Benjamin Edwards Inc. Raises Position in ServiceNow, Inc. (NYSE:NOW)

Benjamin Edwards Inc. raised its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 2,963.8% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 9,988 shares of the information technology services provider’s stock after acquiring an additional 9,662 shares during the period. Benjamin Edwards Inc.’s holdings in ServiceNow were worth $8,934,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Versant Capital Management Inc grew its position in ServiceNow by 466.7% during the 2nd quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock worth $27,000 after acquiring an additional 28 shares during the last quarter. Truvestments Capital LLC bought a new position in shares of ServiceNow in the third quarter worth approximately $30,000. Ridgewood Investments LLC purchased a new position in shares of ServiceNow in the second quarter worth $32,000. DT Investment Partners LLC increased its stake in shares of ServiceNow by 77.3% in the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after buying an additional 17 shares during the period. Finally, American Capital Advisory LLC bought a new stake in ServiceNow during the 2nd quarter valued at $39,000. 87.18% of the stock is owned by institutional investors.

ServiceNow Price Performance

NOW opened at $1,048.43 on Tuesday. The firm has a market cap of $215.98 billion, a PE ratio of 163.05, a P/E/G ratio of 6.02 and a beta of 0.99. The stock has a 50-day moving average price of $963.10 and a 200-day moving average price of $847.50. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,072.84. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) 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 business had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. During the same period in the previous year, the company earned $1.21 earnings per share. The business’s revenue for the quarter was up 22.2% compared to the same quarter last year. Sell-side analysts predict that ServiceNow, Inc. will post 7.07 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In related news, Director Jeffrey A. Miller sold 2,879 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $1,019.12, for a total transaction 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 represents a 6.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jacqueline P. Canney sold 76 shares of ServiceNow stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $1,010.94, for a total transaction of $76,831.44. Following the completion of the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,060,115.38. This trade represents a 2.45 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,329 shares of company stock valued at $20,547,241. 0.25% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have issued reports on NOW. Barclays boosted their price objective 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. Piper Sandler upped their price target on ServiceNow from $850.00 to $1,000.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Wells Fargo & Company lifted their price objective on ServiceNow from $1,050.00 to $1,150.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 12th. Citigroup upped their target price on ServiceNow from $1,068.00 to $1,071.00 and gave the company a “buy” rating in a report on Friday, October 25th. Finally, Truist Financial raised their price target on ServiceNow from $780.00 to $900.00 and gave the stock a “hold” rating in a research note on Wednesday, October 23rd. One equities research 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 issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $994.43.

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.