Evolve Private Wealth LLC Invests $772,000 in ServiceNow, Inc. $NOW

Evolve Private Wealth LLC bought a new stake in shares of ServiceNow, Inc. (NYSE:NOW) in the second quarter, Holdings Channel reports. The fund bought 7,775 shares of the information technology services provider’s stock, valued at approximately $772,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Brighton Jones LLC lifted its stake in shares of ServiceNow by 1.1% in the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock worth $2,919,000 after buying an additional 30 shares in the last quarter. Sivia Capital Partners LLC boosted its position in ServiceNow by 4.2% during the second quarter. Sivia Capital Partners LLC now owns 837 shares of the information technology services provider’s stock worth $861,000 after acquiring an additional 34 shares during the last quarter. United Bank grew its stake in ServiceNow by 15.5% during the 2nd quarter. United Bank now owns 1,519 shares of the information technology services provider’s stock valued at $1,562,000 after acquiring an additional 204 shares in the last quarter. Riggs Asset Managment Co. Inc. raised its holdings in ServiceNow by 2.2% in the 2nd quarter. Riggs Asset Managment Co. Inc. now owns 1,922 shares of the information technology services provider’s stock valued at $1,976,000 after acquiring an additional 42 shares during the last quarter. Finally, Nebula Research & Development LLC lifted its stake in ServiceNow by 205.1% in the 2nd quarter. Nebula Research & Development LLC now owns 906 shares of the information technology services provider’s stock worth $931,000 after purchasing an additional 609 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. DA Davidson set a $170.00 target price on ServiceNow and gave the company a “buy” rating in a report on Monday, July 20th. Wells Fargo & Company reissued an “overweight” rating and set a $175.00 price target (up from $160.00) on shares of ServiceNow in a research report on Wednesday, August 12th. BMO Capital Markets upped their price objective on shares of ServiceNow from $115.00 to $118.00 and gave the company an “outperform” rating in a report on Thursday, July 23rd. Morgan Stanley set a $180.00 price objective on shares of ServiceNow in a research report on Tuesday, July 21st. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $130.00 target price on shares of ServiceNow in a research note on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and a consensus target price of $144.24.

Insiders Place Their Bets

In other ServiceNow news, Director Paul Edward Chamberlain sold 1,500 shares of the stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $125.60, for a total value of $188,400.00. Following the sale, the director owned 46,690 shares of the company’s stock, valued at $5,864,264. This trade represents a 3.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.34% of the stock is currently owned by company insiders.

ServiceNow Price Performance

Shares of NOW opened at $128.09 on Tuesday. The company has a market cap of $132.45 billion, a P/E ratio of 80.06, a PEG ratio of 2.26 and a beta of 0.94. ServiceNow, Inc. has a fifty-two week low of $81.24 and a fifty-two week high of $194.73. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.43. The firm’s 50 day moving average price is $109.36 and its 200 day moving average price is $105.79.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.86 by $0.04. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The business had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $3.93 billion. During the same quarter in the previous year, the firm posted $0.81 earnings per share. The company’s quarterly revenue was up 24.0% compared to the same quarter last year. On average, research analysts forecast that ServiceNow, Inc. will post 2.24 earnings per share for the current fiscal year.

About ServiceNow

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.