Spinnaker Investment Group LLC Buys 14 Shares of ServiceNow, Inc. (NYSE:NOW)

Spinnaker Investment Group LLC raised its stake in ServiceNow, Inc. (NYSE:NOW) by 4.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 309 shares of the information technology services provider’s stock after buying an additional 14 shares during the period. Spinnaker Investment Group LLC’s holdings in ServiceNow were worth $276,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in NOW. Avidian Wealth Enterprises LLC grew its position in ServiceNow by 39.4% during the third quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock valued at $436,000 after acquiring an additional 138 shares during the last quarter. Venturi Wealth Management LLC grew its holdings in shares of ServiceNow by 36.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock valued at $2,565,000 after purchasing an additional 765 shares during the last quarter. AXA S.A. raised its position in ServiceNow by 1.1% in the 2nd quarter. AXA S.A. now owns 387,344 shares of the information technology services provider’s stock worth $304,712,000 after purchasing an additional 4,271 shares during the period. HWG Holdings LP bought a new stake in ServiceNow in the second quarter worth $2,679,000. Finally, Brookstone Capital Management boosted its position in ServiceNow by 25.5% during the second quarter. Brookstone Capital Management now owns 14,394 shares of the information technology services provider’s stock valued at $10,595,000 after buying an additional 2,928 shares during the period. 87.18% of the stock is owned by institutional investors.

Analyst Ratings Changes

NOW has been the subject of a number of recent research reports. Needham & Company LLC boosted their target price on ServiceNow from $900.00 to $1,075.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. BMO Capital Markets increased their price objective on ServiceNow from $860.00 to $1,025.00 and gave the company an “outperform” rating in a research note on Thursday, October 10th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of ServiceNow from $875.00 to $900.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Sanford C. Bernstein boosted their target price on ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Finally, Oppenheimer boosted their price objective on shares of ServiceNow from $825.00 to $1,020.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $974.04.

Insider Buying and Selling

In other ServiceNow news, Director Jeffrey A. Miller sold 2,879 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the transaction, the director now owns 42,920 shares in the company, valued at approximately $43,740,630.40. This represents a 6.29 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jacqueline P. Canney sold 94 shares of ServiceNow stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $825.92, for a total transaction of $77,636.48. Following the completion of the sale, the insider now owns 4,019 shares of the company’s stock, valued at $3,319,372.48. This represents a 2.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,325 shares of company stock worth $5,024,928. 0.25% of the stock is owned by corporate insiders.

ServiceNow Trading Down 2.7 %

Shares of NYSE NOW opened at $1,011.39 on Friday. The firm’s 50 day moving average price is $932.47 and its 200-day moving average price is $824.15. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,061.66. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. The company has a market cap of $208.35 billion, a PE ratio of 157.29, a P/E/G ratio of 5.80 and a beta of 0.98.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.46 by $0.26. The business had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The firm’s quarterly revenue was up 22.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.21 EPS. On average, equities research analysts expect that ServiceNow, Inc. will post 7.07 EPS for the current fiscal year.

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.