ServiceNow, Inc. (NYSE:NOW) Stake Lifted by Canopy Partners LLC

Canopy Partners LLC increased its stake in ServiceNow, Inc. (NYSE:NOW) by 2.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,167 shares of the information technology services provider’s stock after acquiring an additional 45 shares during the period. ServiceNow makes up approximately 0.8% of Canopy Partners LLC’s investment portfolio, making the stock its 24th biggest position. Canopy Partners LLC’s holdings in ServiceNow were worth $1,938,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Kingsview Wealth Management LLC boosted its holdings in shares of ServiceNow by 8.0% in the third quarter. Kingsview Wealth Management LLC now owns 2,638 shares of the information technology services provider’s stock valued at $2,359,000 after acquiring an additional 196 shares in the last quarter. Cerity Partners LLC boosted its holdings in ServiceNow by 23.4% during the third quarter. Cerity Partners LLC now owns 91,508 shares of the information technology services provider’s stock worth $81,843,000 after buying an additional 17,382 shares in the last quarter. Great Valley Advisor Group Inc. boosted its holdings in ServiceNow by 0.9% during the third quarter. Great Valley Advisor Group Inc. now owns 8,154 shares of the information technology services provider’s stock worth $7,293,000 after buying an additional 76 shares in the last quarter. Nicolet Advisory Services LLC boosted its holdings in ServiceNow by 39.9% during the third quarter. Nicolet Advisory Services LLC now owns 1,014 shares of the information technology services provider’s stock worth $903,000 after buying an additional 289 shares in the last quarter. Finally, Leelyn Smith LLC boosted its holdings in ServiceNow by 2.3% during the third quarter. Leelyn Smith LLC now owns 2,506 shares of the information technology services provider’s stock worth $2,241,000 after buying an additional 56 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Up 1.3 %

ServiceNow stock opened at $1,060.57 on Friday. The company has a market capitalization of $218.48 billion, a P/E ratio of 164.94, a P/E/G ratio of 6.01 and a beta of 0.98. The firm’s fifty day simple moving average is $948.53 and its 200-day simple moving average is $834.64. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,064.59.

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

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on NOW shares. Needham & Company LLC raised their target price on shares of ServiceNow from $900.00 to $1,075.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. UBS Group raised their target price on shares of ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Barclays raised their target price on shares of ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Oppenheimer raised their target price on shares of ServiceNow from $825.00 to $1,020.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Finally, Piper Sandler raised their price objective on shares of ServiceNow from $850.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $986.39.

Insider Activity

In related news, Director Jeffrey A. Miller sold 2,879 shares of ServiceNow stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $1,019.12, for a total value of $2,934,046.48. Following the transaction, the director now owns 42,920 shares in the company, valued at $43,740,630.40. This trade represents a 6.29 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the transaction, the chief executive officer now owns 2,595 shares in the company, valued at $2,588,953.65. This trade represents a 82.54 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,644 shares of company stock worth $19,381,744. 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.