Carlson Capital Management Takes $200,000 Position in ServiceNow, Inc. (NYSE:NOW)

Carlson Capital Management acquired a new position in shares of ServiceNow, Inc. (NYSE:NOW) in the 3rd quarter, Holdings Channel.com reports. The firm acquired 224 shares of the information technology services provider’s stock, valued at approximately $200,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Creekmur Asset Management LLC acquired a new stake in shares of ServiceNow during the 1st quarter valued at $25,000. Versant Capital Management Inc increased its position in ServiceNow by 466.7% in the 2nd quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock valued at $27,000 after buying an additional 28 shares in the last quarter. EntryPoint Capital LLC grew its stake in ServiceNow by 3,900.0% in the first quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock valued at $30,000 after acquiring an additional 39 shares during the period. Truvestments Capital LLC acquired a new position in shares of ServiceNow during the third quarter worth approximately $30,000. Finally, Ridgewood Investments LLC bought a new position in shares of ServiceNow in the second quarter valued at $32,000. Institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Barclays raised their price target on shares of ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. UBS Group increased their target price on shares of ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. JMP Securities boosted their price target on shares of ServiceNow from $850.00 to $1,000.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 17th. Canaccord Genuity Group increased their target price on ServiceNow from $850.00 to $1,000.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Finally, Royal Bank of Canada upped their price objective on ServiceNow from $985.00 to $1,045.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and a consensus price target of $989.07.

ServiceNow Stock Performance

Shares of NYSE:NOW traded up $11.05 during midday trading on Tuesday, reaching $1,063.76. 144,421 shares of the company’s stock traded hands, compared to its average volume of 1,282,698. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,068.88. The stock has a 50 day moving average of $951.73 and a 200 day moving average of $838.61. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. The company has a market cap of $219.13 billion, a price-to-earnings ratio of 163.74, a P/E/G ratio of 6.09 and a beta of 0.98.

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

Insider Activity

In related news, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the transaction, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,588,953.65. The trade was a 82.54 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 66 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $1,048.29, for a total value of $69,187.14. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at $3,173,173.83. The trade was a 2.13 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,787 shares of company stock valued at $17,841,028 in the last 90 days. Company insiders own 0.25% of the company’s stock.

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.