Alaethes Wealth LLC Makes New Investment in ServiceNow, Inc. $NOW

Alaethes Wealth LLC acquired a new position in shares of ServiceNow, Inc. (NYSE:NOW) in the 1st quarter, Holdings Channel.com reports. The firm acquired 1,879 shares of the information technology services provider’s stock, valued at approximately $1,496,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Haverford Trust Co raised its holdings in ServiceNow by 0.9% during the 1st quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider’s stock worth $936,000 after purchasing an additional 10 shares during the last quarter. Ascent Group LLC raised its holdings in ServiceNow by 0.5% during the 1st quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider’s stock worth $1,628,000 after purchasing an additional 10 shares during the last quarter. Edgemoor Investment Advisors Inc. raised its holdings in ServiceNow by 2.5% during the 1st quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider’s stock worth $366,000 after purchasing an additional 11 shares during the last quarter. Integrated Investment Consultants LLC grew its position in shares of ServiceNow by 2.5% during the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider’s stock worth $358,000 after buying an additional 11 shares during the period. Finally, one8zero8 LLC grew its position in shares of ServiceNow by 3.2% during the 1st quarter. one8zero8 LLC now owns 356 shares of the information technology services provider’s stock worth $283,000 after buying an additional 11 shares during the period. 87.18% of the stock is owned by institutional investors.

Insider Activity

In other ServiceNow news, CEO William R. Mcdermott sold 5,825 shares of the company’s stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the completion of the transaction, the chief executive officer owned 6,614 shares of the company’s stock, valued at $6,062,590.82. This represents a 46.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jacqueline P. Canney sold 1,562 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,353,394.90. Following the transaction, the insider directly owned 3,027 shares of the company’s stock, valued at approximately $2,622,744.15. This trade represents a 34.04% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,976 shares of company stock worth $17,049,775. 0.38% of the stock is currently owned by insiders.

ServiceNow Price Performance

Shares of NOW opened at $940.05 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The stock has a 50 day simple moving average of $935.00 and a 200 day simple moving average of $922.21. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The firm has a market capitalization of $195.53 billion, a PE ratio of 118.39, a P/E/G ratio of 4.12 and a beta of 0.91.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same period in the previous year, the firm earned $3.13 EPS. ServiceNow’s quarterly revenue was up 22.4% compared to the same quarter last year. Sell-side analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on NOW. DA Davidson boosted their target price on ServiceNow from $1,150.00 to $1,250.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Wall Street Zen lowered ServiceNow from a “buy” rating to a “hold” rating in a research report on Saturday, August 30th. Guggenheim restated a “sell” rating and set a $724.00 target price on shares of ServiceNow in a research report on Thursday, July 17th. BMO Capital Markets boosted their target price on ServiceNow from $1,150.00 to $1,160.00 and gave the stock an “outperform” rating in a research report on Thursday, July 24th. Finally, Piper Sandler boosted their target price on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an “overweight” rating in a research report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $1,115.20.

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.