Sterling Investment Counsel LLC Increases Position in ServiceNow, Inc. (NYSE:NOW)

Sterling Investment Counsel LLC increased its position in shares of ServiceNow, Inc. (NYSE:NOW) by 485.5% in the 1st quarter, HoldingsChannel reports. The firm owned 1,780 shares of the information technology services provider’s stock after purchasing an additional 1,476 shares during the period. Sterling Investment Counsel LLC’s holdings in ServiceNow were worth $1,417,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC raised its holdings in ServiceNow by 1.5% during the fourth quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider’s stock worth $874,258,000 after purchasing an additional 12,533 shares in the last quarter. Union Bancaire Privee UBP SA purchased a new position in ServiceNow during the fourth quarter worth about $48,802,000. FMR LLC raised its holdings in ServiceNow by 4.9% during the fourth quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock worth $6,232,339,000 after purchasing an additional 272,506 shares in the last quarter. Duncker Streett & Co. Inc. raised its holdings in ServiceNow by 4.8% during the fourth quarter. Duncker Streett & Co. Inc. now owns 6,376 shares of the information technology services provider’s stock worth $6,759,000 after purchasing an additional 290 shares in the last quarter. Finally, Nicholas Investment Partners LP raised its holdings in ServiceNow by 223.5% during the fourth quarter. Nicholas Investment Partners LP now owns 2,805 shares of the information technology services provider’s stock worth $2,974,000 after purchasing an additional 1,938 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NOW has been the subject of several analyst reports. Needham & Company LLC reissued a “buy” rating and set a $1,050.00 price target on shares of ServiceNow in a report on Tuesday, May 6th. Piper Sandler cut their price target on shares of ServiceNow from $1,200.00 to $1,120.00 and set an “overweight” rating for the company in a report on Thursday, April 24th. Morgan Stanley increased their price target on shares of ServiceNow from $881.00 to $950.00 and gave the stock an “equal weight” rating in a report on Thursday, April 24th. TD Securities reaffirmed a “buy” rating and issued a $1,100.00 target price on shares of ServiceNow in a report on Thursday, April 24th. Finally, William Blair reaffirmed an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $1,062.50.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 2,050 shares of ServiceNow stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the transaction, the chief executive officer now owns 6,614 shares in the company, valued at $6,693,434.14. This trade represents a 23.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jacqueline P. Canney sold 354 shares of ServiceNow stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total transaction of $284,831.94. Following the completion of the transaction, the insider now owns 3,027 shares in the company, valued at approximately $2,435,554.47. This trade represents a 10.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,716 shares of company stock worth $6,611,245 in the last quarter. 0.38% of the stock is owned by insiders.

ServiceNow Stock Down 2.4%

Shares of NYSE NOW opened at $980.29 on Thursday. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The firm’s 50 day moving average price is $956.82 and its 200 day moving average price is $972.45. The firm has a market cap of $202.90 billion, a P/E ratio of 133.19, a price-to-earnings-growth ratio of 4.63 and a beta of 0.95. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.12 and a current ratio of 1.12.

ServiceNow (NYSE:NOW) last announced its 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. ServiceNow had a net margin of 13.41% and a return on equity of 17.34%. The firm had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.09 billion. During the same quarter last year, the business earned $3.41 earnings per share. ServiceNow’s revenue was up 18.6% compared to the same quarter last year. As a group, sell-side analysts anticipate 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.