Tower Research Capital LLC TRC Acquires 10,634 Shares of ServiceNow, Inc. (NYSE:NOW)

Tower Research Capital LLC TRC boosted its stake in ServiceNow, Inc. (NYSE:NOW) by 193.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,137 shares of the information technology services provider’s stock after acquiring an additional 10,634 shares during the period. Tower Research Capital LLC TRC’s holdings in ServiceNow were worth $17,107,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Atala Financial Inc bought a new position in ServiceNow in the fourth quarter worth about $28,000. LFA Lugano Financial Advisors SA bought a new stake in shares of ServiceNow during the fourth quarter valued at approximately $32,000. Noble Wealth Management PBC purchased a new position in ServiceNow during the fourth quarter valued at $34,000. FPC Investment Advisory Inc. boosted its holdings in shares of ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after buying an additional 29 shares in the last quarter. Finally, Heck Capital Advisors LLC bought a new position in shares of ServiceNow in the 4th quarter worth about $37,000. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Down 3.1 %

NOW opened at $772.18 on Friday. The stock has a market cap of $159.84 billion, a price-to-earnings ratio of 113.06, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. 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’s fifty day moving average is $852.94 and its 200 day moving average is $970.14. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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%. On average, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on NOW. StockNews.com cut shares of ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday, February 11th. The Goldman Sachs Group dropped their target price on ServiceNow from $1,200.00 to $1,050.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. Jefferies Financial Group lowered their price target on ServiceNow from $1,250.00 to $1,025.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. Scotiabank reduced their price objective on shares of ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating for the company in a research note on Monday, March 17th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $1,275.00 price target on shares of ServiceNow in a report on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,057.17.

Insider Buying and Selling at ServiceNow

In related news, insider Jacqueline P. Canney sold 292 shares of the business’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total value of $297,124.60. Following the sale, the insider now directly owns 3,027 shares in the company, valued at approximately $3,080,123.85. The trade was a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 value of $2,720,355.40. Following the transaction, the insider now owns 3,649 shares of the company’s stock, valued at $3,370,654.28. This represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,250 shares of company stock valued at $19,853,273 in the last three months. 0.38% of the stock is currently owned by corporate insiders.

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.