Advisors Asset Management Inc. Has $9.86 Million Position in ServiceNow, Inc. $NOW

Key Points

• Advisors Asset Management Inc. increased its stake in ServiceNow by 11.4%, owning 12,390 shares valued at approximately $9.86 million after buying an additional 1,272 shares in Q1.
• Analysts have varied views on ServiceNow, with Barclays setting a target price of $1,210.00 and Citigroup raising their price objective from $1,160.00 to $1,234.00, maintaining a "buy" rating.
• ServiceNow reported a quarterly EPS of $4.09, exceeding expectations and reflecting a revenue increase of 22.4% compared to the same quarter last year.

Advisors Asset Management Inc. raised its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 11.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,390 shares of the information technology services provider's stock after purchasing an additional 1,272 shares during the period. Advisors Asset Management Inc.'s holdings in ServiceNow were worth $9,864,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Haverford Trust Co raised its stake in shares of ServiceNow by 0.9% during the 1st quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider's stock worth $936,000 after purchasing an additional 10 shares in the last quarter. Edgemoor Investment Advisors Inc. raised its stake in shares of ServiceNow by 2.5% during the 1st quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock worth $366,000 after purchasing an additional 11 shares in the last quarter. Integrated Investment Consultants LLC raised its stake in shares of ServiceNow by 2.5% in the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock valued at $358,000 after acquiring an additional 11 shares in the last quarter. one8zero8 LLC raised its stake in shares of ServiceNow by 3.2% in the 1st quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock valued at $283,000 after acquiring an additional 11 shares in the last quarter. Finally, Capital Investment Advisory Services LLC raised its stake in shares of ServiceNow by 2.1% in the 1st quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider's stock valued at $459,000 after acquiring an additional 12 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on NOW shares. Guggenheim reissued a "sell" rating and issued a $724.00 price objective on shares of ServiceNow in a research note on Thursday, July 17th. Wells Fargo & Company raised their price objective on ServiceNow from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. BMO Capital Markets raised their price objective on ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. JMP Securities reissued a "market outperform" rating and issued a $1,300.00 price objective on shares of ServiceNow in a research note on Monday, August 4th. Finally, Bank of America raised their price objective on ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $1,115.20.

ServiceNow Stock Performance

Shares of NYSE:NOW traded up $14.73 during trading on Friday, hitting $913.29. 1,282,604 shares of the stock were exchanged, compared to its average volume of 1,802,566. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The company has a market capitalization of $189.96 billion, a price-to-earnings ratio of 115.02, a price-to-earnings-growth ratio of 4.12 and a beta of 0.91. The company's fifty day simple moving average is $936.79 and its 200-day simple moving average is $922.51. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data 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. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter last year, the firm earned $3.13 EPS. ServiceNow's revenue for the quarter was up 22.4% compared to the same quarter last year. Sell-side analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the business's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,489,427.55. Following the sale, the insider owned 3,000 shares of the company's stock, valued at $2,599,350. The trade was a 36.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul Fipps sold 1,452 shares of ServiceNow stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $895.05, for a total value of $1,299,612.60. Following the completion of the transaction, the insider owned 457 shares of the company's stock, valued at approximately $409,037.85. The trade was a 76.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,976 shares of company stock worth $17,049,775 over the last quarter. Corporate insiders own 0.38% of the company's stock.

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.