NorthRock Partners LLC Increases Stake in ServiceNow, Inc. $NOW

NorthRock Partners LLC raised its position in ServiceNow, Inc. (NYSE:NOW) by 6.8% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 2,203 shares of the information technology services provider’s stock after purchasing an additional 141 shares during the period. NorthRock Partners LLC’s holdings in ServiceNow were worth $2,265,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of NOW. Brighton Jones LLC increased its stake in shares of ServiceNow by 1.1% in the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock worth $2,919,000 after acquiring an additional 30 shares during the last quarter. GAMMA Investing LLC increased its position in shares of ServiceNow by 10.0% during the 1st quarter. GAMMA Investing LLC now owns 3,378 shares of the information technology services provider’s stock worth $2,689,000 after purchasing an additional 308 shares during the last quarter. NorthCrest Asset Manangement LLC increased its position in shares of ServiceNow by 13.5% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 1,570 shares of the information technology services provider’s stock worth $1,251,000 after purchasing an additional 187 shares during the last quarter. Stock Yards Bank & Trust Co. increased its position in shares of ServiceNow by 79.7% during the 1st quarter. Stock Yards Bank & Trust Co. now owns 496 shares of the information technology services provider’s stock worth $395,000 after purchasing an additional 220 shares during the last quarter. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of ServiceNow during the 1st quarter worth about $124,000. 87.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on NOW shares. Cantor Fitzgerald reissued an “overweight” rating and set a $1,200.00 price objective on shares of ServiceNow in a research report on Thursday, July 24th. Weiss Ratings reissued a “hold (c)” rating on shares of ServiceNow in a research report on Wednesday, October 8th. Erste Group Bank reissued a “hold” rating on shares of ServiceNow in a research report on Wednesday, July 23rd. Oppenheimer reissued an “outperform” rating and set a $1,150.00 price objective (up from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. Finally, BMO Capital Markets raised their price objective on ServiceNow from $1,150.00 to $1,160.00 and gave the stock an “outperform” rating in a research report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $1,122.20.

Insiders Place Their Bets

In other news, General Counsel Russell S. Elmer sold 1,698 shares of ServiceNow stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total value of $1,501,473.48. Following the completion of the transaction, the general counsel owned 4,332 shares in the company, valued at approximately $3,830,614.32. This trade represents a 28.16% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 1,562 shares of ServiceNow stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,353,394.90. Following the completion of the transaction, the insider owned 3,027 shares of the company’s stock, valued at $2,622,744.15. The trade was a 34.04% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,737 shares of company stock worth $16,798,825. Corporate insiders own 0.38% of the company’s stock.

ServiceNow Stock Performance

NYSE NOW opened at $888.63 on Monday. The company has a market cap of $184.84 billion, a P/E ratio of 111.92, a P/E/G ratio of 4.00 and a beta of 0.92. 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 stock has a 50-day moving average of $909.21 and a two-hundred day moving average of $932.99. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09.

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