Sage Mountain Advisors LLC Has $1.49 Million Stake in ServiceNow, Inc. $NOW

Sage Mountain Advisors LLC boosted its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 9.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,448 shares of the information technology services provider’s stock after purchasing an additional 126 shares during the period. Sage Mountain Advisors LLC’s holdings in ServiceNow were worth $1,489,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. DDD Partners LLC increased its holdings in ServiceNow by 1,980.1% during the 2nd quarter. DDD Partners LLC now owns 10,151 shares of the information technology services provider’s stock valued at $10,436,000 after purchasing an additional 9,663 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in ServiceNow by 2.2% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 495,283 shares of the information technology services provider’s stock valued at $509,191,000 after buying an additional 10,444 shares during the last quarter. Asset Management One Co. Ltd. boosted its position in ServiceNow by 2.3% in the 2nd quarter. Asset Management One Co. Ltd. now owns 106,625 shares of the information technology services provider’s stock valued at $109,619,000 after buying an additional 2,433 shares during the last quarter. R Squared Ltd boosted its position in ServiceNow by 37.8% in the 2nd quarter. R Squared Ltd now owns 1,240 shares of the information technology services provider’s stock valued at $1,275,000 after buying an additional 340 shares during the last quarter. Finally, AlTi Global Inc. boosted its position in ServiceNow by 112.9% in the 2nd quarter. AlTi Global Inc. now owns 1,043 shares of the information technology services provider’s stock valued at $1,068,000 after buying an additional 553 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have commented on NOW. BMO Capital Markets increased their price objective on ServiceNow from $1,150.00 to $1,160.00 and gave the company an “outperform” rating in a research report on Thursday, July 24th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $1,200.00 price objective on shares of ServiceNow in a research report on Thursday, July 24th. JMP Securities reiterated a “market outperform” rating and issued a $1,300.00 price objective on shares of ServiceNow in a research report on Monday, August 4th. Bank of America increased their price objective on ServiceNow from $1,110.00 to $1,200.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. Finally, Wall Street Zen upgraded ServiceNow from a “hold” rating to a “buy” rating in a research report on Saturday, October 18th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $1,124.17.

Insiders Place Their Bets

In related news, CFO Gina Mastantuono sold 1,762 shares of the firm’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,526,684.90. Following the sale, the chief financial officer owned 12,228 shares of the company’s stock, valued at approximately $10,594,950.60. This trade represents a 12.59% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO William R. Mcdermott sold 5,825 shares of the firm’s stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the sale, the chief executive officer directly owned 6,614 shares in the company, valued at $6,062,590.82. The trade was a 46.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,737 shares of company stock worth $16,798,825 over the last three months. Insiders own 0.38% of the company’s stock.

ServiceNow Stock Down 1.0%

NYSE:NOW opened at $929.77 on Friday. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $193.39 billion, a P/E ratio of 117.10, a P/E/G ratio of 4.23 and a beta of 0.92. The stock’s fifty day simple moving average is $917.85 and its 200-day simple moving average is $940.95.

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

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.