Schmidt P J Investment Management Inc. Buys Shares of 469 ServiceNow, Inc. $NOW

Schmidt P J Investment Management Inc. bought a new stake in shares of ServiceNow, Inc. (NYSE:NOW) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 469 shares of the information technology services provider’s stock, valued at approximately $482,000.

Several other hedge funds have also recently added to or reduced their stakes in NOW. Brighton Jones LLC raised its stake in ServiceNow by 1.1% during the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock valued at $2,919,000 after acquiring an additional 30 shares in the last quarter. Bartlett & CO. Wealth Management LLC raised its stake in ServiceNow by 56.9% during the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 193 shares of the information technology services provider’s stock valued at $154,000 after acquiring an additional 70 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in ServiceNow by 16.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 43,732 shares of the information technology services provider’s stock valued at $34,876,000 after acquiring an additional 6,075 shares in the last quarter. Highland Capital Management LLC increased its position in shares of ServiceNow by 3.0% during the 1st quarter. Highland Capital Management LLC now owns 2,429 shares of the information technology services provider’s stock valued at $1,934,000 after purchasing an additional 70 shares during the period. Finally, Confluence Wealth Services Inc. increased its position in shares of ServiceNow by 114.1% during the 1st quarter. Confluence Wealth Services Inc. now owns 773 shares of the information technology services provider’s stock valued at $628,000 after purchasing an additional 412 shares during the period. Institutional investors own 87.18% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on NOW. Cowen reiterated a “buy” rating on shares of ServiceNow in a research report on Friday. Needham & Company LLC lifted their price target on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. UBS Group lowered their price target on ServiceNow from $1,100.00 to $1,075.00 and set a “buy” rating on the stock in a research report on Tuesday, October 14th. Morgan Stanley upgraded ServiceNow from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $1,040.00 to $1,250.00 in a research report on Wednesday, September 24th. Finally, Jefferies Financial Group lifted their price target on ServiceNow from $1,025.00 to $1,150.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $1,124.17.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $929.77 on Monday. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $193.39 billion, a price-to-earnings ratio of 117.10, a PEG ratio of 4.20 and a beta of 0.92. The stock’s fifty day simple moving average is $917.85 and its 200 day simple moving average is $943.26. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09.

Insiders Place Their Bets

In related news, General Counsel Russell S. Elmer sold 1,698 shares of ServiceNow stock in a transaction on 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 transaction, the general counsel directly owned 4,332 shares in the company, valued at $3,830,614.32. The trade was a 28.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Gina Mastantuono sold 1,762 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 value 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,737 shares of company stock worth $16,798,825. Corporate insiders own 0.38% of the company’s stock.

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.