Heirloom Wealth Management Makes New Investment in ServiceNow, Inc. $NOW

Heirloom Wealth Management purchased a new position in ServiceNow, Inc. (NYSE:NOW) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 576 shares of the information technology services provider’s stock, valued at approximately $592,000. ServiceNow accounts for about 0.2% of Heirloom Wealth Management’s investment portfolio, making the stock its 28th largest position.

A number of other large investors have also bought and sold shares of NOW. Brighton Jones LLC increased its stake in ServiceNow by 1.1% in the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock worth $2,919,000 after purchasing an additional 30 shares during the period. GAMMA Investing LLC increased its stake in shares of ServiceNow by 10.0% during the first quarter. GAMMA Investing LLC now owns 3,378 shares of the information technology services provider’s stock valued at $2,689,000 after buying an additional 308 shares during the period. Perpetual Ltd increased its stake in shares of ServiceNow by 8.9% during the first quarter. Perpetual Ltd now owns 3,895 shares of the information technology services provider’s stock valued at $3,101,000 after buying an additional 318 shares during the period. Transcend Capital Advisors LLC increased its stake in shares of ServiceNow by 19.8% during the first quarter. Transcend Capital Advisors LLC now owns 1,649 shares of the information technology services provider’s stock valued at $1,313,000 after buying an additional 273 shares during the period. Finally, Bartlett & CO. Wealth Management LLC increased its stake in shares of ServiceNow by 56.9% during the first quarter. Bartlett & CO. Wealth Management LLC now owns 193 shares of the information technology services provider’s stock valued at $154,000 after buying an additional 70 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Price Performance

Shares of NOW stock opened at $929.77 on Friday. The stock has a market cap of $193.39 billion, a price-to-earnings ratio of 117.10, a PEG ratio of 4.19 and a beta of 0.92. The business’s fifty day moving average is $917.85 and its 200 day moving average is $942.45. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the company posted $3.13 earnings per share. The company’s revenue for the quarter was up 22.4% compared to the same quarter last year. Research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insiders Place Their Bets

In other ServiceNow news, insider Paul Fipps sold 1,452 shares of the business’s stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $895.05, for a total value of $1,299,612.60. Following the sale, the insider directly owned 457 shares of the company’s stock, valued at approximately $409,037.85. The trade was a 76.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William R. Mcdermott sold 5,825 shares of the business’s stock in a transaction on 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 sale, the chief executive officer directly owned 6,614 shares in the company, valued at $6,062,590.82. This trade represents a 46.83% 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 valued at $16,798,825. Company insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on NOW. Raymond James Financial boosted their target price 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. DA Davidson boosted their target price 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. UBS Group reduced their target price on ServiceNow from $1,100.00 to $1,075.00 and set a “buy” rating on the stock in a research note on Tuesday, October 14th. JMP Securities reaffirmed a “market outperform” rating and issued a $1,300.00 price target on shares of ServiceNow in a research note on Monday, August 4th. Finally, Piper Sandler upped their price target on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an “overweight” rating in a research note on Thursday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $1,124.17.

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.