Perigon Wealth Management LLC Raises Stock Position in ServiceNow, Inc. (NYSE:NOW)

Perigon Wealth Management LLC raised its position in ServiceNow, Inc. (NYSE:NOW) by 8.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,248 shares of the information technology services provider’s stock after purchasing an additional 418 shares during the quarter. Perigon Wealth Management LLC’s holdings in ServiceNow were worth $4,178,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. GAMMA Investing LLC increased its stake in ServiceNow by 87,501.3% during the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock worth $2,141,108,000 after acquiring an additional 2,686,291 shares during the last quarter. Norges Bank acquired a new position in shares of ServiceNow in the 4th quarter valued at $2,603,360,000. Proficio Capital Partners LLC grew its holdings in shares of ServiceNow by 154,255.3% during the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock worth $667,000 after purchasing an additional 666,383 shares during the period. Alphinity Investment Management Pty Ltd acquired a new stake in shares of ServiceNow during the 4th quarter worth about $682,468,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in ServiceNow by 6.8% in the 4th 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 buying an additional 509,467 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Transactions at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 62 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $1,023.00, for a total value of $63,426.00. Following the completion of the sale, the general counsel now owns 4,332 shares in the company, valued at approximately $4,431,636. The trade was a 1.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 66 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total value of $67,518.00. Following the completion of the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,096,621. The trade was a 2.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,716 shares of company stock worth $6,611,245. 0.38% of the stock is currently owned by insiders.

ServiceNow Stock Up 0.8%

Shares of NYSE NOW opened at $1,012.73 on Friday. The business has a 50-day moving average of $980.58 and a two-hundred day moving average of $967.95. The company has a market capitalization of $209.61 billion, a price-to-earnings ratio of 137.60, a price-to-earnings-growth ratio of 4.62 and a beta of 0.95. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.12 and a quick ratio of 1.12.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping the consensus estimate of $3.78 by $0.26. The firm had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.09 billion. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The firm’s revenue was up 18.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.41 earnings per share. On average, analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have weighed in on NOW shares. Jefferies Financial Group lowered their target price on shares of ServiceNow from $1,250.00 to $1,025.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. Oppenheimer reaffirmed an “outperform” rating and set a $1,100.00 price objective (up previously from $970.00) on shares of ServiceNow in a research report on Tuesday, May 6th. BMO Capital Markets boosted their target price on ServiceNow from $1,025.00 to $1,150.00 and gave the company an “outperform” rating in a research report on Wednesday, May 14th. Raymond James Financial lowered their price target on ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating for the company in a research report on Tuesday, April 8th. Finally, Royal Bank Of Canada boosted their price objective on ServiceNow from $1,060.00 to $1,100.00 and gave the company an “outperform” rating in a report on Tuesday, May 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $1,065.32.

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.