Naviter Wealth LLC Buys 88 Shares of ServiceNow, Inc. $NOW

Naviter Wealth LLC lifted its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 4.1% in the second quarter, Holdings Channel.com reports. The fund owned 2,234 shares of the information technology services provider’s stock after acquiring an additional 88 shares during the quarter. Naviter Wealth LLC’s holdings in ServiceNow were worth $2,297,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Axxcess Wealth Management LLC increased its position in ServiceNow by 98.4% during the 2nd quarter. Axxcess Wealth Management LLC now owns 1,488 shares of the information technology services provider’s stock valued at $1,530,000 after purchasing an additional 738 shares during the period. Moran Wealth Management LLC boosted its stake in shares of ServiceNow by 8.3% in the 2nd quarter. Moran Wealth Management LLC now owns 1,274 shares of the information technology services provider’s stock valued at $1,310,000 after purchasing an additional 98 shares during the last quarter. Jag Capital Management LLC increased its position in shares of ServiceNow by 1.1% during the second quarter. Jag Capital Management LLC now owns 12,808 shares of the information technology services provider’s stock worth $13,168,000 after buying an additional 137 shares during the period. Cornerstone Wealth Group LLC raised its stake in ServiceNow by 3.9% during the second quarter. Cornerstone Wealth Group LLC now owns 5,397 shares of the information technology services provider’s stock worth $5,549,000 after buying an additional 203 shares during the last quarter. Finally, NorthRock Partners LLC lifted its holdings in ServiceNow by 6.8% in the second quarter. NorthRock Partners LLC now owns 2,203 shares of the information technology services provider’s stock valued at $2,265,000 after buying an additional 141 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at ServiceNow

In other news, CEO William R. Mcdermott sold 5,825 shares of ServiceNow stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the completion of the transaction, the chief executive officer directly owned 6,614 shares in the company, valued at $6,062,590.82. This trade represents a 46.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jacqueline P. Canney sold 1,562 shares of the business’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the sale, the insider directly owned 3,027 shares of the company’s stock, valued at approximately $2,622,744.15. The trade was a 34.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 18,737 shares of company stock valued at $16,798,825. Corporate insiders own 0.38% of the company’s stock.

ServiceNow Trading Up 3.9%

Shares of ServiceNow stock opened at $923.44 on Tuesday. The stock has a market capitalization of $192.07 billion, a PE ratio of 116.30, a price-to-earnings-growth ratio of 4.00 and a beta of 0.92. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The stock has a 50 day moving average price of $909.24 and a two-hundred day moving average price of $933.88. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.12 billion. During the same period last year, the business earned $3.13 EPS. ServiceNow’s quarterly revenue was up 22.4% compared to the same quarter last year. As a group, equities analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on NOW shares. Barclays set a $1,210.00 price target on ServiceNow in a report on Thursday, July 24th. Morgan Stanley raised ServiceNow from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $1,040.00 to $1,250.00 in a research note on Wednesday, September 24th. Guggenheim reissued a “sell” rating and issued a $724.00 price target on shares of ServiceNow in a research note on Thursday, July 17th. Cantor Fitzgerald restated an “overweight” rating and set a $1,200.00 price target 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 note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently 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.