Flagship Harbor Advisors LLC lifted its position in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 15.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,845 shares of the information technology services provider’s stock after buying an additional 248 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in ServiceNow were worth $877,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in NOW. Chilton Capital Management LLC purchased a new stake in ServiceNow during the 4th quarter valued at approximately $25,000. OLD Second National Bank of Aurora purchased a new stake in ServiceNow in the 1st quarter valued at approximately $28,000. High Net Worth Advisory Group LLC purchased a new stake in ServiceNow in the 1st quarter valued at approximately $29,000. Delos Wealth Advisors LLC purchased a new stake in ServiceNow during the 4th quarter valued at approximately $40,000. Finally, San Luis Wealth Advisors LLC purchased a new stake in ServiceNow in the 1st quarter valued at approximately $49,000. Institutional investors and hedge funds own 87.49% of the company’s stock.
Insider Buying and Selling
In other news, CFO Gina Mastantuono sold 4,262 shares of the stock in a transaction on Monday, August 29th. The stock was sold at an average price of $439.10, for a total value of $1,871,444.20. Following the completion of the transaction, the chief financial officer now owns 4,262 shares of the company’s stock, valued at $1,871,444.20. The transaction was disclosed in a document filed with the SEC, which is available on the SEC website. In other news, CFO Gina Mastantuono sold 4,262 shares of the stock in a transaction on Monday, August 29th. The stock was sold at an average price of $439.10, for a total value of $1,871,444.20. Following the completion of the transaction, the chief financial officer now owns 4,262 shares of the company’s stock, valued at $1,871,444.20. The transaction was disclosed in a document filed with the SEC, which is available on the SEC website. Also, insider Lara Caimi sold 977 shares of the stock in a transaction on Wednesday, August 10th. The stock was sold at an average price of $514.96, for a total value of $503,115.92. Following the completion of the transaction, the insider now directly owns 43 shares of the company’s stock, valued at approximately $22,143.28. The disclosure for this sale can be found here. Insiders sold a total of 32,922 shares of company stock valued at $15,146,557 over the last three months. 0.28% of the stock is owned by insiders.
Changes in Analyst Ratings
NOW has been the subject of several recent research reports. Piper Sandler dropped their price objective on ServiceNow from $600.00 to $550.00 and set an “overweight” rating for the company in a research report on Thursday, July 28th. BMO Capital Markets dropped their price target on ServiceNow from $595.00 to $520.00 in a report on Friday, July 15th. Truist Financial dropped their price target on ServiceNow from $600.00 to $550.00 and set a “buy” rating for the company in a report on Thursday, July 28th. Canaccord Genuity Group dropped their price target on ServiceNow from $615.00 to $510.00 and set a “buy” rating for the company in a report on Thursday, July 28th. Finally, Morgan Stanley lowered their price target on ServiceNow from $594.00 to $575.00 and set an “overweight” rating for the company in a report on Thursday, July 14th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and twenty-eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $593.29.
ServiceNow Stock Performance
Shares of NOW opened at $386.97 on Friday. The business’s 50-day moving average is $454.93 and its two-hundred-day moving average is $479.32. ServiceNow, Inc. has a 52-week low of $386.70 and a 52-week high of $707.60. The company has a market cap of $78.17 billion, a price-to-earnings ratio of 425.24, a PEG ratio of 8.17 and a beta of 0.94. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.35.
ServiceNow (NYSE:NOW – Get Rating) last announced its earnings results on Wednesday, July 27th. The information technology services provider reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.08. ServiceNow had a return on equity of 7.22% and a net margin of 2.79%. The company had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same period last year, the company posted $0.38 EPS. ServiceNow’s quarterly revenue was up 24.3% on a year-over-year basis. Analysts predict that ServiceNow, Inc. will post 1.72 EPS for the current fiscal year.
About ServiceNow
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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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