Archford Capital Strategies LLC Makes New Investment in ServiceNow, Inc. (NYSE:NOW)

Archford Capital Strategies LLC purchased a new stake in ServiceNow, Inc. (NYSE:NOW) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 332 shares of the information technology services provider’s stock, valued at approximately $261,000.

Several other hedge funds also recently modified their holdings of the company. Argonautica Private Wealth Management Inc. increased its position in ServiceNow by 1.0% in the 4th quarter. Argonautica Private Wealth Management Inc. now owns 1,376 shares of the information technology services provider’s stock valued at $972,000 after acquiring an additional 13 shares during the period. Oliver Lagore Vanvalin Investment Group grew its stake in shares of ServiceNow by 30.4% in the fourth quarter. Oliver Lagore Vanvalin Investment Group now owns 60 shares of the information technology services provider’s stock worth $42,000 after purchasing an additional 14 shares during the last quarter. Optas LLC raised its position in ServiceNow by 1.7% during the 1st quarter. Optas LLC now owns 815 shares of the information technology services provider’s stock worth $621,000 after purchasing an additional 14 shares during the last quarter. Cedar Wealth Management LLC raised its position in ServiceNow by 5.5% during the 1st quarter. Cedar Wealth Management LLC now owns 268 shares of the information technology services provider’s stock worth $204,000 after purchasing an additional 14 shares during the last quarter. Finally, Forbes J M & Co. LLP lifted its holdings in ServiceNow by 0.3% during the 1st quarter. Forbes J M & Co. LLP now owns 5,293 shares of the information technology services provider’s stock worth $4,035,000 after buying an additional 15 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insiders Place Their Bets

In related news, insider Nicholas Tzitzon sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $690.99, for a total value of $1,381,980.00. Following the completion of the transaction, the insider now directly owns 3,649 shares in the company, valued at approximately $2,521,422.51. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other ServiceNow news, insider Nicholas Tzitzon sold 2,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $690.99, for a total value of $1,381,980.00. Following the completion of the transaction, the insider now owns 3,649 shares of the company’s stock, valued at approximately $2,521,422.51. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Paul John Smith sold 602 shares of the firm’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $769.75, for a total transaction of $463,389.50. Following the sale, the insider now directly owns 3,619 shares in the company, valued at approximately $2,785,725.25. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,943 shares of company stock valued at $7,566,635. Insiders own 0.25% of the company’s stock.

ServiceNow Trading Down 0.4 %

Shares of NOW traded down $3.56 during trading hours on Friday, hitting $828.55. The company had a trading volume of 304,500 shares, compared to its average volume of 1,318,866. ServiceNow, Inc. has a 52-week low of $527.24 and a 52-week high of $850.33. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.17. The stock’s 50 day moving average price is $767.89 and its 200 day moving average price is $757.14. The firm has a market cap of $169.85 billion, a P/E ratio of 88.11, a P/E/G ratio of 4.82 and a beta of 0.99.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, beating analysts’ consensus estimates of $2.85 by $0.28. The company had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.61 billion. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The firm’s revenue for the quarter was up 22.2% on a year-over-year basis. During the same quarter last year, the company earned $0.77 EPS. On average, research analysts predict that ServiceNow, Inc. will post 6.84 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on NOW shares. Piper Sandler raised their price objective on ServiceNow from $830.00 to $850.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Canaccord Genuity Group restated a “buy” rating and issued a $835.00 price target on shares of ServiceNow in a research report on Tuesday, July 23rd. Morgan Stanley upped their price objective on shares of ServiceNow from $814.00 to $830.00 and gave the company an “overweight” rating in a research note on Thursday, April 25th. Robert W. Baird raised their target price on ServiceNow from $885.00 to $900.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Finally, Wells Fargo & Company increased their price objective on shares of ServiceNow from $920.00 to $935.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and an average target price of $849.62.

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.