Alphinity Investment Management Pty Ltd Makes New $682.47 Million Investment in ServiceNow, Inc. (NYSE:NOW)

Alphinity Investment Management Pty Ltd acquired a new stake in shares of ServiceNow, Inc. (NYSE:NOW) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 643,765 shares of the information technology services provider’s stock, valued at approximately $682,468,000. ServiceNow comprises approximately 3.7% of Alphinity Investment Management Pty Ltd’s holdings, making the stock its 13th biggest position. Alphinity Investment Management Pty Ltd owned 0.31% of ServiceNow at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Modera Wealth Management LLC purchased a new position in ServiceNow during the third quarter worth about $244,000. Pallas Capital Advisors LLC boosted its holdings in ServiceNow by 8.0% during the third quarter. Pallas Capital Advisors LLC now owns 2,410 shares of the information technology services provider’s stock worth $2,305,000 after purchasing an additional 179 shares during the last quarter. Strategic Blueprint LLC purchased a new position in ServiceNow during the third quarter worth about $241,000. Valmark Advisers Inc. boosted its holdings in ServiceNow by 6.0% during the third quarter. Valmark Advisers Inc. now owns 2,332 shares of the information technology services provider’s stock worth $2,086,000 after purchasing an additional 133 shares during the last quarter. Finally, Fidelis Capital Partners LLC boosted its holdings in ServiceNow by 6.9% during the third quarter. Fidelis Capital Partners LLC now owns 1,277 shares of the information technology services provider’s stock worth $1,159,000 after purchasing an additional 82 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. The trade was a 13.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Gina Mastantuono sold 4,442 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $964.70, for a total value of $4,285,197.40. Following the transaction, the chief financial officer now owns 11,126 shares in the company, valued at $10,733,252.20. This trade represents a 28.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,706 shares of company stock worth $17,644,106 in the last 90 days. 0.25% of the stock is owned by company insiders.

ServiceNow Price Performance

NOW stock opened at $941.79 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The stock has a market cap of $194.01 billion, a PE ratio of 137.89, a P/E/G ratio of 4.51 and a beta of 0.99. The firm has a 50 day simple moving average of $1,044.39 and a two-hundred day simple moving average of $981.23.

ServiceNow (NYSE:NOW) last released its quarterly 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 net margin of 12.97% and a return on equity of 17.11%. On average, analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. JPMorgan Chase & Co. boosted their price target 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. JMP Securities reiterated a “market outperform” rating and issued a $1,300.00 target price on shares of ServiceNow in a research note on Thursday, January 30th. TD Cowen boosted their target price on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Truist Financial boosted their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research note on Thursday, December 12th. Finally, The Goldman Sachs Group boosted their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research note on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $1,129.72.

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.