ServiceNow, Inc. $NOW Stock: Running Oak Capital LLC Boosts Stake

Running Oak Capital LLC increased its position in ServiceNow, Inc. (NYSE:NOW) by 4.9% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 110,540 shares of the information technology services provider’s stock after acquiring an additional 5,169 shares during the quarter. ServiceNow comprises 2.3% of Running Oak Capital LLC’s investment portfolio, making the stock its 5th largest holding. Running Oak Capital LLC’s holdings in ServiceNow were worth $14,813,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Palacios Wealth Management LLC purchased a new position in shares of ServiceNow in the third quarter worth about $286,000. Clear Wave Wealth Management LLC bought a new stake in shares of ServiceNow in the third quarter valued at approximately $233,000. Joseph Group Capital Management lifted its stake in shares of ServiceNow by 55.6% during the 3rd quarter. Joseph Group Capital Management now owns 526 shares of the information technology services provider’s stock valued at $70,000 after buying an additional 188 shares in the last quarter. Fulcrum Asset Management LLP lifted its stake in shares of ServiceNow by 28,393.7% during the 3rd quarter. Fulcrum Asset Management LLP now owns 45,020 shares of the information technology services provider’s stock valued at $5,850,000 after buying an additional 44,862 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in ServiceNow by 1.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 617,662 shares of the information technology services provider’s stock worth $85,089,000 after buying an additional 9,979 shares during the period. 87.18% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Argus reiterated a “buy” rating and issued a $170.00 price objective on shares of ServiceNow in a research note on Tuesday, November 3rd. Barclays set a $152.00 target price on ServiceNow and gave the stock an “overweight” rating in a research report on Thursday, October 29th. Sanford C. Bernstein restated an “outperform” rating and set a $266.00 target price on shares of ServiceNow in a research report on Tuesday, October 20th. Truist Financial set a $150.00 price target on ServiceNow and gave the stock a “buy” rating in a report on Thursday, October 29th. Finally, Bank of America lifted their price target on ServiceNow from $130.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, August 19th. One analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $154.50.

ServiceNow Price Performance

Shares of NYSE:NOW opened at $102.86 on Tuesday. The company’s fifty day moving average price is $135.47 and its 200-day moving average price is $114.69. The firm has a market capitalization of $106.77 billion, a price-to-earnings ratio of 74.00, a PEG ratio of 2.13 and a beta of 1.00. ServiceNow, Inc. has a one year low of $81.24 and a one year high of $175.00. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.72 and a quick ratio of 0.72.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, October 28th. The information technology services provider reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.02). ServiceNow had a net margin of 9.36% and a return on equity of 15.17%. The company had revenue of $4.11 billion for the quarter, compared to analysts’ expectations of $4.09 billion. During the same quarter last year, the business posted $4.82 EPS. The business’s quarterly revenue was up 20.5% compared to the same quarter last year. On average, equities research analysts anticipate that ServiceNow, Inc. will post 2.12 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In related news, Director Paul Chamberlain sold 2,700 shares of the stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $135.50, for a total value of $365,850.00. Following the transaction, the director owned 43,990 shares of the company’s stock, valued at $5,960,645. This represents a 5.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jacqueline Canney sold 7,847 shares of the firm’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $138.00, for a total value of $1,082,886.00. Following the sale, the insider owned 30,042 shares in the company, valued at $4,145,796. The trade was a 20.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 14,081 shares of company stock valued at $1,937,904 over the last 90 days. 0.34% of the stock is owned by insiders.

About ServiceNow

ServiceNow, Inc provides cloud-based software that helps organizations manage digital workflows and automate business processes. Founded in 2004 by Fred Luddy, the company began with a focus on IT service management and has expanded its platform to support a range of enterprise operations.

Its products include tools for IT service and operations management, customer service, human resources, security, and application development. ServiceNow also offers artificial intelligence capabilities, including tools designed to help organizations automate tasks and find information across workflows.

ServiceNow serves businesses and public-sector organizations around the world.