Allen Investment Management LLC Increases Stock Position in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Allen Investment Management LLC increased its stake in ServiceNow by 6.7%, now owning 149,505 shares, which constitutes approximately 1.4% of its investment portfolio.
• ServiceNow's stock experienced a 2.8% decline recently and currently has a market cap of $200.37 billion, showing a price-to-earnings ratio of 121.92.
• Analysts have mixed ratings on ServiceNow, with a consensus target price of $1,114.87 and varying ratings from "strong buy" to "sell."

Allen Investment Management LLC lifted its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 6.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 149,505 shares of the information technology services provider's stock after purchasing an additional 9,341 shares during the quarter. ServiceNow comprises 1.4% of Allen Investment Management LLC's portfolio, making the stock its 16th largest position. Allen Investment Management LLC owned approximately 0.07% of ServiceNow worth $119,027,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Janus Henderson Group PLC lifted its holdings in shares of ServiceNow by 1.5% in the fourth quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock valued at $874,258,000 after purchasing an additional 12,533 shares in the last quarter. FMR LLC grew its position in ServiceNow by 4.9% during the fourth quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider's stock worth $6,232,339,000 after buying an additional 272,506 shares in the last quarter. Parr Mcknight Wealth Management Group LLC acquired a new stake in ServiceNow during the first quarter worth about $1,820,000. Nicholas Investment Partners LP grew its position in ServiceNow by 223.5% during the fourth quarter. Nicholas Investment Partners LP now owns 2,805 shares of the information technology services provider's stock worth $2,974,000 after buying an additional 1,938 shares in the last quarter. Finally, OMNI 360 Wealth Inc. bought a new position in ServiceNow during the first quarter worth about $285,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have commented on NOW shares. TD Securities restated a "buy" rating and set a $1,100.00 price target on shares of ServiceNow in a research note on Thursday, April 24th. UBS Group lowered their price target on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a report on Thursday, July 24th. Royal Bank Of Canada raised their price target on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the company an "outperform" rating in a report on Tuesday, May 6th. Evercore ISI lifted their target price on shares of ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. Finally, Guggenheim reaffirmed a "sell" rating and set a $724.00 target price on shares of ServiceNow in a report on Thursday, July 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

ServiceNow Price Performance

NOW traded down $10.31 during trading on Wednesday, hitting $982.90. 437,997 shares of the company traded hands, compared to its average volume of 1,683,306. The company has a market cap of $204.44 billion, a PE ratio of 123.83, a P/E/G ratio of 4.44 and a beta of 0.94. The stock's 50-day simple moving average is $998.96 and its two-hundred day simple moving average is $951.86. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. The business had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business's revenue was up 22.4% on a year-over-year basis. During the same period last year, the company posted $3.13 EPS. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In other ServiceNow news, Director Anita M. Sands sold 239 shares of the firm's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $1,050.00, for a total transaction of $250,950.00. Following the transaction, the director owned 10,404 shares of the company's stock, valued at approximately $10,924,200. This trade represents a 2.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Russell S. Elmer sold 62 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total transaction of $63,426.00. Following the transaction, the general counsel directly owned 4,332 shares in the company, valued at $4,431,636. This trade represents a 1.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,233 shares of company stock worth $5,297,758 over the last ninety days. 0.38% of the stock is currently owned by company insiders.

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.