Mutual Advisors LLC raised its position in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 15.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,827 shares of the information technology services provider’s stock after purchasing an additional 251 shares during the period. Mutual Advisors LLC’s holdings in ServiceNow were worth $1,017,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also bought and sold shares of the company. Kentucky Retirement Systems Insurance Trust Fund lifted its holdings in shares of ServiceNow by 7.5% in the 1st quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 5,903 shares of the information technology services provider’s stock valued at $3,287,000 after acquiring an additional 413 shares during the period. Kentucky Retirement Systems lifted its holdings in shares of ServiceNow by 1.7% in the 1st quarter. Kentucky Retirement Systems now owns 12,748 shares of the information technology services provider’s stock valued at $7,099,000 after acquiring an additional 211 shares during the period. Avantax Planning Partners Inc. raised its holdings in shares of ServiceNow by 6.1% in the 1st quarter. Avantax Planning Partners Inc. now owns 1,092 shares of the information technology services provider’s stock valued at $608,000 after acquiring an additional 63 shares during the period. SP Asset Management lifted its holdings in shares of ServiceNow by 9.1% in the 1st quarter. SP Asset Management now owns 384 shares of the information technology services provider’s stock valued at $214,000 after acquiring an additional 32 shares during the period. Finally, Forsta AP Fonden increased its stake in ServiceNow by 19.6% during the 1st quarter. Forsta AP Fonden now owns 47,600 shares of the information technology services provider’s stock valued at $26,508,000 after buying an additional 7,800 shares during the last quarter. 87.20% of the stock is owned by institutional investors.
Wall Street Analysts weigh in
Several research analysts recently weighed in on NOW shares. Truist Financial dropped their price target on ServiceNow from $600.00 to $550.00 and set a “buy” rating on the stock in a research note on Thursday, July 28th. Jefferies Financial Group dropped their price target on ServiceNow from $700.00 to $550.00 in a research note on Monday, May 23rd. Credit Suisse Group dropped their price target on ServiceNow from $700.00 to $650.00 and set an “outperform” rating on the stock in a research note on Thursday, July 28th. Stifel Nicolaus dropped their target price on ServiceNow from $650.00 to $550.00 in a research note on Wednesday, May 25th. Finally, Mizuho dropped their target price on ServiceNow from $520.00 to $500.00 and set a “buy” rating on the stock in a research note on Thursday, July 28th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and twenty-nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $601.80.
ServiceNow Trading rose 5.9%
Shares of ServiceNow stock opened at $516.20 on Thursday. The company has a market capitalization of $104.27 billion, a price-to-earnings ratio of 567.25, a PEG ratio of 9.89 and a beta of 0.94. ServiceNow, Inc. has a fifty-two week low of $406.47 and a fifty-two week high of $707.60. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.12 and a current ratio of 1.12. The stock has a 50 day moving average of $467.08 and a 200 day moving average of $503.34.
ServiceNow (NYSE:NOW – Get Rating) last released its quarterly earnings data on Wednesday, July 27th. The information technology services provider reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.08. ServiceNow has a return on equity of 7.22% and a net margin of 2.79%. The company had revenue of $1.75 billion in the quarter, compared to analyst estimates of $1.76 billion. During the same period last year, the business posted $0.38 earnings per share. The company’s revenue for the quarter was up 24.3% compared to the same quarter last year. As a group, research analysts predict that ServiceNow, Inc. will post 1.73 earnings per share for the current year.
Insiders Place Their Bets
In other ServiceNow news, Director Frederic B. Luddy sold 6,600 shares of the company’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $465.86, for a total transaction of $3,074,676.00. Following the transaction, the director now directly owns 33,000 shares in the company, valued at $15,373,380. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, COO Chirantan Jitendra Desai sold 7,000 shares of the stock in a transaction on Friday, May 27th. The stock was sold at an average price of $477.52, for a total value of $3,342,640.00. Following the sale, the chief operating officer now directly owns 38,980 shares in the company, valued at $18,613,729.60. The sale was disclosed in a legal filing with the SEC, which can be accessed via this hyperlink. Also, Director Frederic B. Luddy sold 6,600 shares of the stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $465.86, for a total value of $3,074,676.00. Following the completion of the sale, the director now owns 33,000 shares in the company, valued at $15,373,380. The disclosure for this sale can be found here. Insiders have sold 32,510 shares of company stock valued at $15,196,656 over the last ninety days. Corporate insiders own 0.28% of the company’s stock.
ServiceNow Company Profile
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ServiceNow, Inc provides enterprise cloud computing solutions that define, build, integrate, manage, and automate services for businesses worldwide. It powers the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.
Further Reading
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