Private Advisor Group LLC boosted its holdings in ServiceNow, Inc. (NYSE:NOW – Get Rating) by 22.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,348 shares of the information technology services provider’s stock after purchasing an additional 1,878 shares during the period. Private Advisor Group LLC’s holdings in ServiceNow were worth $5,763,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also modified their holdings of the business. Raised by BlackRock Inc. its position in ServiceNow by 0.4% during the fourth quarter. BlackRock Inc. now owns 16,190,700 shares of the information technology services provider’s stock valued at $10,509,544,000 after buying an additional 65,623 shares during the last quarter. State Street Corp raised its position in ServiceNow by 3.2% during the fourth quarter. State Street Corp now owns 7,870,165 shares of the information technology services provider’s stock valued at $5,108,603,000 after purchasing an additional 241,296 shares during the last quarter. Geode Capital Management LLC increased its position in ServiceNow by 3.6% during the fourth quarter. Geode Capital Management LLC now owns 3,082,765 shares of the information technology services provider’s stock valued at $1,995,048,000 after purchasing an additional 106,519 shares during the last quarter. Nuveen Asset Management LLC increased its position in ServiceNow by 11.7% during the fourth quarter. Nuveen Asset Management LLC now owns 2,925,155 shares of the information technology services provider’s stock valued at $1,898,748,000 after purchasing an additional 305,908 shares during the last quarter. Finally, Edgewood Management LLC acquired a new stake in ServiceNow during the first quarter valued at approximately $1,515,281,000. 87.49% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In other news, Director Frederic B. Luddy sold 6,600 shares of the company’s stock in a transaction dated Thursday, July 7th. The shares were sold at an average price of $497.01, for a total transaction of $3,280,266.00. Following the completion of the transaction, the director now owns 33,600 shares of the company’s stock, valued at approximately $16,699,536. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Frederic B. Luddy sold 6,600 shares of the stock in a transaction that occurred on Thursday, July 7th. The stock was sold at an average price of $497.01, for a total transaction of $3,280,266.00. Following the completion of the transaction, the director now directly owns 33,600 shares in the company, valued at approximately $16,699,536. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Nicholas Tzitzon sold 2,822 shares of the firm’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $438.75, for a total value of $1,238,152.50. The disclosure for this sale can be found here. Insiders have sold 26,701 shares of company stock valued at $12,502,785 over the last three months. Corporate insiders own 0.28% of the company’s stock.
ServiceNow Stock Performance
Shares of ServiceNow stock opened at $435.78 on Tuesday. The company’s fifty-day simple moving average is $468.93 and its 200-day simple moving average is $494.50. The stock has a market capitalization of $88.03 billion, a price-to-earnings ratio of 478.88, a PEG ratio of 9.05 and a beta of 0.94. ServiceNow, Inc. has a 12 month low of $406.47 and a 12 month high of $707.60. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.12 and a quick ratio of 1.12.
ServiceNow (NYSE:NOW – Get Rating) last announced its earnings results on Wednesday, July 27th. The information technology services provider reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.08. The business had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.76 billion. ServiceNow has a net margin of 2.79% and a return on equity of 7.22%. The company’s quarterly revenue was up 24.3% on a year-over-year basis. During the same period last year, the company posted $0.38 EPS. As a group, equities analysts predict that ServiceNow, Inc. will post 1.72 earnings per share for the current year.
Wall Street Analysts weigh in
Several research firms have recently issued reports on NOW. Barclays cut their price objective on shares of ServiceNow from $560.00 to $495.00 and set an “overweight” rating for the company in a research report on Thursday, July 28th. KeyCorp dropped their price target on shares of ServiceNow from $567.00 to $520.00 and set an “overweight” rating for the company in a research report on Thursday, July 28th. Truist Financial dropped their price target on shares of ServiceNow from $600.00 to $550.00 and set a “buy” rating for the company in a research report on Thursday, July 28th. Wells Fargo & Company dropped their price target on shares of ServiceNow from $600.00 to $550.00 and set an “overweight” rating for the company in a research report on Monday, July 25th. Finally, Canaccord Genuity Group dropped their price target on shares of ServiceNow from $615.00 to $510.00 and set a “buy” rating for the company in a research report on Thursday, July 28th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twenty-nine have given a buy rating to the company. According to MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and an average price target of $598.84.
ServiceNow 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.
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