Argus Investors Counsel Inc. Grows Holdings in ServiceNow, Inc. (NYSE:NOW)

Argus Investors Counsel Inc. boosted its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 807.4% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 1,724 shares of the information technology services provider's stock after acquiring an additional 1,534 shares during the period. Argus Investors Counsel Inc.'s holdings in ServiceNow were worth $1,373,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. GAMMA Investing LLC increased its stake in shares of ServiceNow by 87,501.3% in the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after acquiring an additional 2,686,291 shares during the last quarter. Norges Bank acquired a new position in shares of ServiceNow in the fourth quarter valued at approximately $2,603,360,000. Proficio Capital Partners LLC increased its position in shares of ServiceNow by 154,255.3% during the fourth quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider's stock worth $667,000 after acquiring an additional 666,383 shares during the period. Alphinity Investment Management Pty Ltd purchased a new position in shares of ServiceNow in the 4th quarter valued at about $682,468,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in ServiceNow by 6.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock worth $8,434,235,000 after acquiring an additional 509,467 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Performance

Shares of NOW stock traded up $16.61 on Monday, hitting $1,005.27. 1,229,277 shares of the stock were exchanged, compared to its average volume of 1,752,164. The firm's 50 day moving average is $944.56 and its two-hundred day moving average is $972.50. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The firm has a market capitalization of $208.07 billion, a PE ratio of 147.19, a P/E/G ratio of 4.51 and a beta of 0.95. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, beating analysts' consensus estimates of $3.78 by $0.26. The firm had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.09 billion. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The business's revenue for the quarter was up 18.6% on a year-over-year basis. During the same period in the previous year, the business earned $3.41 EPS. Sell-side analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Jacqueline P. Canney sold 354 shares of the company's stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total transaction of $284,831.94. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company's stock, valued at approximately $2,435,554.47. This represents a 10.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Gina Mastantuono sold 84 shares of the company's 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 $85,932.00. Following the completion of the sale, the chief financial officer now directly owns 11,218 shares in the company, valued at approximately $11,476,014. The trade was a 0.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,716 shares of company stock worth $6,611,245 in the last 90 days. 0.38% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on NOW. Morgan Stanley upped their price target on ServiceNow from $881.00 to $950.00 and gave the company an "equal weight" rating in a report on Thursday, April 24th. Wall Street Zen cut shares of ServiceNow from a "buy" rating to a "hold" rating in a research note on Monday, June 9th. William Blair restated an "outperform" rating on shares of ServiceNow in a research note on Friday, March 7th. Piper Sandler lowered their target price on shares of ServiceNow from $1,200.00 to $1,120.00 and set an "overweight" rating on the stock in a research report on Thursday, April 24th. Finally, Royal Bank of Canada boosted their price objective on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $1,062.50.

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.