NewEdge Advisors LLC Increases Stake in ServiceNow, Inc. (NYSE:NOW)

NewEdge Advisors LLC increased its holdings in ServiceNow, Inc. (NYSE:NOW) by 15.0% in the second quarter, Holdings Channel.com reports. The firm owned 24,778 shares of the information technology services provider’s stock after acquiring an additional 3,223 shares during the period. NewEdge Advisors LLC’s holdings in ServiceNow were worth $19,493,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Creekmur Asset Management LLC bought a new stake in ServiceNow during the 1st quarter valued at $25,000. Versant Capital Management Inc raised its holdings in ServiceNow by 466.7% in the 2nd quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock worth $27,000 after purchasing an additional 28 shares in the last quarter. University of Texas Texas AM Investment Managment Co. bought a new position in ServiceNow in the 4th quarter worth $29,000. EntryPoint Capital LLC raised its holdings in ServiceNow by 3,900.0% in the 1st quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock worth $30,000 after purchasing an additional 39 shares in the last quarter. Finally, Ridgewood Investments LLC bought a new position in ServiceNow in the 2nd quarter worth $32,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

NYSE NOW opened at $881.79 on Monday. ServiceNow, Inc. has a 12 month low of $527.24 and a 12 month high of $945.46. The stock has a market cap of $180.77 billion, a price-to-earnings ratio of 94.31, a PEG ratio of 5.55 and a beta of 0.98. The company’s 50 day moving average is $837.59 and its two-hundred day moving average is $776.29. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.17.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.85 by $0.28. The firm had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.61 billion. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The company’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.77 earnings per share. As a group, research analysts anticipate that ServiceNow, Inc. will post 6.78 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have commented on NOW. Wells Fargo & Company upped their price objective on shares of ServiceNow from $920.00 to $935.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Stifel Nicolaus increased their price target on shares of ServiceNow from $820.00 to $900.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Robert W. Baird increased their price target on shares of ServiceNow from $885.00 to $900.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. BMO Capital Markets increased their price target on shares of ServiceNow from $830.00 to $860.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Finally, Truist Financial increased their price objective on shares of ServiceNow from $750.00 to $780.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus target price of $855.44.

Insider Activity

In other news, General Counsel Russell S. Elmer sold 1,937 shares of ServiceNow stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the sale, the general counsel now owns 6,736 shares in the company, valued at $5,252,800.16. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CFO Gina Mastantuono sold 1,800 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $825.00, for a total value of $1,485,000.00. Following the completion of the transaction, the chief financial officer now directly owns 11,490 shares of the company’s stock, valued at $9,479,250. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, General Counsel Russell S. Elmer sold 1,937 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the completion of the transaction, the general counsel now directly owns 6,736 shares of the company’s stock, valued at $5,252,800.16. The disclosure for this sale can be found here. Insiders have sold a total of 6,914 shares of company stock worth $5,608,936 over the last quarter. Insiders own 0.25% 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.