ServiceNow, Inc. (NYSE:NOW) Shares Purchased by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. raised its holdings in ServiceNow, Inc. (NYSE:NOW) by 1.9% during the first quarter, Holdings Channel.com reports. The firm owned 3,063 shares of the information technology services provider’s stock after purchasing an additional 56 shares during the period. Pinnacle Associates Ltd.’s holdings in ServiceNow were worth $2,439,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Bogart Wealth LLC raised its holdings in ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider’s stock valued at $25,000 after buying an additional 17 shares during the period. Graybill Wealth Management LTD. purchased a new stake in ServiceNow in the 1st quarter valued at about $26,000. Quarry LP purchased a new stake in ServiceNow in the 4th quarter valued at about $27,000. WASHINGTON TRUST Co raised its holdings in ServiceNow by 620.0% in the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider’s stock valued at $29,000 after buying an additional 31 shares during the period. Finally, Heck Capital Advisors LLC acquired a new stake in ServiceNow in the 4th quarter valued at approximately $37,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

NOW stock opened at $968.05 on Friday. The company has a market capitalization of $200.37 billion, a P/E ratio of 121.92, a PEG ratio of 4.43 and a beta of 0.94. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The business has a 50 day simple moving average of $1,000.33 and a 200-day simple moving average of $952.52. The company has a current ratio of 1.09, a quick ratio of 1.12 and a debt-to-equity ratio of 0.14.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating analysts’ consensus estimates of $3.57 by $0.52. The business had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company’s quarterly revenue was up 22.4% on a year-over-year basis. During the same period in the previous year, the company posted $3.13 EPS. As a group, equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insiders Place Their Bets

In other news, Director Jonathan Chadwick sold 770 shares of ServiceNow stock in a transaction on Monday, April 28th. The shares were sold at an average price of $931.62, for a total value of $717,347.40. Following the transaction, the director directly owned 3,205 shares of the company’s stock, valued at $2,985,842.10. The trade was a 19.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William R. Mcdermott sold 2,050 shares of the stock in a transaction on Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the sale, the chief executive officer directly owned 6,614 shares of the company’s stock, valued at approximately $6,693,434.14. This represents a 23.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,003 shares of company stock worth $6,015,106. Corporate insiders own 0.38% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on NOW shares. FBN Securities upgraded shares of ServiceNow to a “strong-buy” rating in a report on Wednesday, June 11th. JMP Securities restated a “market outperform” rating and set a $1,300.00 target price on shares of ServiceNow in a report on Tuesday, July 22nd. Mizuho boosted their price target on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the stock an “outperform” rating in a research note on Thursday, June 12th. Wall Street Zen lowered shares of ServiceNow from a “buy” rating to a “hold” rating in a research note on Monday, July 21st. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $1,200.00 price target on shares of ServiceNow in a research note on Thursday. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $1,114.87.

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.