Adell Harriman & Carpenter Inc. Increases Holdings in ServiceNow, Inc. (NYSE:NOW)

Adell Harriman & Carpenter Inc. grew its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 211.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 992 shares of the information technology services provider's stock after buying an additional 674 shares during the quarter. Adell Harriman & Carpenter Inc.'s holdings in ServiceNow were worth $790,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of NOW. Cassady Schiller Wealth Management LLC boosted its position in ServiceNow by 44.0% in the fourth quarter. Cassady Schiller Wealth Management LLC now owns 36 shares of the information technology services provider's stock worth $38,000 after purchasing an additional 11 shares during the last quarter. Plancorp LLC increased its holdings in ServiceNow by 4.1% during the fourth quarter. Plancorp LLC now owns 308 shares of the information technology services provider's stock valued at $327,000 after buying an additional 12 shares during the last quarter. Capital Investment Advisory Services LLC raised its position in ServiceNow by 2.1% in the first quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider's stock worth $459,000 after acquiring an additional 12 shares during the period. Kesler Norman & Wride LLC raised its position in ServiceNow by 1.2% in the fourth quarter. Kesler Norman & Wride LLC now owns 1,092 shares of the information technology services provider's stock worth $1,157,000 after acquiring an additional 13 shares during the period. Finally, Sepio Capital LP boosted its stake in shares of ServiceNow by 3.8% during the 4th quarter. Sepio Capital LP now owns 359 shares of the information technology services provider's stock worth $381,000 after acquiring an additional 13 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

NOW has been the subject of several analyst reports. Piper Sandler reduced their price objective on ServiceNow from $1,200.00 to $1,120.00 and set an "overweight" rating for the company in a research note on Thursday, April 24th. Citigroup upped their price target on ServiceNow from $1,128.00 to $1,160.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of ServiceNow in a research note on Thursday, April 24th. Evercore ISI boosted their price objective on ServiceNow from $925.00 to $1,000.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Finally, Bank of America reduced their target price on shares of ServiceNow from $1,280.00 to $1,025.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $1,068.23.

Insiders Place Their Bets

In other ServiceNow news, CEO William R. Mcdermott sold 2,050 shares of the company's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the transaction, the chief executive officer owned 6,614 shares of the company's stock, valued at $6,693,434.14. This represents a 23.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Russell S. Elmer sold 62 shares of ServiceNow stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $1,023.00, for a total value of $63,426.00. Following the sale, the general counsel owned 4,332 shares of the company's stock, valued at approximately $4,431,636. This trade represents a 1.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,716 shares of company stock valued at $6,611,245 over the last quarter. Corporate insiders own 0.38% of the company's stock.

ServiceNow Stock Performance

NYSE:NOW opened at $1,046.03 on Friday. The firm has a market capitalization of $216.51 billion, a PE ratio of 142.12, a PEG ratio of 4.80 and a beta of 0.94. The stock's fifty day moving average is $1,003.94 and its 200 day moving average is $963.64. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.12 and a current ratio of 1.12.

ServiceNow (NYSE:NOW - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating the consensus estimate of $3.78 by $0.26. ServiceNow had a net margin of 13.41% and a return on equity of 17.34%. The business had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. During the same quarter in the prior year, the firm posted $3.41 earnings per share. The business's revenue for the quarter was up 18.6% on a year-over-year basis. On average, sell-side analysts anticipate 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.

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