Summit Trail Advisors LLC Increases Stake in ServiceNow, Inc. (NYSE:NOW)

Summit Trail Advisors LLC increased its position in shares of ServiceNow, Inc. (NYSE:NOW) by 12.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,226 shares of the information technology services provider’s stock after purchasing an additional 249 shares during the period. Summit Trail Advisors LLC’s holdings in ServiceNow were worth $1,990,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Cahill Financial Advisors Inc. boosted its stake in ServiceNow by 4.7% in the third quarter. Cahill Financial Advisors Inc. now owns 403 shares of the information technology services provider’s stock valued at $360,000 after acquiring an additional 18 shares in the last quarter. Centaurus Financial Inc. boosted its stake in shares of ServiceNow by 7.7% during the third quarter. Centaurus Financial Inc. now owns 857 shares of the information technology services provider’s stock worth $766,000 after buying an additional 61 shares during the period. Larson Financial Group LLC lifted its holdings in shares of ServiceNow by 48.6% during the third quarter. Larson Financial Group LLC now owns 410 shares of the information technology services provider’s stock worth $367,000 after purchasing an additional 134 shares during the period. Canopy Partners LLC lifted its position in ServiceNow by 2.1% in the third quarter. Canopy Partners LLC now owns 2,167 shares of the information technology services provider’s stock valued at $1,938,000 after purchasing an additional 45 shares during the period. Finally, Kingsview Wealth Management LLC raised its position in ServiceNow by 8.0% in the third quarter. Kingsview Wealth Management LLC now owns 2,638 shares of the information technology services provider’s stock worth $2,359,000 after acquiring an additional 196 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Up 1.3 %

NOW opened at $1,060.60 on Monday. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,064.59. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. The stock’s fifty day moving average is $948.53 and its 200-day moving average is $836.29. The company has a market capitalization of $218.48 billion, a PE ratio of 164.95, a P/E/G ratio of 6.09 and a beta of 0.98.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, beating analysts’ consensus estimates of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The business had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.75 billion. During the same quarter last year, the company posted $1.21 EPS. ServiceNow’s revenue for the quarter was up 22.2% on a year-over-year basis. On average, equities analysts predict that ServiceNow, Inc. will post 7.07 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently weighed in on NOW. Citigroup upped their price target on ServiceNow from $1,068.00 to $1,071.00 and gave the stock a “buy” rating in a report on Friday, October 25th. JMP Securities lifted their price objective on ServiceNow from $850.00 to $1,000.00 and gave the company a “market outperform” rating in a research report on Thursday, October 17th. Piper Sandler increased their target price on ServiceNow from $850.00 to $1,000.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. StockNews.com upgraded shares of ServiceNow from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. Finally, TD Cowen increased their price objective on shares of ServiceNow from $900.00 to $1,000.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $986.39.

Insider Activity at ServiceNow

In other news, CEO William R. Mcdermott sold 12,271 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,588,953.65. The trade was a 82.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jeffrey A. Miller sold 2,879 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total value of $2,934,046.48. Following the sale, the director now owns 42,920 shares of the company’s stock, valued at approximately $43,740,630.40. This represents a 6.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,787 shares of company stock valued at $17,841,028. Company insiders own 0.25% of the company’s stock.

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.