Argus Investors Counsel Inc. Has $1.37 Million Stake in ServiceNow, Inc. (NYSE:NOW)

Argus Investors Counsel Inc. grew its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 807.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,724 shares of the information technology services provider’s stock after buying an additional 1,534 shares during the period. Argus Investors Counsel Inc.’s holdings in ServiceNow were worth $1,373,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Bensler LLC increased its stake in ServiceNow by 10.2% in the first quarter. Bensler LLC now owns 2,533 shares of the information technology services provider’s stock valued at $2,017,000 after purchasing an additional 235 shares in the last quarter. Relyea Zuckerberg Hanson LLC increased its position in shares of ServiceNow by 1.6% in the 1st quarter. Relyea Zuckerberg Hanson LLC now owns 845 shares of the information technology services provider’s stock valued at $673,000 after buying an additional 13 shares in the last quarter. Albert D Mason Inc. increased its position in shares of ServiceNow by 1.8% in the 1st quarter. Albert D Mason Inc. now owns 1,137 shares of the information technology services provider’s stock valued at $905,000 after buying an additional 20 shares in the last quarter. Quintet Private Bank Europe S.A. raised its stake in ServiceNow by 4.3% during the 1st quarter. Quintet Private Bank Europe S.A. now owns 41,915 shares of the information technology services provider’s stock worth $33,370,000 after buying an additional 1,716 shares during the period. Finally, RMR Wealth Builders bought a new position in ServiceNow during the first quarter worth about $1,267,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently issued reports on NOW shares. Evercore ISI increased their target price on ServiceNow from $925.00 to $1,000.00 and gave the stock an “outperform” rating in a research note on Thursday, April 24th. Piper Sandler lowered their price objective on shares of ServiceNow from $1,200.00 to $1,120.00 and set an “overweight” rating for the company in a research report on Thursday, April 24th. Mizuho boosted their price objective on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the company an “outperform” rating in a research report on Thursday. Redburn Atlantic assumed coverage on ServiceNow in a research note on Wednesday, February 19th. They issued a “buy” rating on the stock. Finally, Barclays set a $1,085.00 price objective on ServiceNow in a research report on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,062.50.

ServiceNow Stock Up 0.2%

Shares of NYSE NOW opened at $1,006.03 on Friday. The stock has a 50-day moving average price of $939.30 and a two-hundred day moving average price of $974.01. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The company has a market cap of $208.23 billion, a price-to-earnings ratio of 147.30, a PEG ratio of 4.51 and a beta of 0.95.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping analysts’ consensus estimates of $3.78 by $0.26. The firm had revenue of $3.09 billion for 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 company’s revenue was up 18.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.41 earnings per share. As a group, analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Activity

In other news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the firm’s stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the completion of the transaction, the insider now owns 3,000 shares of the company’s stock, valued at approximately $3,060,000. This trade represents a 28.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Anita M. Sands sold 428 shares of ServiceNow stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $1,013.61, for a total transaction of $433,825.08. Following the transaction, the director now owns 10,891 shares in the company, valued at approximately $11,039,226.51. This trade represents a 3.78% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,716 shares of company stock valued at $6,611,245. 0.38% of the stock is currently owned by corporate insiders.

ServiceNow 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.