Arlington Capital Management Inc. Makes New Investment in ServiceNow, Inc. (NYSE:NOW)

Arlington Capital Management Inc. bought a new stake in ServiceNow, Inc. (NYSE:NOW) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm bought 190 shares of the information technology services provider’s stock, valued at approximately $201,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Polymer Capital Management HK LTD increased its position in shares of ServiceNow by 57.0% during the third quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after buying an additional 981 shares during the period. Union Bancaire Privee UBP SA bought a new position in ServiceNow during the fourth quarter valued at about $48,802,000. Dock Street Asset Management Inc. increased its holdings in ServiceNow by 3.4% in the 4th quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock worth $35,147,000 after acquiring an additional 1,105 shares during the last quarter. Cardano Risk Management B.V. purchased a new stake in shares of ServiceNow during the 4th quarter valued at approximately $105,090,000. Finally, Rheos Capital Works Inc. purchased a new stake in shares of ServiceNow in the fourth quarter worth about $10,071,000. 87.18% of the stock is owned by institutional investors.

ServiceNow Stock Performance

Shares of NOW opened at $860.50 on Wednesday. The company has a 50-day simple moving average of $964.71 and a 200-day simple moving average of $985.75. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $177.26 billion, a PE ratio of 125.99, a P/E/G ratio of 4.51 and a beta of 1.03.

ServiceNow (NYSE:NOW) last released 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%. Equities research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has initiated a share repurchase plan on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at ServiceNow

In other news, insider Jacqueline P. Canney sold 455 shares of the firm’s stock in a transaction on 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 $3,204,200.58. This trade represents a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction that occurred on 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 sale, the insider now owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. The trade was a 44.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock worth $20,050,076 in the last ninety days. 0.25% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on NOW shares. Piper Sandler increased their price target on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Scotiabank cut their price objective on ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating for the company in a report on Monday, March 17th. Royal Bank of Canada set a $986.00 target price on ServiceNow in a research report on Tuesday, March 11th. KeyCorp lowered shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. Finally, TD Cowen raised their target price on ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $1,100.31.

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.