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

Tower Research Capital LLC TRC increased its position in shares of ServiceNow, Inc. (NYSE:NOW) by 193.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 16,137 shares of the information technology services provider’s stock after purchasing 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 quarter.

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

ServiceNow Price Performance

Shares of NYSE:NOW opened at $772.18 on Friday. 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, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The company’s 50 day moving average is $852.94 and its 200 day moving average is $970.14. The company has a market cap of $159.84 billion, a PE ratio of 113.06, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08.

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

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

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Raymond James reduced their target price on shares of ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 8th. Truist Financial lowered their target price on ServiceNow from $1,100.00 to $950.00 and set a “hold” rating for the company in a report on Monday, March 31st. Scotiabank cut their price target on ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating on the stock in a research note on Monday, March 17th. Redburn Atlantic began coverage on shares of ServiceNow in a report on Wednesday, February 19th. They issued a “buy” rating for the company. Finally, Needham & Company LLC lifted their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating 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-eight have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $1,057.17.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 354 shares of the stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total value of $284,831.94. Following the completion of the sale, the insider now directly owns 3,027 shares in the company, valued at $2,435,554.47. This represents a 10.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Russell S. Elmer sold 2,511 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $1,012.09, for a total transaction of $2,541,357.99. Following the completion of the sale, the general counsel now owns 4,332 shares of the company’s stock, valued at approximately $4,384,373.88. The trade was a 36.69 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,250 shares of company stock worth $19,853,273. 0.38% of the stock is 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.