ServiceNow, Inc. (NYSE:NOW) Shares Acquired by Covenant Asset Management LLC

Covenant Asset Management LLC lifted its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 391.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,675 shares of the information technology services provider’s stock after buying an additional 5,317 shares during the quarter. Covenant Asset Management LLC’s holdings in ServiceNow were worth $3,751,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. WINTON GROUP Ltd boosted its holdings in ServiceNow by 357.5% in the first quarter. WINTON GROUP Ltd now owns 5,673 shares of the information technology services provider’s stock valued at $2,636,000 after purchasing an additional 4,433 shares in the last quarter. Lakewood Asset Management LLC acquired a new position in ServiceNow in the fourth quarter valued at approximately $52,000. Desjardins Global Asset Management Inc. boosted its holdings in ServiceNow by 78.7% in the first quarter. Desjardins Global Asset Management Inc. now owns 2,000 shares of the information technology services provider’s stock valued at $929,000 after purchasing an additional 881 shares in the last quarter. Alliance Wealth Advisors LLC UT boosted its holdings in ServiceNow by 5.1% in the first quarter. Alliance Wealth Advisors LLC UT now owns 7,087 shares of the information technology services provider’s stock valued at $3,294,000 after purchasing an additional 346 shares in the last quarter. Finally, Vancity Investment Management Ltd boosted its holdings in ServiceNow by 10.6% in the first quarter. Vancity Investment Management Ltd now owns 30,042 shares of the information technology services provider’s stock valued at $13,961,000 after purchasing an additional 2,884 shares in the last quarter. 87.14% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on NOW. Evercore ISI boosted their price objective on ServiceNow from $550.00 to $650.00 and gave the company an “overweight” rating in a research note on Tuesday, August 15th. Guggenheim boosted their price objective on ServiceNow from $518.00 to $657.00 and gave the company a “buy” rating in a research note on Wednesday, July 19th. JMP Securities boosted their price objective on ServiceNow from $553.00 to $665.00 and gave the company an “outperform” rating in a research note on Monday, July 24th. Sanford C. Bernstein boosted their price objective on ServiceNow from $586.00 to $665.00 in a research note on Tuesday, May 30th. Finally, BMO Capital Markets boosted their price objective on ServiceNow from $515.00 to $630.00 in a research note on Thursday, July 27th. Two equities research analysts have rated the stock with a hold rating and thirty-one have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $594.79.

ServiceNow Trading Down 1.3 %

NYSE:NOW traded down $7.56 during mid-day trading on Tuesday, reaching $570.95. The company’s stock had a trading volume of 141,448 shares, compared to its average volume of 1,453,424. The company’s fifty day simple moving average is $574.04 and its two-hundred day simple moving average is $518.80. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.14 and a quick ratio of 1.14. ServiceNow, Inc. has a twelve month low of $337.00 and a twelve month high of $614.36. The stock has a market cap of $116.33 billion, a P/E ratio of 83.36, a P/E/G ratio of 5.85 and a beta of 1.01.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, July 26th. The information technology services provider reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.34. ServiceNow had a return on equity of 11.07% and a net margin of 17.76%. The firm had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.13 billion. On average, equities analysts predict that ServiceNow, Inc. will post 3.59 EPS for the current year.

Insider Transactions at ServiceNow

In other news, insider Christopher Bedi sold 1,000 shares of the firm’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $560.85, for a total value of $560,850.00. Following the transaction, the insider now directly owns 14,121 shares in the company, valued at approximately $7,919,762.85. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, COO Chirantan Jitendra Desai sold 4,500 shares of the firm’s stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $592.10, for a total value of $2,664,450.00. Following the transaction, the chief operating officer now directly owns 41,307 shares in the company, valued at approximately $24,457,874.70. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Christopher Bedi sold 1,000 shares of the firm’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $560.85, for a total value of $560,850.00. Following the completion of the transaction, the insider now owns 14,121 shares in the company, valued at $7,919,762.85. The disclosure for this sale can be found here. Insiders have sold a total of 17,951 shares of company stock worth $10,147,437 in the last three months. 0.28% of the stock is currently owned by company insiders.

ServiceNow Company Profile

ServiceNow, Inc provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide. The company operates the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.