L & S Advisors Inc Purchases 8,740 Shares of ServiceNow, Inc. (NYSE:NOW)

L & S Advisors Inc lifted its position in ServiceNow, Inc. (NYSE:NOW) by 265.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 12,032 shares of the information technology services provider’s stock after purchasing an additional 8,740 shares during the period. ServiceNow accounts for about 1.1% of L & S Advisors Inc’s investment portfolio, making the stock its 20th biggest position. L & S Advisors Inc’s holdings in ServiceNow were worth $10,761,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Massachusetts Financial Services Co. MA lifted its holdings in ServiceNow by 11.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,620,298 shares of the information technology services provider’s stock worth $1,449,178,000 after buying an additional 167,847 shares during the period. Trustmark National Bank Trust Department grew its position in ServiceNow by 96.4% during the 3rd quarter. Trustmark National Bank Trust Department now owns 1,591 shares of the information technology services provider’s stock worth $1,423,000 after purchasing an additional 781 shares during the period. Overbrook Management Corp grew its position in ServiceNow by 3.0% during the 3rd quarter. Overbrook Management Corp now owns 10,843 shares of the information technology services provider’s stock worth $9,698,000 after purchasing an additional 317 shares during the period. Intech Investment Management LLC boosted its stake in shares of ServiceNow by 17.1% during the 3rd quarter. Intech Investment Management LLC now owns 7,483 shares of the information technology services provider’s stock worth $6,693,000 after acquiring an additional 1,095 shares in the last quarter. Finally, Citizens Financial Group Inc. RI boosted its stake in shares of ServiceNow by 25.1% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 3,779 shares of the information technology services provider’s stock worth $3,380,000 after acquiring an additional 758 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on NOW shares. Sanford C. Bernstein raised their price target on shares of ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Mizuho raised their price target on shares of ServiceNow from $980.00 to $1,070.00 and gave the stock an “outperform” rating in a report on Tuesday. JMP Securities lifted their target price on shares of ServiceNow from $850.00 to $1,000.00 and gave the company a “market outperform” rating in a report on Thursday, October 17th. Barclays lifted their target price on shares of ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Finally, Truist Financial lifted their target price on shares of ServiceNow from $780.00 to $900.00 and gave the company a “hold” rating in a report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and an average target price of $986.39.

Insiders Place Their Bets

In other ServiceNow news, insider Nicholas Tzitzon sold 1,857 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $829.68, for a total value of $1,540,715.76. Following the transaction, the insider now owns 3,649 shares in the company, valued at approximately $3,027,502.32. This represents a 33.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jacqueline P. Canney sold 353 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total value of $326,510.88. Following the completion of the transaction, the insider now owns 3,027 shares in the company, valued at $2,799,853.92. This represents a 10.44 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,373 shares of company stock worth $7,139,335. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Price Performance

ServiceNow stock opened at $1,030.00 on Thursday. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $212.18 billion, a PE ratio of 159.10, a P/E/G ratio of 5.87 and a beta of 0.98. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,061.66. The stock has a 50-day moving average price of $941.65 and a two-hundred day moving average price of $830.81.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, beating the consensus estimate of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The company had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. During the same quarter in the prior year, the firm posted $1.21 earnings per share. The business’s quarterly revenue was up 22.2% on a year-over-year basis. Analysts expect that ServiceNow, Inc. will post 7.07 EPS for the current year.

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.