Carnegie Investment Counsel Acquires 30 Shares of ServiceNow, Inc. (NYSE:NOW)

Carnegie Investment Counsel increased its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 12.4% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 272 shares of the information technology services provider’s stock after purchasing an additional 30 shares during the period. Carnegie Investment Counsel’s holdings in ServiceNow were worth $201,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of NOW. GAMMA Investing LLC increased its holdings in shares of ServiceNow by 87,501.3% in the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock valued at $2,141,108,000 after purchasing an additional 2,686,291 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd increased its holdings in shares of ServiceNow by 1,586.5% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider’s stock valued at $742,965,000 after purchasing an additional 877,875 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of ServiceNow by 6.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock valued at $8,434,235,000 after purchasing an additional 509,467 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in shares of ServiceNow by 36.7% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,830,419 shares of the information technology services provider’s stock valued at $1,940,464,000 after purchasing an additional 491,861 shares during the last quarter. Finally, Sustainable Growth Advisers LP increased its holdings in shares of ServiceNow by 96.7% in the first quarter. Sustainable Growth Advisers LP now owns 723,457 shares of the information technology services provider’s stock valued at $575,973,000 after purchasing an additional 355,629 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Performance

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

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 the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion during 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 firm’s revenue for the quarter was up 22.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.13 earnings per share. Equities research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the completion of the transaction, the insider owned 3,000 shares in the company, valued at approximately $3,060,000. This represents a 28.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 145 shares of the stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total transaction of $147,900.00. Following the transaction, the insider owned 3,027 shares of the company’s stock, valued at approximately $3,087,540. The trade was a 4.57% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,003 shares of company stock valued at $6,015,106 over the last 90 days. 0.38% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. TD Securities reiterated a “buy” rating and issued a $1,100.00 price objective on shares of ServiceNow in a report on Thursday, April 24th. Mizuho lifted their target price on ServiceNow from $1,050.00 to $1,100.00 and gave the stock an “outperform” rating in a report on Thursday, June 12th. Evercore ISI lifted their target price on ServiceNow from $925.00 to $1,000.00 and gave the stock an “outperform” rating in a report on Thursday, April 24th. Needham & Company LLC lifted their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Robert W. Baird lifted their target price on ServiceNow from $1,010.00 to $1,150.00 and gave the stock an “outperform” rating in a report on Thursday, April 24th. One investment 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 assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $1,114.87.

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.