Congress Asset Management Co. MA Increases Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Congress Asset Management Co. MA raised its position in ServiceNow, Inc. (NYSE:NOW) by 1.2% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 168,950 shares of the information technology services provider’s stock after purchasing an additional 2,020 shares during the period. Congress Asset Management Co. MA owned 0.08% of ServiceNow worth $119,362,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. University of Texas Texas AM Investment Managment Co. acquired a new stake in shares of ServiceNow in the 4th quarter worth $29,000. AdvisorNet Financial Inc increased its stake in shares of ServiceNow by 266.7% in the 4th quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider’s stock worth $31,000 after acquiring an additional 32 shares during the last quarter. Disciplined Equity Management Inc. acquired a new stake in shares of ServiceNow in the 4th quarter worth $35,000. Sachetta LLC acquired a new stake in shares of ServiceNow during the 4th quarter worth about $35,000. Finally, Fortitude Family Office LLC acquired a new stake in shares of ServiceNow during the 4th quarter worth about $41,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Performance

NOW stock traded up $18.82 during trading on Friday, hitting $728.58. The company had a trading volume of 958,030 shares, compared to its average volume of 1,571,690. The firm has a market cap of $149.36 billion, a PE ratio of 77.92, a price-to-earnings-growth ratio of 4.45 and a beta of 0.96. ServiceNow, Inc. has a 1-year low of $527.24 and a 1-year high of $815.32. The firm has a 50-day moving average price of $727.71 and a 200-day moving average price of $737.18. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.18.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, April 24th. The information technology services provider reported $1.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.41. ServiceNow had a return on equity of 13.59% and a net margin of 20.34%. The company had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.59 billion. On average, analysts expect that ServiceNow, Inc. will post 6.5 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. William Blair reissued an “outperform” rating on shares of ServiceNow in a research report on Tuesday, May 7th. Citigroup raised their price objective on ServiceNow from $896.00 to $906.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. Wolfe Research restated an “outperform” rating and set a $830.00 target price on shares of ServiceNow in a report on Friday, May 10th. Robert W. Baird raised their target price on ServiceNow from $870.00 to $885.00 and gave the company an “outperform” rating in a report on Tuesday, May 7th. Finally, Morgan Stanley raised their target price on ServiceNow from $814.00 to $830.00 and gave the company an “overweight” rating in a report on Thursday, April 25th. Three analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to data from MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and a consensus target price of $814.48.

Insiders Place Their Bets

In other news, insider Paul John Smith sold 602 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $769.75, for a total transaction of $463,389.50. Following the sale, the insider now owns 3,619 shares of the company’s stock, valued at approximately $2,785,725.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Paul John Smith sold 602 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $769.75, for a total transaction of $463,389.50. Following the sale, the insider now owns 3,619 shares of the company’s stock, valued at approximately $2,785,725.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Frederic B. Luddy sold 598 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $741.92, for a total value of $443,668.16. Following the sale, the director now directly owns 428 shares in the company, valued at approximately $317,541.76. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,530 shares of company stock worth $3,997,012. Company insiders own 0.25% of the company’s stock.

ServiceNow Company Profile

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.