Schmidt P J Investment Management Inc. Acquires Shares of 469 ServiceNow, Inc. $NOW

Schmidt P J Investment Management Inc. acquired a new stake in shares of ServiceNow, Inc. (NYSE:NOW) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 469 shares of the information technology services provider’s stock, valued at approximately $482,000.

A number of other hedge funds have also recently bought and sold shares of the business. Haverford Trust Co grew its stake in ServiceNow by 0.9% during the 1st quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider’s stock valued at $936,000 after purchasing an additional 10 shares in the last quarter. Ascent Group LLC grew its stake in ServiceNow by 0.5% during the 1st quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider’s stock valued at $1,628,000 after purchasing an additional 10 shares in the last quarter. Edgemoor Investment Advisors Inc. grew its stake in ServiceNow by 2.5% during the 1st quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $366,000 after purchasing an additional 11 shares in the last quarter. Integrated Investment Consultants LLC grew its stake in ServiceNow by 2.5% during the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider’s stock valued at $358,000 after purchasing an additional 11 shares in the last quarter. Finally, one8zero8 LLC grew its stake in ServiceNow by 3.2% during the 1st quarter. one8zero8 LLC now owns 356 shares of the information technology services provider’s stock valued at $283,000 after purchasing an additional 11 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Trading Down 1.0%

Shares of NYSE NOW opened at $929.77 on Monday. The company has a market cap of $193.39 billion, a price-to-earnings ratio of 117.10, a price-to-earnings-growth ratio of 4.20 and a beta of 0.92. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. 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’s 50 day simple moving average is $917.85 and its 200 day simple moving average is $943.26.

Analysts Set New Price Targets

A number of brokerages have weighed in on NOW. Cowen restated a “buy” rating on shares of ServiceNow in a research note on Friday. BMO Capital Markets increased their target price on ServiceNow from $1,150.00 to $1,160.00 and gave the stock an “outperform” rating in a report on Thursday, July 24th. Piper Sandler increased their target price on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an “overweight” rating in a report on Thursday, July 24th. Zacks Research raised ServiceNow from a “hold” rating to a “strong-buy” rating in a report on Monday, October 13th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of ServiceNow in a report on Saturday. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $1,124.17.

Insiders Place Their Bets

In related news, General Counsel Russell S. Elmer sold 1,698 shares of the firm’s stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total value of $1,501,473.48. Following the sale, the general counsel owned 4,332 shares of the company’s stock, valued at approximately $3,830,614.32. This trade represents a 28.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Anita M. Sands sold 1,097 shares of the firm’s stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $915.11, for a total value of $1,003,875.67. Following the completion of the sale, the director directly owned 9,307 shares in the company, valued at approximately $8,516,928.77. This trade represents a 10.54% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,737 shares of company stock worth $16,798,825. 0.38% of the stock is currently owned by insiders.

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.