Steel Grove Capital Advisors LLC Raises Holdings in ServiceNow, Inc. (NYSE:NOW)

Steel Grove Capital Advisors LLC lifted its stake in ServiceNow, Inc. (NYSE:NOW) by 67.2% in the 1st quarter, HoldingsChannel.com reports. The firm owned 657 shares of the information technology services provider’s stock after acquiring an additional 264 shares during the period. Steel Grove Capital Advisors LLC’s holdings in ServiceNow were worth $501,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the stock. Argonautica Private Wealth Management Inc. raised its holdings in shares of ServiceNow by 1.0% in the fourth quarter. Argonautica Private Wealth Management Inc. now owns 1,376 shares of the information technology services provider’s stock worth $972,000 after buying an additional 13 shares during the last quarter. Oliver Lagore Vanvalin Investment Group grew its stake in ServiceNow by 30.4% during the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 60 shares of the information technology services provider’s stock valued at $42,000 after purchasing an additional 14 shares during the last quarter. Optas LLC increased its holdings in shares of ServiceNow by 1.7% in the first quarter. Optas LLC now owns 815 shares of the information technology services provider’s stock valued at $621,000 after purchasing an additional 14 shares during the period. Cedar Wealth Management LLC lifted its holdings in shares of ServiceNow by 5.5% during the first quarter. Cedar Wealth Management LLC now owns 268 shares of the information technology services provider’s stock worth $204,000 after purchasing an additional 14 shares during the period. Finally, Claro Advisors LLC boosted its position in ServiceNow by 3.6% in the fourth quarter. Claro Advisors LLC now owns 428 shares of the information technology services provider’s stock valued at $302,000 after buying an additional 15 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on NOW. William Blair reissued an “outperform” rating on shares of ServiceNow in a research report on Tuesday, May 7th. JMP Securities boosted their target price on shares of ServiceNow from $825.00 to $850.00 and gave the company a “market outperform” rating in a research report on Thursday. BMO Capital Markets increased their price target on ServiceNow from $830.00 to $860.00 and gave the stock an “outperform” rating in a research report on Thursday. JPMorgan Chase & Co. boosted their price objective on ServiceNow from $780.00 to $820.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Truist Financial raised their target price on ServiceNow from $750.00 to $780.00 and gave the stock a “hold” rating in a report on Thursday. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $842.22.

ServiceNow Price Performance

Shares of NOW traded down $1.18 during trading hours on Friday, hitting $827.61. 2,410,057 shares of the stock were exchanged, compared to its average volume of 1,525,403. The stock’s 50-day moving average price is $744.03 and its two-hundred day moving average price is $751.29. ServiceNow, Inc. has a 12-month low of $527.24 and a 12-month high of $850.33. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.05 and a current ratio of 1.12. The company has a market cap of $169.66 billion, a price-to-earnings ratio of 88.51, a price-to-earnings-growth ratio of 5.19 and a beta of 0.99.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.85 by $0.28. The business had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.61 billion. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The company’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.77 earnings per share. Research analysts expect that ServiceNow, Inc. will post 6.5 earnings per share for the current year.

Insider Buying and Selling

In other ServiceNow news, CFO Gina Mastantuono sold 1,800 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $738.88, for a total value of $1,329,984.00. Following the completion of the sale, the chief financial officer now directly owns 13,290 shares of the company’s stock, valued at approximately $9,819,715.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Paul John Smith sold 602 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $769.75, for a total value of $463,389.50. Following the transaction, the insider now directly owns 3,619 shares in the company, valued at $2,785,725.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Gina Mastantuono sold 1,800 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $738.88, for a total value of $1,329,984.00. Following the sale, the chief financial officer now directly owns 13,290 shares of the company’s stock, valued at approximately $9,819,715.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,530 shares of company stock worth $3,997,012. 0.25% of the stock is owned by corporate insiders.

ServiceNow Profile

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.