CloudAlpha Capital Management Limited Hong Kong Increases Stock Position in ServiceNow, Inc. (NYSE:NOW)

CloudAlpha Capital Management Limited Hong Kong lifted its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 1,455.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,550 shares of the information technology services provider’s stock after acquiring an additional 14,550 shares during the period. ServiceNow accounts for about 1.0% of CloudAlpha Capital Management Limited Hong Kong’s holdings, making the stock its 18th biggest position. CloudAlpha Capital Management Limited Hong Kong’s holdings in ServiceNow were worth $10,986,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its position in ServiceNow by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 17,753,781 shares of the information technology services provider’s stock valued at $9,923,653,000 after buying an additional 122,577 shares during the last quarter. State Street Corp grew its position in ServiceNow by 1.8% in the 1st quarter. State Street Corp now owns 8,082,154 shares of the information technology services provider’s stock valued at $3,755,904,000 after buying an additional 141,744 shares during the last quarter. Morgan Stanley grew its position in ServiceNow by 4.3% in the 4th quarter. Morgan Stanley now owns 7,071,786 shares of the information technology services provider’s stock valued at $2,745,763,000 after buying an additional 288,522 shares during the last quarter. FMR LLC grew its position in ServiceNow by 17.3% in the 3rd quarter. FMR LLC now owns 4,036,796 shares of the information technology services provider’s stock valued at $2,256,407,000 after buying an additional 595,697 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in ServiceNow by 2.3% in the 1st quarter. Geode Capital Management LLC now owns 3,589,941 shares of the information technology services provider’s stock valued at $1,663,879,000 after buying an additional 79,037 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO William R. Mcdermott sold 5,030 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the completion of the transaction, the chief executive officer now directly owns 17,177 shares in the company, valued at approximately $12,935,655.16. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, CEO William R. Mcdermott sold 5,030 shares of the stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total value of $3,787,992.40. Following the completion of the transaction, the chief executive officer now owns 17,177 shares of the company’s stock, valued at $12,935,655.16. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Paul John Smith sold 1,795 shares of the stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $781.06, for a total value of $1,402,002.70. Following the completion of the transaction, the insider now directly owns 994 shares of the company’s stock, valued at approximately $776,373.64. The disclosure for this sale can be found here. Insiders sold a total of 13,164 shares of company stock worth $9,940,303 in the last three months. 0.25% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Oppenheimer lifted their price objective on shares of ServiceNow from $750.00 to $800.00 and gave the company an “outperform” rating in a research report on Thursday, January 18th. KeyCorp initiated coverage on ServiceNow in a report on Thursday, March 21st. They issued an “overweight” rating and a $1,000.00 target price for the company. Guggenheim reissued a “neutral” rating on shares of ServiceNow in a report on Monday. Truist Financial raised their target price on ServiceNow from $700.00 to $750.00 and gave the company a “hold” rating in a report on Thursday, January 25th. Finally, Piper Sandler raised their target price on ServiceNow from $750.00 to $830.00 and gave the company an “overweight” rating in a report on Thursday, January 25th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $780.00.

ServiceNow Stock Performance

Shares of NOW stock traded down $8.33 on Wednesday, hitting $736.45. 721,183 shares of the stock traded hands, compared to its average volume of 1,176,390. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.06 and a quick ratio of 1.06. The company has a market capitalization of $151.25 billion, a PE ratio of 88.56, a PEG ratio of 4.65 and a beta of 0.97. ServiceNow, Inc. has a 1-year low of $427.68 and a 1-year high of $815.32. The company’s fifty day moving average is $768.63 and its 200 day moving average is $700.17.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.77 by $0.34. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.40 billion. ServiceNow had a return on equity of 11.85% and a net margin of 19.30%. The business’s revenue was up 25.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.88 EPS. On average, equities research analysts predict that ServiceNow, Inc. will post 6.16 earnings per share for the current fiscal year.

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.