Steel Grove Capital Advisors LLC Boosts Stock Position in ServiceNow, Inc. (NYSE:NOW)

Steel Grove Capital Advisors LLC grew its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 5.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 393 shares of the information technology services provider’s stock after buying an additional 22 shares during the period. Steel Grove Capital Advisors LLC’s holdings in ServiceNow were worth $278,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in NOW. Vanguard Group Inc. increased its stake in ServiceNow by 0.7% in the third quarter. Vanguard Group Inc. now owns 17,753,781 shares of the information technology services provider’s stock valued at $9,923,653,000 after purchasing an additional 122,577 shares during the last quarter. State Street Corp boosted its holdings in shares of ServiceNow by 2.0% in the 2nd quarter. State Street Corp now owns 8,240,319 shares of the information technology services provider’s stock valued at $4,630,812,000 after buying an additional 158,165 shares in the last quarter. Morgan Stanley grew its position in shares of ServiceNow by 4.3% in the 4th quarter. Morgan Stanley now owns 7,071,786 shares of the information technology services provider’s stock valued at $2,745,763,000 after buying an additional 288,522 shares during the last quarter. FMR LLC raised its stake in ServiceNow by 17.3% during the 3rd quarter. FMR LLC now owns 4,036,796 shares of the information technology services provider’s stock worth $2,256,407,000 after acquiring an additional 595,697 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in ServiceNow by 2.3% in the first quarter. Geode Capital Management LLC now owns 3,589,941 shares of the information technology services provider’s stock valued at $1,663,879,000 after acquiring an additional 79,037 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Price Performance

NOW stock traded up $8.14 during trading on Thursday, hitting $767.14. The stock had a trading volume of 528,394 shares, compared to its average volume of 1,225,993. ServiceNow, Inc. has a 1-year low of $427.68 and a 1-year high of $815.32. The stock has a market cap of $157.26 billion, a price-to-earnings ratio of 90.67, a price-to-earnings-growth ratio of 4.96 and a beta of 0.97. The company’s 50 day moving average price is $768.99 and its two-hundred day moving average price is $679.61. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.06 and a current ratio of 1.06.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share for the quarter, beating the consensus estimate of $2.77 by $0.34. The company had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.40 billion. ServiceNow had a return on equity of 11.85% and a net margin of 19.30%. ServiceNow’s revenue was up 25.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.88 EPS. On average, sell-side analysts forecast that ServiceNow, Inc. will post 6.11 EPS for the current fiscal year.

Insider Buying and Selling at ServiceNow

In related news, CEO William R. Mcdermott sold 5,030 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $753.08, for a total value of $3,787,992.40. Following the sale, the chief executive officer now directly owns 17,177 shares of the company’s stock, valued at $12,935,655.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Paul John Smith sold 5,159 shares of the stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $745.32, for a total value of $3,845,105.88. Following the completion of the sale, the insider now owns 5,453 shares of the company’s stock, valued at $4,064,229.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William R. Mcdermott sold 5,030 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the sale, the chief executive officer now directly owns 17,177 shares of the company’s stock, valued at $12,935,655.16. The disclosure for this sale can be found here. Insiders sold 13,164 shares of company stock worth $9,940,303 in the last 90 days. 0.24% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently commented on NOW shares. Piper Sandler lifted their target price on ServiceNow from $750.00 to $830.00 and gave the stock an “overweight” rating in a research report on Thursday, January 25th. Royal Bank of Canada boosted their price objective on ServiceNow from $840.00 to $850.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. The Goldman Sachs Group raised their target price on shares of ServiceNow from $800.00 to $910.00 and gave the stock a “buy” rating in a research report on Thursday, January 25th. UBS Group upped their target price on shares of ServiceNow from $865.00 to $885.00 and gave the company a “buy” rating in a report on Thursday, January 25th. Finally, KeyCorp assumed coverage on shares of ServiceNow in a research report on Thursday, March 21st. They set an “overweight” rating and a $1,000.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $762.96.

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.