Connors Investor Services Inc. Makes New Investment in ServiceNow, Inc. (NYSE:NOW)

Connors Investor Services Inc. bought a new stake in ServiceNow, Inc. (NYSE:NOW) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 16,653 shares of the information technology services provider’s stock, valued at approximately $13,100,000.

Other hedge funds also recently added to or reduced their stakes in the company. Creekmur Asset Management LLC purchased a new position in ServiceNow in the first quarter worth $25,000. Versant Capital Management Inc lifted its position in shares of ServiceNow by 466.7% during the 2nd quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock valued at $27,000 after acquiring an additional 28 shares during the period. University of Texas Texas AM Investment Managment Co. purchased a new position in ServiceNow in the 4th quarter valued at approximately $29,000. EntryPoint Capital LLC boosted its position in ServiceNow by 3,900.0% during the first quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock worth $30,000 after purchasing an additional 39 shares in the last quarter. Finally, Ridgewood Investments LLC purchased a new position in shares of ServiceNow during the 2nd quarter worth approximately $32,000. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $892.63 on Tuesday. ServiceNow, Inc. has a 1 year low of $527.24 and a 1 year high of $897.99. The firm has a market cap of $182.99 billion, a P/E ratio of 95.47, a PEG ratio of 5.25 and a beta of 0.98. The stock has a fifty day moving average price of $809.74 and a two-hundred day moving average price of $767.40. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.85 by $0.28. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The company had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.61 billion. During the same quarter in the previous year, the firm posted $0.77 EPS. The business’s revenue was up 22.2% compared to the same quarter last year. Research analysts forecast that ServiceNow, Inc. will post 6.78 EPS for the current fiscal year.

Insider Transactions at ServiceNow

In other news, insider Jacqueline P. Canney sold 94 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were 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 directly owns 4,019 shares of the company’s stock, valued at approximately $3,319,372.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Jacqueline P. Canney sold 94 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $825.92, for a total value of $77,636.48. Following the completion of the sale, the insider now directly owns 4,019 shares in the company, valued at $3,319,372.48. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Kevin Thomas Mcbride sold 100 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $825.00, for a total transaction of $82,500.00. Following the transaction, the insider now owns 2,994 shares in the company, valued at approximately $2,470,050. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,914 shares of company stock valued at $5,608,936. 0.25% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Wells Fargo & Company boosted their price objective on shares of ServiceNow from $920.00 to $935.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Guggenheim reiterated a “sell” rating and set a $640.00 price objective on shares of ServiceNow in a research note on Monday, July 8th. Canaccord Genuity Group restated a “buy” rating and set a $835.00 target price on shares of ServiceNow in a report on Tuesday, July 23rd. Piper Sandler boosted their price objective on ServiceNow from $830.00 to $850.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Finally, JPMorgan Chase & Co. upped their price objective on shares of ServiceNow from $780.00 to $820.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have issued a buy rating to the stock. According to data from MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and a consensus price target of $855.44.

ServiceNow Company 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.