Hartline Investment Corp Has $28.82 Million Position in ServiceNow, Inc. $NOW

Hartline Investment Corp cut its stake in ServiceNow, Inc. (NYSE:NOW) by 2.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 28,036 shares of the information technology services provider’s stock after selling 749 shares during the period. ServiceNow accounts for about 3.3% of Hartline Investment Corp’s investment portfolio, making the stock its 8th biggest position. Hartline Investment Corp’s holdings in ServiceNow were worth $28,823,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Haverford Trust Co raised its stake in shares of ServiceNow by 0.9% in the first quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider’s stock worth $936,000 after acquiring an additional 10 shares during the last quarter. Ascent Group LLC raised its stake in shares of ServiceNow by 0.5% in the first quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider’s stock worth $1,628,000 after acquiring an additional 10 shares during the last quarter. Edgemoor Investment Advisors Inc. lifted its position 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 valued at $366,000 after purchasing an additional 11 shares during the period. Integrated Investment Consultants LLC lifted its position in ServiceNow by 2.5% during the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider’s stock valued at $358,000 after purchasing an additional 11 shares during the period. Finally, one8zero8 LLC lifted its position in ServiceNow by 3.2% during the 1st quarter. one8zero8 LLC now owns 356 shares of the information technology services provider’s stock valued at $283,000 after purchasing an additional 11 shares during the period. 87.18% of the stock is owned by institutional investors.

ServiceNow Stock Performance

Shares of NYSE:NOW opened at $904.57 on Friday. The company has a market capitalization of $188.15 billion, a price-to-earnings ratio of 113.93, a P/E/G ratio of 4.03 and a beta of 0.92. The firm’s 50 day simple moving average is $910.30 and its 200 day simple moving average is $934.82. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating analysts’ consensus estimates of $3.57 by $0.52. The business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. ServiceNow’s revenue for the quarter was up 22.4% on a year-over-year basis. During the same period last year, the company posted $3.13 EPS. As a group, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Analyst Upgrades and Downgrades

NOW has been the topic of a number of research reports. Wall Street Zen upgraded shares of ServiceNow from a “hold” rating to a “buy” rating in a research report on Saturday. Zacks Research upgraded shares of ServiceNow from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 13th. Bank of America upped their target price on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. BMO Capital Markets upped their target price on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the company an “outperform” rating in a research report on Thursday, July 24th. Finally, Morgan Stanley upgraded shares of ServiceNow from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $1,040.00 to $1,250.00 in a research report on Wednesday, September 24th. Two investment analysts have rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $1,121.37.

Insider Activity

In other ServiceNow news, CEO William R. Mcdermott sold 5,825 shares of the firm’s stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the sale, the chief executive officer directly owned 6,614 shares in the company, valued at approximately $6,062,590.82. This trade represents a 46.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, General Counsel Russell S. Elmer sold 1,698 shares of the firm’s stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the sale, the general counsel owned 4,332 shares in the company, valued at $3,830,614.32. This trade represents a 28.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,737 shares of company stock worth $16,798,825. Corporate insiders own 0.38% 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.