Sonora Investment Management Group LLC Buys 39 Shares of ServiceNow, Inc. $NOW

Sonora Investment Management Group LLC boosted its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 8.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 521 shares of the information technology services provider’s stock after purchasing an additional 39 shares during the period. Sonora Investment Management Group LLC’s holdings in ServiceNow were worth $536,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Guyasuta Investment Advisors Inc. bought a new position in ServiceNow during the second quarter worth about $338,000. TBH Global Asset Management LLC bought a new position in ServiceNow during the second quarter worth about $305,000. SeaBridge Investment Advisors LLC bought a new position in ServiceNow during the second quarter worth about $219,000. LVW Advisors LLC lifted its stake in ServiceNow by 13.0% during the second quarter. LVW Advisors LLC now owns 599 shares of the information technology services provider’s stock worth $616,000 after purchasing an additional 69 shares during the period. Finally, TOWER TRUST & INVESTMENT Co lifted its stake in ServiceNow by 2.1% during the second quarter. TOWER TRUST & INVESTMENT Co now owns 1,041 shares of the information technology services provider’s stock worth $1,070,000 after purchasing an additional 21 shares during the period. Institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $936.76 on Monday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The firm has a market cap of $194.85 billion, a P/E ratio of 117.98, a P/E/G ratio of 4.22 and a beta of 0.91. The firm has a 50 day simple moving average of $919.74 and a 200 day simple moving average of $927.82. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating analysts’ consensus estimates of $3.57 by $0.52. The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. ServiceNow’s revenue for the quarter was up 22.4% compared to the same quarter last year. During the same quarter last year, the business posted $3.13 earnings per share. Sell-side analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Activity

In other ServiceNow news, insider Paul Fipps sold 1,452 shares of ServiceNow stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the completion of the sale, the insider owned 457 shares of the company’s stock, valued at approximately $409,037.85. The trade was a 76.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of ServiceNow stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the sale, the insider directly owned 3,000 shares of the company’s stock, valued at $2,599,350. This represents a 36.43% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,976 shares of company stock worth $17,049,775. Corporate insiders own 0.38% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Erste Group Bank restated a “hold” rating on shares of ServiceNow in a research note on Wednesday, July 23rd. Needham & Company LLC raised their price target on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. Oppenheimer reiterated an “outperform” rating and issued a $1,150.00 target price (up previously from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $1,200.00 target price on shares of ServiceNow in a research note on Thursday, July 24th. Finally, Wall Street Zen cut shares of ServiceNow from a “buy” rating to a “hold” rating in a research note on Saturday, August 30th. One research analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and a consensus target price of $1,122.20.

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.