Allen Capital Group LLC Boosts Stake in ServiceNow, Inc. (NYSE:NOW)

Allen Capital Group LLC lifted its holdings in ServiceNow, Inc. (NYSE:NOW) by 20.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 543 shares of the information technology services provider’s stock after buying an additional 94 shares during the quarter. Allen Capital Group LLC’s holdings in ServiceNow were worth $486,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of NOW. Creekmur Asset Management LLC acquired a new position in ServiceNow during the first quarter worth $25,000. Versant Capital Management Inc raised its holdings in ServiceNow by 466.7% during the second quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock worth $27,000 after purchasing an additional 28 shares during the last quarter. DT Investment Partners LLC raised its holdings in ServiceNow by 77.3% during 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 last quarter. EntryPoint Capital LLC raised its holdings in 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 acquired a new position in ServiceNow during the second quarter worth $32,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Jacqueline P. Canney sold 353 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total value of $326,510.88. Following the completion of the transaction, the insider now owns 3,027 shares of the company’s stock, valued at approximately $2,799,853.92. This trade represents a 10.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Russell S. Elmer sold 1,867 shares of the firm’s stock in a transaction that occurred 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 transaction, the general counsel now directly owns 6,843 shares of the company’s stock, valued at $7,007,026.71. This represents a 21.44 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,644 shares of company stock valued at $19,381,744. Company insiders own 0.25% of the company’s stock.

ServiceNow Price Performance

NYSE NOW opened at $1,060.57 on Friday. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,064.59. 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 firm has a market capitalization of $218.48 billion, a PE ratio of 164.94, a P/E/G ratio of 6.01 and a beta of 0.98. The company’s 50 day simple moving average is $948.53 and its 200 day simple moving average is $834.64.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. UBS Group boosted their price target on ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Robert W. Baird boosted their price target on ServiceNow from $900.00 to $975.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Wells Fargo & Company boosted their price target on ServiceNow from $1,050.00 to $1,150.00 and gave the stock an “overweight” rating in a report on Tuesday, November 12th. Royal Bank of Canada boosted their price target on ServiceNow from $985.00 to $1,045.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Finally, Stifel Nicolaus boosted their price target on ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $986.39.

About ServiceNow

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.