Advisors Asset Management Inc. Raises Position in ServiceNow, Inc. (NYSE:NOW)

Advisors Asset Management Inc. lifted its stake in ServiceNow, Inc. (NYSE:NOW) by 19.0% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 10,507 shares of the information technology services provider’s stock after purchasing an additional 1,678 shares during the quarter. Advisors Asset Management Inc.’s holdings in ServiceNow were worth $9,397,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of NOW. Creekmur Asset Management LLC purchased a new position in shares of ServiceNow during the first quarter valued at approximately $25,000. Versant Capital Management Inc grew its position in ServiceNow by 466.7% in the 2nd quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock valued at $27,000 after acquiring an additional 28 shares during the last quarter. DT Investment Partners LLC increased its stake in ServiceNow by 77.3% in the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after purchasing an additional 17 shares during the period. EntryPoint Capital LLC lifted its position in shares of ServiceNow by 3,900.0% during the first quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock worth $30,000 after purchasing an additional 39 shares during the last quarter. Finally, Ridgewood Investments LLC purchased a new stake in shares of ServiceNow during the second quarter valued at $32,000. Institutional investors own 87.18% of the company’s stock.

Analysts Set New Price Targets

NOW has been the subject of a number of research analyst reports. Piper Sandler lifted their price objective on shares of ServiceNow from $850.00 to $1,000.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Deutsche Bank Aktiengesellschaft increased their price objective on ServiceNow from $875.00 to $900.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Evercore ISI lifted their target price on ServiceNow from $950.00 to $1,000.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Scotiabank initiated coverage on ServiceNow in a research report on Tuesday. They set a “sector outperform” rating and a $1,230.00 price target on the stock. Finally, JPMorgan Chase & Co. lifted their price objective on ServiceNow from $820.00 to $950.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and an average price target of $986.39.

Insider Activity at ServiceNow

In other news, General Counsel Russell S. Elmer sold 1,867 shares of the business’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $1,023.97, for a total transaction of $1,911,751.99. Following the completion of the sale, the general counsel now owns 6,843 shares in the company, valued at $7,007,026.71. The trade was a 21.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jacqueline P. Canney sold 353 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total value of $326,510.88. Following the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at $2,799,853.92. This represents a 10.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 7,373 shares of company stock valued at $7,139,335 in the last three months. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Stock Up 0.1 %

Shares of NOW stock opened at $1,022.98 on Thursday. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,061.66. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. The stock has a fifty day moving average price of $941.65 and a 200 day moving average price of $830.81. The stock has a market cap of $210.73 billion, a P/E ratio of 159.10, a price-to-earnings-growth ratio of 5.87 and a beta of 0.98.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The business had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. During the same period in the prior year, the firm posted $1.21 EPS. ServiceNow’s quarterly revenue was up 22.2% compared to the same quarter last year. Analysts predict that ServiceNow, Inc. will post 7.07 earnings per share for the current 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.