Anomaly Capital Management LP Purchases Shares of 44,390 ServiceNow, Inc. (NYSE:NOW)

Anomaly Capital Management LP acquired a new position in shares of ServiceNow, Inc. (NYSE:NOW) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 44,390 shares of the information technology services provider’s stock, valued at approximately $47,059,000. ServiceNow makes up 1.4% of Anomaly Capital Management LP’s investment portfolio, making the stock its 25th biggest holding.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Atala Financial Inc acquired a new stake in ServiceNow during the fourth quarter worth about $28,000. LFA Lugano Financial Advisors SA purchased a new position in ServiceNow in the 4th quarter worth approximately $32,000. FPC Investment Advisory Inc. boosted its stake 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 during the period. Noble Wealth Management PBC purchased a new stake in ServiceNow during the 4th quarter worth $34,000. Finally, Heck Capital Advisors LLC acquired a new position in shares of ServiceNow in the fourth quarter worth about $37,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Trading Down 1.9 %

Shares of ServiceNow stock opened at $757.13 on Tuesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The company’s fifty day moving average price is $848.45 and its two-hundred day moving average price is $969.57. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The firm has a market capitalization of $156.73 billion, a PE ratio of 110.85, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08.

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

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

Wall Street Analysts Forecast Growth

NOW has been the subject of several research analyst reports. Bank of America reduced their target price on ServiceNow from $1,280.00 to $1,025.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. Wells Fargo & Company cut their price objective on ServiceNow from $1,250.00 to $1,100.00 and set an “overweight” rating on the stock in a research note on Monday, April 14th. Citigroup decreased their price objective on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. Oppenheimer lifted their target price on 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, Raymond James reduced 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, April 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-eight have assigned a buy rating to the stock. According to MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and an average target price of $1,056.07.

Insider Activity

In other news, Director Larry Quinlan sold 415 shares of ServiceNow stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $1,007.41, for a total value of $418,075.15. Following the completion of the sale, the director now directly owns 1,737 shares of the company’s stock, valued at approximately $1,749,871.17. This trade represents a 19.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 value of $4,285,197.40. Following the completion of the transaction, the chief financial officer now owns 11,126 shares in the company, valued at approximately $10,733,252.20. This represents a 28.53 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,250 shares of company stock worth $19,853,273. 0.38% of the stock is owned by corporate insiders.

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.