Franklin Street Advisors Inc. NC Makes New Investment in ServiceNow, Inc. $NOW

Franklin Street Advisors Inc. NC acquired a new position in ServiceNow, Inc. (NYSE:NOW) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 289 shares of the information technology services provider’s stock, valued at approximately $297,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Global X Japan Co. Ltd. purchased a new position in shares of ServiceNow in the 2nd quarter worth $30,000. Bogart Wealth LLC grew its stake in shares of ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider’s stock worth $25,000 after buying an additional 17 shares in the last quarter. Graybill Wealth Management LTD. purchased a new position in shares of ServiceNow in the 1st quarter worth $26,000. WASHINGTON TRUST Co lifted its holdings in shares of ServiceNow by 620.0% in the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider’s stock worth $29,000 after acquiring an additional 31 shares during the last quarter. Finally, Dagco Inc. bought a new stake in shares of ServiceNow in the 1st quarter worth about $33,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on NOW shares. Raymond James Financial raised their target price on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the stock an “outperform” rating in a report on Thursday, July 24th. Barclays set a $1,210.00 target price on shares of ServiceNow in a report on Thursday, July 24th. Oppenheimer restated an “outperform” rating and issued a $1,150.00 target price (up previously from $1,100.00) on shares of ServiceNow in a report on Thursday, July 24th. Bank of America raised their target price on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the stock a “buy” rating in a report on Thursday, July 24th. Finally, Wells Fargo & Company lifted their price objective on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the company an “overweight” rating in a report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,122.20.

Insider Activity

In related news, CFO Gina Mastantuono sold 1,762 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,526,684.90. Following the completion of the transaction, the chief financial officer owned 12,228 shares in the company, valued at $10,594,950.60. The trade was a 12.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Russell S. Elmer sold 1,698 shares of the business’s stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the transaction, the general counsel owned 4,332 shares of the company’s stock, valued at approximately $3,830,614.32. This trade represents a 28.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,737 shares of company stock worth $16,798,825 over the last 90 days. 0.38% of the stock is currently owned by insiders.

ServiceNow Trading Up 0.2%

NYSE NOW opened at $911.75 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The company has a market capitalization of $189.64 billion, a price-to-earnings ratio of 114.83, a price-to-earnings-growth ratio of 4.10 and a beta of 0.92. The company’s 50-day simple moving average is $914.67 and its two-hundred day simple moving average is $929.33. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09.

ServiceNow (NYSE:NOW) last posted 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 the consensus estimate of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company’s revenue for the quarter was up 22.4% on a year-over-year basis. During the same quarter last year, the firm posted $3.13 EPS. Equities analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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.