Trivium Point Advisory LLC Grows Stake in ServiceNow, Inc. $NOW

Trivium Point Advisory LLC boosted its position in ServiceNow, Inc. (NYSE:NOW) by 227.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,287 shares of the information technology services provider’s stock after purchasing an additional 2,282 shares during the period. Trivium Point Advisory LLC’s holdings in ServiceNow were worth $3,379,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in NOW. Nuveen LLC purchased a new position in shares of ServiceNow in the first quarter valued at $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd increased its holdings in ServiceNow by 1,586.5% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider’s stock valued at $742,965,000 after acquiring an additional 877,875 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in ServiceNow by 131.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider’s stock valued at $1,178,706,000 after acquiring an additional 840,731 shares in the last quarter. Parnassus Investments LLC purchased a new position in ServiceNow during the 1st quarter valued at about $519,806,000. Finally, Amundi increased its holdings in ServiceNow by 61.9% during the 1st quarter. Amundi now owns 1,638,927 shares of the information technology services provider’s stock valued at $1,269,777,000 after acquiring an additional 626,623 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Up 0.4%

NOW opened at $940.05 on Tuesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The stock has a market capitalization of $195.53 billion, a price-to-earnings ratio of 118.39, a price-to-earnings-growth ratio of 4.22 and a beta of 0.91. The business has a 50-day moving average of $919.33 and a two-hundred day moving average of $928.48. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the firm earned $3.13 earnings per share. ServiceNow’s revenue was up 22.4% compared to the same quarter last year. On average, research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Insider Activity at ServiceNow

In other ServiceNow news, Director Anita M. Sands sold 1,097 shares of the business’s stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $915.11, for a total transaction of $1,003,875.67. Following the completion of the sale, the director owned 9,307 shares of the company’s stock, valued at approximately $8,516,928.77. The trade was a 10.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the business’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,489,427.55. Following the sale, the insider directly owned 3,000 shares of the company’s stock, valued at approximately $2,599,350. This trade represents a 36.43% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,976 shares of company stock worth $17,049,775. 0.38% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on NOW shares. Erste Group Bank reissued a “hold” rating on shares of ServiceNow in a research note on Wednesday, July 23rd. Morgan Stanley raised ServiceNow from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $1,040.00 to $1,250.00 in a research report on Wednesday, September 24th. UBS Group dropped their price target on ServiceNow from $1,125.00 to $1,100.00 and set a “buy” rating for the company in a research report on Thursday, July 24th. JMP Securities reiterated a “market outperform” rating and set a $1,300.00 price objective on shares of ServiceNow in a research report on Monday, August 4th. Finally, Oppenheimer reiterated an “outperform” rating and set a $1,150.00 price objective (up previously from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $1,122.20.

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.