Franchise Capital Ltd Makes New $3.62 Million Investment in ServiceNow, Inc. (NYSE:NOW)

Franchise Capital Ltd purchased a new stake in shares of ServiceNow, Inc. (NYSE:NOW) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 3,410 shares of the information technology services provider’s stock, valued at approximately $3,615,000. ServiceNow accounts for about 1.7% of Franchise Capital Ltd’s holdings, making the stock its 9th biggest holding.

Several other hedge funds and other institutional investors have also recently modified their holdings of NOW. Fiera Capital Corp boosted its holdings in shares of ServiceNow by 16.0% in the second quarter. Fiera Capital Corp now owns 3,449 shares of the information technology services provider’s stock worth $2,713,000 after buying an additional 476 shares during the last quarter. Legacy Capital Wealth Partners LLC bought a new position in ServiceNow in the second quarter worth approximately $282,000. Jackson Creek Investment Advisors LLC purchased a new position in shares of ServiceNow during the 2nd quarter worth $352,000. Pursue Wealth Partners LLC bought a new stake in shares of ServiceNow during the 2nd quarter valued at $290,000. Finally, Commons Capital LLC grew its position in shares of ServiceNow by 7.8% during the 2nd quarter. Commons Capital LLC now owns 1,678 shares of the information technology services provider’s stock valued at $1,320,000 after acquiring an additional 121 shares during the period. 87.18% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on NOW shares. Piper Sandler lifted their target price on ServiceNow from $850.00 to $1,000.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Citigroup raised their price objective on ServiceNow from $1,068.00 to $1,071.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. TD Cowen boosted their price objective on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Robert W. Baird increased their target price on shares of ServiceNow from $900.00 to $975.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Finally, Stifel Nicolaus lifted their price target on shares of ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and a consensus price target of $1,048.00.

ServiceNow Stock Performance

NYSE:NOW opened at $1,054.34 on Friday. The company has a market cap of $217.19 billion, a price-to-earnings ratio of 163.97, a PEG ratio of 6.43 and a beta of 0.99. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,157.90. The stock’s 50 day simple moving average is $1,051.07 and its two-hundred day simple moving average is $908.48. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, topping the consensus estimate of $3.46 by $0.26. The company had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. ServiceNow’s quarterly revenue was up 22.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.21 earnings per share. As a group, equities analysts anticipate that ServiceNow, Inc. will post 7.07 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In other ServiceNow news, Director Paul Edward Chamberlain sold 300 shares of the firm’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $1,047.95, for a total value of $314,385.00. Following the completion of the sale, the director now owns 10,467 shares of the company’s stock, valued at $10,968,892.65. This trade represents a 2.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jacqueline P. Canney sold 353 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total value of $326,510.88. Following the completion of the sale, the insider now owns 3,027 shares in the company, valued at approximately $2,799,853.92. The trade was a 10.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,629 shares of company stock valued at $20,861,626. Insiders own 0.25% of the company’s stock.

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.