inc. boosted its position in ServiceNow, Inc. (NYSE:NOW) by 0.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 11,942 shares of the information technology services provider’s stock after acquiring an additional 29 shares during the quarter. ServiceNow makes up approximately 7.4% of Alcosta Capital Management Inc.’s investment portfolio, making the stock its 2nd largest holding. Alcosta Capital Management Inc.’s holdings in ServiceNow were worth $12,660,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of NOW. Atala Financial Inc acquired a new position in shares of ServiceNow during the fourth quarter worth approximately $28,000. LFA Lugano Financial Advisors SA bought a new position in ServiceNow during the fourth quarter worth $32,000. Noble Wealth Management PBC acquired a new position in ServiceNow during the 4th quarter valued at $34,000. FPC Investment Advisory Inc. boosted its holdings 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 during the period. Finally, Heck Capital Advisors LLC acquired a new stake in ServiceNow in the 4th quarter worth $37,000. Institutional investors own 87.18% of the company’s stock.

ServiceNow Trading Down 6.9 %

NOW opened at $720.69 on Friday. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The firm has a 50-day moving average price of $917.80 and a two-hundred day moving average price of $980.64. The stock has a market capitalization of $148.46 billion, a PE ratio of 105.52, a PEG ratio of 4.51 and a beta of 1.03. 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 issued its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. As a group, equities analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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

Insider Transactions at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction dated Tuesday, February 25th. The stock was 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 directly owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. The trade was a 44.66 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Gina Mastantuono sold 4,442 shares of the firm’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the completion of the transaction, the chief financial officer now directly owns 11,126 shares in the company, valued at $10,733,252.20. This trade represents a 28.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,351 shares of company stock worth $20,050,076 over the last 90 days. 0.25% of the stock is owned by insiders.

Wall Street Analyst Weigh In

NOW has been the subject of a number of research analyst reports. Oppenheimer upped their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. UBS Group cut their price target on ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating for the company in a report on Tuesday, March 11th. KeyCorp lowered ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. Scotiabank lowered their price objective on ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating on the stock in a research report on Monday, March 17th. Finally, Piper Sandler raised their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. 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 data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $1,086.00.

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.