Inverness Counsel LLC NY Has $36.73 Million Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Inverness Counsel LLC NY lifted its stake in ServiceNow, Inc. (NYSE:NOW) by 15.5% during the second quarter, Holdings Channel.com reports. The fund owned 66,838 shares of the information technology services provider’s stock after buying an additional 8,985 shares during the period. ServiceNow accounts for approximately 1.3% of Inverness Counsel LLC NY’s holdings, making the stock its 24th largest holding. Inverness Counsel LLC NY’s holdings in ServiceNow were worth $36,731,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. OLD Second National Bank of Aurora acquired a new position in shares of ServiceNow during the 1st quarter worth approximately $25,000. Selective Wealth Management Inc. bought a new stake in ServiceNow during the second quarter worth $30,000. SRS Capital Advisors Inc. bought a new position in shares of ServiceNow in the 2nd quarter valued at about $33,000. Lloyd Advisory Services LLC. increased its stake in shares of ServiceNow by 48.8% during the 2nd quarter. Lloyd Advisory Services LLC. now owns 61 shares of the information technology services provider’s stock worth $34,000 after purchasing an additional 20 shares during the last quarter. Finally, Wolverine Asset Management LLC lifted its stake in ServiceNow by 1,160.0% in the 1st quarter. Wolverine Asset Management LLC now owns 63 shares of the information technology services provider’s stock valued at $31,000 after purchasing an additional 58 shares during the last quarter. Institutional investors and hedge funds own 85.42% of the company’s stock.

A number of research analysts recently weighed in on the company. Canaccord Genuity boosted their target price on ServiceNow from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Thursday, July 29th. The Goldman Sachs Group increased their price target on shares of ServiceNow from $695.00 to $725.00 in a report on Thursday, July 29th. JMP Securities upped their target price on ServiceNow from $568.00 to $639.00 and gave the company a “market outperform” rating in a research report on Friday, July 23rd. Wolfe Research reduced their price target on ServiceNow from $675.00 to $600.00 and set an “outperform” rating for the company in a research note on Friday, June 4th. Finally, Mizuho lifted their target price on ServiceNow from $640.00 to $650.00 and gave the stock a “buy” rating in a report on Thursday, July 29th. Two equities research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $641.90.

NOW stock traded up $1.13 during trading on Wednesday, reaching $646.55. The stock had a trading volume of 4,678 shares, compared to its average volume of 1,408,175. The company has a market capitalization of $128.08 billion, a price-to-earnings ratio of 768.37, a P/E/G ratio of 17.05 and a beta of 0.92. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.45. The company’s 50 day moving average is $600.32 and its two-hundred day moving average is $538.35. ServiceNow, Inc. has a one year low of $442.00 and a one year high of $681.10.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, July 28th. The information technology services provider reported $1.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $1.26. ServiceNow had a net margin of 3.30% and a return on equity of 9.10%. As a group, research analysts predict that ServiceNow, Inc. will post 1.35 earnings per share for the current fiscal year.

In related news, Director Paul Edward Chamberlain sold 75 shares of the business’s stock in a transaction that occurred on Wednesday, June 23rd. The shares were sold at an average price of $545.00, for a total transaction of $40,875.00. Following the completion of the transaction, the director now owns 10,056 shares of the company’s stock, valued at $5,480,520. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Lawrence Jackson sold 422 shares of the firm’s stock in a transaction on Tuesday, August 31st. The shares were sold at an average price of $642.69, for a total transaction of $271,215.18. Following the completion of the transaction, the director now directly owns 707 shares of the company’s stock, valued at $454,381.83. The disclosure for this sale can be found here. Insiders have sold a total of 32,094 shares of company stock valued at $17,810,772 in the last quarter. 0.35% of the stock is owned by corporate insiders.

About ServiceNow

ServiceNow, Inc engages in the provision of enterprise cloud computing solutions. The firm delivers digital workflows on a single enterprise cloud platform called the Now Platform. Its product portfolio is focused on providing Information Technology, Employee and Customer workflows. It offers its solutions for the industries under the categories of government, financial services, healthcare, telecommunications, manufacturing, IT services, technology, oil & gas, education, and consumer products.

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Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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