Catalyst Funds Management Pty Ltd Invests $1.06 Million in ServiceNow, Inc. (NYSE:NOW)

Catalyst Funds Management Pty Ltd purchased a new stake in ServiceNow, Inc. (NYSE:NOW) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 1,000 shares of the information technology services provider’s stock, valued at approximately $1,060,000.

Other institutional investors have also made changes to their positions in the company. Polymer Capital Management HK LTD boosted its stake in shares of ServiceNow by 57.0% in the third quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock valued at $2,416,000 after buying an additional 981 shares during the period. Union Bancaire Privee UBP SA bought a new stake in shares of ServiceNow in the fourth quarter valued at approximately $48,802,000. Dock Street Asset Management Inc. boosted its stake 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 valued at $35,147,000 after buying an additional 1,105 shares during the period. Cardano Risk Management B.V. bought a new stake in shares of ServiceNow in the fourth quarter valued at approximately $105,090,000. Finally, Rheos Capital Works Inc. bought a new stake in shares of ServiceNow in the fourth quarter valued at approximately $10,071,000. 87.18% of the stock is currently owned by institutional investors.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the transaction, the insider now owns 3,649 shares in the company, valued at approximately $3,370,654.28. The trade was a 44.66 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Gina Mastantuono sold 4,442 shares of ServiceNow 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 transaction, the chief financial officer now owns 11,126 shares of the company’s stock, 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. In the last quarter, insiders sold 20,351 shares of company stock worth $20,050,076. Insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Oppenheimer boosted their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Robert W. Baird dropped their price target on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a research note on Thursday, January 30th. Royal Bank of Canada reiterated an “outperform” rating and issued a $1,210.00 price target on shares of ServiceNow in a research note on Thursday, January 30th. The Goldman Sachs Group increased their price target on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Finally, KeyCorp cut ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $1,114.24.

ServiceNow Stock Performance

Shares of NOW opened at $845.75 on Friday. 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 stock has a 50-day moving average of $992.95 and a 200-day moving average of $983.44. The company has a market cap of $174.22 billion, a PE ratio of 123.83, a P/E/G ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, equities research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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

ServiceNow Company 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.