Milestone Asset Management LLC Increases Stock Position in ServiceNow, Inc. (NYSE:NOW)

Milestone Asset Management LLC raised its position in shares of ServiceNow, Inc. (NYSE:NOW) by 57.7% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,115 shares of the information technology services provider’s stock after buying an additional 408 shares during the period. Milestone Asset Management LLC’s holdings in ServiceNow were worth $888,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in NOW. Quarry LP purchased a new stake in ServiceNow during the 4th quarter valued at $27,000. Atala Financial Inc purchased a new stake in ServiceNow during the 4th quarter valued at $28,000. LFA Lugano Financial Advisors SA purchased a new stake in ServiceNow during the 4th quarter valued at $32,000. FPC Investment Advisory Inc. boosted its position in ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after buying an additional 29 shares during the period. Finally, Noble Wealth Management PBC purchased a new stake in ServiceNow during the 4th quarter valued at $34,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Down 0.3%

Shares of ServiceNow stock opened at $1,011.80 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The company has a 50-day moving average of $899.20 and a 200 day moving average of $974.30. The firm has a market cap of $209.43 billion, a price-to-earnings ratio of 148.14, a PEG ratio of 4.51 and a beta of 0.97. ServiceNow, Inc. has a 1 year low of $645.45 and a 1 year high of $1,198.09.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.78 by $0.26. The business had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.09 billion. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The business’s revenue for the quarter was up 18.6% compared to the same quarter last year. During the same period in the previous year, the company earned $3.41 earnings per share. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. UBS Group reissued a “buy” rating and set a $1,025.00 price target (up previously from $900.00) on shares of ServiceNow in a research report on Thursday, April 24th. Morgan Stanley upped their price objective on shares of ServiceNow from $881.00 to $950.00 and gave the stock an “equal weight” rating in a report on Thursday, April 24th. Redburn Atlantic began coverage on shares of ServiceNow in a report on Wednesday, February 19th. They issued a “buy” rating for the company. Raymond James decreased their price objective on shares of ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating for the company in a report on Tuesday, April 8th. Finally, Scotiabank set a $1,100.00 price objective on shares of ServiceNow and gave the stock an “outperform” rating in a report on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, thirty have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $1,062.50.

Insiders Place Their Bets

In other news, Director Deborah Black sold 598 shares of the firm’s stock in a transaction dated Friday, April 25th. The shares were sold at an average price of $940.23, for a total transaction of $562,257.54. Following the sale, the director now owns 428 shares of the company’s stock, valued at $402,418.44. This trade represents a 58.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jacqueline P. Canney sold 354 shares of the firm’s stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total transaction of $284,831.94. Following the sale, the insider now directly owns 3,027 shares in the company, valued at approximately $2,435,554.47. The trade was a 10.47% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,102 shares of company stock valued at $2,944,038. Insiders own 0.38% of the company’s stock.

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.