Fortis Capital Advisors LLC Grows Position in ServiceNow, Inc. (NYSE:NOW)

Fortis Capital Advisors LLC raised its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 8.7% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,246 shares of the information technology services provider’s stock after acquiring an additional 100 shares during the quarter. Fortis Capital Advisors LLC’s holdings in ServiceNow were worth $880,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of ServiceNow by 0.7% during the third quarter. Vanguard Group Inc. now owns 17,753,781 shares of the information technology services provider’s stock worth $9,923,653,000 after purchasing an additional 122,577 shares in the last quarter. FMR LLC lifted its position in shares of ServiceNow by 17.3% during the third quarter. FMR LLC now owns 4,036,796 shares of the information technology services provider’s stock worth $2,256,407,000 after purchasing an additional 595,697 shares in the last quarter. Jennison Associates LLC lifted its position in shares of ServiceNow by 2.2% during the fourth quarter. Jennison Associates LLC now owns 2,521,190 shares of the information technology services provider’s stock worth $1,781,195,000 after purchasing an additional 53,719 shares in the last quarter. Norges Bank acquired a new position in shares of ServiceNow during the fourth quarter worth $1,648,259,000. Finally, Massachusetts Financial Services Co. MA lifted its position in shares of ServiceNow by 3.7% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,281,748 shares of the information technology services provider’s stock worth $1,612,032,000 after purchasing an additional 81,028 shares in the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently commented on NOW. BMO Capital Markets reduced their target price on shares of ServiceNow from $850.00 to $830.00 and set an “outperform” rating on the stock in a research report on Thursday, April 25th. Wolfe Research reaffirmed an “outperform” rating and issued a $830.00 price target on shares of ServiceNow in a report on Friday, May 10th. KeyCorp cut their price target on shares of ServiceNow from $1,000.00 to $950.00 and set an “overweight” rating on the stock in a report on Thursday, April 25th. William Blair reaffirmed an “outperform” rating on shares of ServiceNow in a report on Tuesday, May 7th. Finally, Robert W. Baird upped their price target on shares of ServiceNow from $870.00 to $885.00 and gave the company an “outperform” rating in a report on Tuesday, May 7th. Three investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $808.73.

ServiceNow Stock Performance

Shares of ServiceNow stock traded down $19.64 during trading on Friday, hitting $738.51. 1,357,098 shares of the stock were exchanged, compared to its average volume of 1,130,991. The stock’s fifty day moving average is $747.11 and its 200 day moving average is $732.26. The stock has a market cap of $151.39 billion, a PE ratio of 78.99, a P/E/G ratio of 4.63 and a beta of 0.98. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.05 and a current ratio of 1.05. ServiceNow, Inc. has a 12 month low of $517.80 and a 12 month high of $815.32.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, April 24th. The information technology services provider reported $1.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.41. The firm had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.59 billion. ServiceNow had a net margin of 20.34% and a return on equity of 13.59%. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 6.5 EPS for the current year.

Insider Activity at ServiceNow

In related news, insider Paul John Smith sold 190 shares of the stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $718.78, for a total value of $136,568.20. Following the completion of the transaction, the insider now owns 3,010 shares in the company, valued at approximately $2,163,527.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 917 shares of company stock worth $690,880 in the last 90 days. Corporate insiders own 0.25% of the company’s stock.

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.