Valley Wealth Managers Inc. Raises Stake in ServiceNow, Inc. (NYSE:NOW)

Valley Wealth Managers Inc. grew its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 10.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 591 shares of the information technology services provider’s stock after buying an additional 58 shares during the period. Valley Wealth Managers Inc.’s holdings in ServiceNow were worth $529,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp boosted its stake in ServiceNow by 2.3% during the second quarter. Bank of New York Mellon Corp now owns 1,529,430 shares of the information technology services provider’s stock valued at $1,203,157,000 after buying an additional 34,855 shares during the period. Swedbank AB grew its stake in ServiceNow by 10.3% in the 2nd quarter. Swedbank AB now owns 1,298,722 shares of the information technology services provider’s stock worth $1,021,666,000 after buying an additional 120,983 shares in the last quarter. International Assets Investment Management LLC increased its holdings in shares of ServiceNow by 89,137.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock worth $1,059,912,000 after buying an additional 1,183,739 shares during the last quarter. Ameriprise Financial Inc. raised its position in shares of ServiceNow by 21.5% during the 2nd quarter. Ameriprise Financial Inc. now owns 954,045 shares of the information technology services provider’s stock valued at $750,513,000 after buying an additional 168,734 shares in the last quarter. Finally, Clearbridge Investments LLC grew its position in ServiceNow by 1.8% in the second quarter. Clearbridge Investments LLC now owns 677,942 shares of the information technology services provider’s stock worth $533,316,000 after acquiring an additional 11,979 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Down 2.7 %

Shares of ServiceNow stock opened at $1,011.39 on Friday. The stock has a market capitalization of $208.35 billion, a PE ratio of 157.29, a price-to-earnings-growth ratio of 6.00 and a beta of 0.98. 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 50-day simple moving average of $932.47 and a two-hundred day simple moving average of $823.24. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,061.66.

ServiceNow (NYSE:NOW) last released its quarterly earnings data 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. The firm had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The firm’s quarterly revenue was up 22.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.21 earnings per share. On average, analysts anticipate that ServiceNow, Inc. will post 7.07 EPS for the current fiscal year.

Insider Activity

In related news, insider Nicholas Tzitzon sold 1,857 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $829.68, for a total transaction of $1,540,715.76. Following the completion of the transaction, the insider now directly owns 3,649 shares in the company, valued at approximately $3,027,502.32. The trade was a 33.73 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 94 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $825.92, for a total transaction of $77,636.48. Following the completion of the transaction, the insider now owns 4,019 shares of the company’s stock, valued at approximately $3,319,372.48. The trade was a 2.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,325 shares of company stock valued at $5,024,928 in the last quarter. 0.25% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Evercore ISI lifted their price target on ServiceNow from $950.00 to $1,000.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Jefferies Financial Group upped their target price on ServiceNow from $900.00 to $1,100.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Stifel Nicolaus lifted their price target on shares of ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. StockNews.com raised shares of ServiceNow from a “hold” rating to a “buy” rating in a research note on Tuesday. Finally, Canaccord Genuity Group lifted their price objective on ServiceNow from $850.00 to $1,000.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $974.04.

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.