Secure Asset Management LLC Acquires New Shares in ServiceNow, Inc. (NYSE:NOW)

Secure Asset Management LLC bought a new position in shares of ServiceNow, Inc. (NYSE:NOW) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 475 shares of the information technology services provider’s stock, valued at approximately $503,000.

Several other hedge funds have also recently bought and sold shares of the business. AQR Capital Management LLC lifted its holdings in ServiceNow by 9.4% in the 2nd quarter. AQR Capital Management LLC now owns 156,227 shares of the information technology services provider’s stock worth $121,369,000 after purchasing an additional 13,367 shares during the last quarter. APG Asset Management N.V. raised its position in shares of ServiceNow by 3.0% in the second quarter. APG Asset Management N.V. now owns 156,223 shares of the information technology services provider’s stock valued at $114,668,000 after purchasing an additional 4,597 shares during the period. Daymark Wealth Partners LLC lifted its stake in shares of ServiceNow by 27.4% in the second quarter. Daymark Wealth Partners LLC now owns 563 shares of the information technology services provider’s stock worth $443,000 after buying an additional 121 shares during the last quarter. MBB Public Markets I LLC boosted its holdings in shares of ServiceNow by 2,025.9% during the 2nd quarter. MBB Public Markets I LLC now owns 14,520 shares of the information technology services provider’s stock worth $11,422,000 after buying an additional 13,837 shares during the period. Finally, Maverick Capital Ltd. grew its stake in ServiceNow by 88.8% in the 2nd quarter. Maverick Capital Ltd. now owns 638 shares of the information technology services provider’s stock valued at $502,000 after buying an additional 300 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of research analyst reports. Sanford C. Bernstein boosted their target price on shares of ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Morgan Stanley downgraded ServiceNow from an “overweight” rating to an “equal weight” rating and lifted their price target for the stock from $900.00 to $960.00 in a research report on Monday, October 21st. Guggenheim reiterated a “sell” rating and set a $716.00 price target on shares of ServiceNow in a report on Wednesday. UBS Group increased their price objective on ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Finally, Citigroup upped their target price on shares of ServiceNow from $1,068.00 to $1,071.00 and gave the company a “buy” rating in a research note on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,093.34.

Insider Activity

In related news, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at $2,588,953.65. The trade was a 82.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jacqueline P. Canney sold 76 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $1,010.94, for a total value of $76,831.44. Following the transaction, the insider now owns 3,027 shares in the company, valued at approximately $3,060,115.38. This trade represents a 2.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,731 shares of company stock valued at $21,016,751 over the last three months. 0.25% of the stock is owned by insiders.

ServiceNow Price Performance

ServiceNow stock opened at $1,124.64 on Friday. The business’s fifty day moving average is $1,074.80 and its two-hundred day moving average is $939.98. 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 firm has a market cap of $231.68 billion, a P/E ratio of 174.91, a P/E/G ratio of 5.11 and a beta of 0.99. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,157.90.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS 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 for the quarter, compared to analyst estimates of $2.75 billion. During the same quarter in the prior year, the firm earned $1.21 EPS. The company’s revenue was up 22.2% on a year-over-year basis. Equities research analysts forecast that ServiceNow, Inc. will post 7.06 earnings per share 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.