MV Capital Management Inc. Grows Position in ServiceNow, Inc. (NYSE:NOW)

MV Capital Management Inc. raised its position in shares of ServiceNow, Inc. (NYSE:NOW) by 65.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 290 shares of the information technology services provider’s stock after buying an additional 115 shares during the quarter. MV Capital Management Inc.’s holdings in ServiceNow were worth $231,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Quarry LP bought a new stake in shares of ServiceNow during the 4th quarter worth approximately $27,000. Atala Financial Inc bought a new stake in shares of ServiceNow during the 4th quarter worth approximately $28,000. LFA Lugano Financial Advisors SA bought a new stake in shares of ServiceNow during the 4th quarter worth approximately $32,000. Noble Wealth Management PBC bought a new stake in ServiceNow during the 4th quarter valued at $34,000. Finally, FPC Investment Advisory Inc. raised its position in ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after purchasing an additional 29 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on NOW. Robert W. Baird lifted their price target on ServiceNow from $1,010.00 to $1,150.00 and gave the company an “outperform” rating in a report on Thursday, April 24th. Bank of America cut their price target on ServiceNow from $1,280.00 to $1,025.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Barclays set a $1,085.00 price target on ServiceNow in a report on Wednesday, May 7th. Wall Street Zen downgraded ServiceNow from a “buy” rating to a “hold” rating in a report on Monday. Finally, William Blair reiterated an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and an average price target of $1,062.50.

Insider Activity

In other ServiceNow news, General Counsel Russell S. Elmer sold 62 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total transaction of $63,426.00. Following the completion of the transaction, the general counsel now owns 4,332 shares in the company, valued at $4,431,636. This trade represents a 1.41% 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 link. Also, insider Jacqueline P. Canney sold 354 shares of the firm’s stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total transaction of $284,831.94. Following the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $2,435,554.47. The trade was a 10.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold 6,716 shares of company stock worth $6,611,245 over the last ninety days. Corporate insiders own 0.38% of the company’s stock.

ServiceNow Trading Down 0.6%

NOW opened at $1,003.66 on Thursday. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The business has a fifty day simple moving average of $933.88 and a 200-day simple moving average of $974.34. The firm has a market cap of $207.74 billion, a P/E ratio of 146.95, a P/E/G ratio of 4.51 and a beta of 0.95. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.78 by $0.26. The company had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. ServiceNow’s revenue for the quarter was up 18.6% on a year-over-year basis. During the same period in the previous year, the business earned $3.41 EPS. On average, equities analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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.