SteelPeak Wealth LLC Acquires Shares of 636 ServiceNow, Inc. (NYSE:NOW)

SteelPeak Wealth LLC purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 636 shares of the information technology services provider’s stock, valued at approximately $485,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Optas LLC raised its position in shares of ServiceNow by 1.7% during the 1st quarter. Optas LLC now owns 815 shares of the information technology services provider’s stock worth $621,000 after purchasing an additional 14 shares during the period. Sandy Cove Advisors LLC raised its position in shares of ServiceNow by 4.6% during the 1st quarter. Sandy Cove Advisors LLC now owns 705 shares of the information technology services provider’s stock worth $537,000 after purchasing an additional 31 shares during the period. Red Door Wealth Management LLC raised its position in shares of ServiceNow by 4.9% during the 1st quarter. Red Door Wealth Management LLC now owns 6,410 shares of the information technology services provider’s stock worth $4,887,000 after purchasing an additional 297 shares during the period. Cornerstone Wealth Group LLC raised its position in shares of ServiceNow by 5.1% during the 1st quarter. Cornerstone Wealth Group LLC now owns 4,625 shares of the information technology services provider’s stock worth $3,526,000 after purchasing an additional 224 shares during the period. Finally, Physician Wealth Advisors Inc. raised its position in shares of ServiceNow by 2.5% during the 1st quarter. Physician Wealth Advisors Inc. now owns 1,123 shares of the information technology services provider’s stock worth $836,000 after purchasing an additional 27 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently issued reports on NOW. StockNews.com lowered ServiceNow from a “buy” rating to a “hold” rating in a report on Friday, April 26th. KeyCorp decreased their price objective on ServiceNow from $1,000.00 to $950.00 and set an “overweight” rating for the company in a report on Thursday, April 25th. William Blair reissued an “outperform” rating on shares of ServiceNow in a report on Tuesday, May 7th. Jefferies Financial Group increased their price objective on ServiceNow from $885.00 to $900.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. Finally, Guggenheim reissued a “neutral” rating on shares of ServiceNow in a report on Monday, April 15th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $814.48.

Insider Activity

In other news, insider Christopher Bedi sold 215 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $700.00, for a total value of $150,500.00. Following the completion of the sale, the insider now owns 15,892 shares in the company, valued at $11,124,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Christopher Bedi sold 215 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $700.00, for a total value of $150,500.00. Following the completion of the sale, the insider now owns 15,892 shares in the company, valued at $11,124,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul John Smith sold 125 shares of the stock in a transaction on Monday, May 13th. The shares were sold at an average price of $727.38, for a total value of $90,922.50. Following the completion of the sale, the insider now owns 3,112 shares of the company’s stock, valued at approximately $2,263,606.56. The disclosure for this sale can be found here. Insiders sold 5,530 shares of company stock worth $3,997,012 over the last quarter. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Price Performance

Shares of NOW traded up $12.54 during trading hours on Friday, hitting $786.67. 1,721,786 shares of the company were exchanged, compared to its average volume of 1,451,259. The company has a market capitalization of $161.27 billion, a PE ratio of 84.14, a PEG ratio of 4.93 and a beta of 0.96. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a fifty day simple moving average of $726.55 and a 200-day simple moving average of $741.24. ServiceNow, Inc. has a one year low of $527.24 and a one year high of $815.32.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, April 24th. The information technology services provider reported $1.82 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.41. The business had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.59 billion. ServiceNow had a return on equity of 13.59% and a net margin of 20.34%. As a group, sell-side analysts predict that ServiceNow, Inc. will post 6.5 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.