Canvas Wealth Advisors LLC Grows Position in ServiceNow, Inc. $NOW

Canvas Wealth Advisors LLC boosted its stake in ServiceNow, Inc. (NYSE:NOW) by 51.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 759 shares of the information technology services provider’s stock after buying an additional 257 shares during the quarter. Canvas Wealth Advisors LLC’s holdings in ServiceNow were worth $748,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bogart Wealth LLC raised its position in ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider’s stock valued at $25,000 after buying an additional 17 shares during the last quarter. Graybill Wealth Management LTD. purchased a new stake in ServiceNow in the 1st quarter valued at $26,000. WASHINGTON TRUST Co raised its position in ServiceNow by 620.0% in the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider’s stock valued at $29,000 after buying an additional 31 shares during the last quarter. Global X Japan Co. Ltd. purchased a new stake in ServiceNow in the 2nd quarter valued at $30,000. Finally, Dagco Inc. bought a new position in ServiceNow in the 1st quarter valued at $33,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other ServiceNow news, CEO William R. Mcdermott sold 5,825 shares of the firm’s stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the completion of the transaction, the chief executive officer owned 6,614 shares in the company, valued at $6,062,590.82. This trade represents a 46.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Russell S. Elmer sold 1,698 shares of the firm’s stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total value of $1,501,473.48. Following the completion of the sale, the general counsel directly owned 4,332 shares in the company, valued at approximately $3,830,614.32. The trade was a 28.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,737 shares of company stock worth $16,798,825 over the last quarter. Insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. DA Davidson upped their price objective on ServiceNow from $1,150.00 to $1,250.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. Raymond James Financial upped their price objective on ServiceNow from $1,000.00 to $1,100.00 and gave the company an “outperform” rating in a research note on Thursday, July 24th. Jefferies Financial Group upped their price objective on ServiceNow from $1,025.00 to $1,150.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. UBS Group reduced their price objective on ServiceNow from $1,100.00 to $1,075.00 and set a “buy” rating for the company in a research note on Tuesday, October 14th. Finally, Piper Sandler upped their price objective on ServiceNow from $1,120.00 to $1,150.00 and gave the company an “overweight” rating in a research note on Thursday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and a consensus price target of $1,121.37.

ServiceNow Stock Up 1.1%

NOW stock opened at $904.57 on Monday. 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 company has a market capitalization of $188.15 billion, a price-to-earnings ratio of 113.93, a PEG ratio of 4.07 and a beta of 0.92. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The stock has a fifty day moving average of $910.30 and a 200-day moving average of $936.72.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The firm’s quarterly revenue was up 22.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.13 EPS. As a group, equities research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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.