Hennessy Advisors Inc. Makes New Investment in ServiceNow, Inc. $NOW

Hennessy Advisors Inc. bought a new position in ServiceNow, Inc. (NYSE:NOW) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 125 shares of the information technology services provider’s stock, valued at approximately $129,000.

Several other hedge funds and other institutional investors have also made changes to their positions in NOW. Brighton Jones LLC boosted its holdings in shares of ServiceNow by 1.1% in the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock valued at $2,919,000 after acquiring an additional 30 shares in the last quarter. Vest Financial LLC boosted its holdings in shares of ServiceNow by 73.4% in the first quarter. Vest Financial LLC now owns 2,105 shares of the information technology services provider’s stock valued at $1,676,000 after acquiring an additional 891 shares in the last quarter. Sivia Capital Partners LLC boosted its holdings in shares of ServiceNow by 70.1% in the first quarter. Sivia Capital Partners LLC now owns 803 shares of the information technology services provider’s stock valued at $639,000 after acquiring an additional 331 shares in the last quarter. Orrstown Financial Services Inc. boosted its holdings in shares of ServiceNow by 12.0% in the first quarter. Orrstown Financial Services Inc. now owns 828 shares of the information technology services provider’s stock valued at $659,000 after acquiring an additional 89 shares in the last quarter. Finally, Clean Yield Group boosted its holdings in shares of ServiceNow by 25.9% in the first quarter. Clean Yield Group now owns 4,935 shares of the information technology services provider’s stock valued at $3,929,000 after acquiring an additional 1,014 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Gina Mastantuono sold 1,762 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,526,684.90. Following the completion of the transaction, the chief financial officer owned 12,228 shares of the company’s stock, valued at $10,594,950.60. The trade was a 12.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the completion of the transaction, the insider directly owned 3,000 shares of the company’s stock, valued at approximately $2,599,350. This represents a 36.43% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,737 shares of company stock valued at $16,798,825. 0.38% of the stock is currently owned by insiders.

ServiceNow Stock Performance

Shares of NOW opened at $911.75 on Monday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a market cap of $189.64 billion, a P/E ratio of 114.83, a PEG ratio of 4.11 and a beta of 0.92. The company has a 50-day moving average of $914.67 and a two-hundred day moving average of $930.67. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating analysts’ consensus estimates of $3.57 by $0.52. The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company’s revenue was up 22.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.13 earnings per share. As a group, research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

NOW has been the topic of several analyst reports. BMO Capital Markets lifted their target price on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the company an “outperform” rating in a report on Thursday, July 24th. Wells Fargo & Company lifted their target price on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the company an “overweight” rating in a report on Thursday, July 24th. Raymond James Financial boosted their price objective on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the stock an “outperform” rating in a report on Thursday, July 24th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $1,200.00 target price on shares of ServiceNow in a report on Thursday, July 24th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of ServiceNow in a research report on Saturday, September 27th. One investment analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price 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.