Dynamic Technology Lab Private Ltd Acquires New Holdings in ServiceNow, Inc. (NYSE:NOW)

Dynamic Technology Lab Private Ltd purchased a new stake in ServiceNow, Inc. (NYSE:NOW) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 489 shares of the information technology services provider’s stock, valued at approximately $518,000.

A number of other hedge funds also recently made changes to their positions in NOW. Union Bancaire Privee UBP SA acquired a new stake in ServiceNow in the fourth quarter worth about $48,802,000. Dock Street Asset Management Inc. lifted its stake in shares of ServiceNow by 3.4% in the 4th quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock worth $35,147,000 after acquiring an additional 1,105 shares during the period. Cardano Risk Management B.V. bought a new position in shares of ServiceNow in the fourth quarter valued at approximately $105,090,000. Rheos Capital Works Inc. acquired a new position in shares of ServiceNow during the fourth quarter valued at approximately $10,071,000. Finally, Czech National Bank raised its holdings in ServiceNow by 6.7% during the fourth quarter. Czech National Bank now owns 44,793 shares of the information technology services provider’s stock worth $47,486,000 after purchasing an additional 2,829 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

ServiceNow Trading Down 1.4 %

ServiceNow stock opened at $724.94 on Wednesday. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock has a market cap of $149.34 billion, a P/E ratio of 106.14, a P/E/G ratio of 4.51 and a beta of 1.08. The company’s fifty day simple moving average is $892.36 and its 200-day simple moving average is $976.70.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its Board of Directors has authorized a share 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 repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

Several brokerages have recently issued reports on NOW. KeyCorp cut ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. Redburn Atlantic started coverage on ServiceNow in a report on Wednesday, February 19th. They set a “buy” rating on the stock. Stifel Nicolaus reduced their price objective on shares of ServiceNow from $1,175.00 to $950.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. JPMorgan Chase & Co. boosted their target price on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. Finally, JMP Securities restated a “market outperform” rating and set a $1,300.00 target price on shares of ServiceNow in a report on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,079.10.

Insider Buying and Selling

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction 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 transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,370,654.28. This represents a 44.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of the firm’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total value of $481,635.70. Following the transaction, the insider now owns 3,027 shares in the company, valued at approximately $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,351 shares of company stock worth $20,050,076. Insiders own 0.25% of the company’s stock.

ServiceNow 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.