Palo Alto Wealth Advisors LLC Makes New $7.96 Million Investment in ServiceNow, Inc. (NYSE:NOW)

Palo Alto Wealth Advisors LLC acquired a new position in shares of ServiceNow, Inc. (NYSE:NOW) in the 3rd quarter, Holdings Channel.com reports. The firm acquired 8,664 shares of the information technology services provider’s stock, valued at approximately $7,956,000. ServiceNow comprises about 3.3% of Palo Alto Wealth Advisors LLC’s investment portfolio, making the stock its 8th biggest position.

Several other hedge funds have also recently bought and sold shares of NOW. Quent Capital LLC lifted its position in ServiceNow by 4.1% during the first quarter. Quent Capital LLC now owns 770 shares of the information technology services provider’s stock worth $587,000 after acquiring an additional 30 shares during the last quarter. Avantax Advisory Services Inc. lifted its position in ServiceNow by 20.8% during the first quarter. Avantax Advisory Services Inc. now owns 4,210 shares of the information technology services provider’s stock worth $3,209,000 after acquiring an additional 724 shares during the last quarter. Kingsview Wealth Management LLC increased its holdings in shares of ServiceNow by 7.4% during the first quarter. Kingsview Wealth Management LLC now owns 2,568 shares of the information technology services provider’s stock worth $1,958,000 after purchasing an additional 178 shares during the period. Leo Wealth LLC increased its holdings in shares of ServiceNow by 11.4% during the first quarter. Leo Wealth LLC now owns 731 shares of the information technology services provider’s stock worth $561,000 after purchasing an additional 75 shares during the period. Finally, RFP Financial Group LLC increased its holdings in shares of ServiceNow by 264.3% during the first quarter. RFP Financial Group LLC now owns 51 shares of the information technology services provider’s stock worth $39,000 after purchasing an additional 37 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at ServiceNow

In related news, insider Jacqueline P. Canney sold 94 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $825.92, for a total value of $77,636.48. Following the transaction, the insider now owns 4,019 shares in the company, valued at $3,319,372.48. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Jacqueline P. Canney sold 94 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $825.92, for a total value of $77,636.48. Following the transaction, the insider now owns 4,019 shares in the company, valued at $3,319,372.48. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jeffrey A. Miller sold 2,879 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the completion of the transaction, the director now owns 42,920 shares in the company, valued at approximately $43,740,630.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,259 shares of company stock worth $4,955,741. Company insiders own 0.25% of the company’s stock.

ServiceNow Trading Down 0.1 %

Shares of NYSE:NOW traded down $0.85 during mid-day trading on Thursday, reaching $1,044.70. 342,307 shares of the company’s stock were exchanged, compared to its average volume of 1,276,214. The firm has a market capitalization of $215.21 billion, a price-to-earnings ratio of 162.60, a PEG ratio of 6.02 and a beta of 0.98. The business’s fifty day moving average price is $924.67 and its 200-day moving average price is $819.71. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,061.66.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, topping analysts’ consensus estimates of $3.46 by $0.26. The company had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.75 billion. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. ServiceNow’s revenue was up 22.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.21 earnings per share. On average, research analysts predict that ServiceNow, Inc. will post 7.07 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Sanford C. Bernstein raised their target price on shares of ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Morgan Stanley cut shares of ServiceNow from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $900.00 to $960.00 in a report on Monday, October 21st. Royal Bank of Canada raised their target price on shares of ServiceNow from $985.00 to $1,045.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Robert W. Baird raised their target price on shares of ServiceNow from $900.00 to $975.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Finally, UBS Group lifted their price objective on shares of ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $974.04.

ServiceNow Company 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.