ServiceNow, Inc. (NYSE:NOW) Stake Lifted by Avalon Trust Co

Key Points

• Avalon Trust Co significantly increased its stake in ServiceNow, Inc. by 7,327.8%, acquiring a total of 9,879 shares valued at approximately $7.87 million.
• Multiple institutional investors, including Price T Rowe Associates and GAMMA Investing LLC, also expanded their holdings in ServiceNow during the last quarter, with institutional ownership now at 87.18% of the company's stock.
• Wall Street analysts maintain a positive outlook on ServiceNow stock, with a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

Avalon Trust Co raised its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 7,327.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,879 shares of the information technology services provider's stock after purchasing an additional 9,746 shares during the quarter. Avalon Trust Co's holdings in ServiceNow were worth $7,865,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Bogart Wealth LLC raised its position in ServiceNow by 113.3% in the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 17 shares during the period. Graybill Wealth Management LTD. purchased a new stake in shares of ServiceNow in the 1st quarter valued at $26,000. Quarry LP purchased a new stake in shares of ServiceNow in the 4th quarter valued at $27,000. WASHINGTON TRUST Co boosted its holdings in ServiceNow by 620.0% during the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after acquiring an additional 31 shares during the period. Finally, Heck Capital Advisors LLC purchased a new stake in ServiceNow during the fourth quarter worth about $37,000. Institutional investors and hedge funds own 87.18% of the company's stock.

Insider Activity at ServiceNow

In related news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the firm's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the transaction, the insider directly owned 3,000 shares in the company, valued at $3,060,000. This trade represents a 28.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Lawrence Jackson sold 757 shares of the stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $990.50, for a total value of $749,808.50. Following the sale, the director owned 588 shares in the company, valued at $582,414. The trade was a 56.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,250 shares of company stock worth $5,318,667 over the last quarter. 0.38% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. JPMorgan Chase & Co. decreased their target price on ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Robert W. Baird boosted their target price on shares of ServiceNow from $1,010.00 to $1,150.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. DA Davidson raised their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Barclays set a $1,210.00 price target on ServiceNow in a research note on Thursday, July 24th. Finally, Wall Street Zen raised shares of ServiceNow from a "hold" rating to a "buy" rating in a report on Tuesday, July 29th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, ServiceNow presently has a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Stock Down 3.7%

Shares of NOW stock traded down $33.95 on Thursday, hitting $878.36. The stock had a trading volume of 832,260 shares, compared to its average volume of 1,677,101. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The firm has a market capitalization of $182.70 billion, a price-to-earnings ratio of 110.59, a P/E/G ratio of 4.08 and a beta of 0.93. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The stock's 50 day moving average is $988.58 and its 200-day moving average is $947.68.

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

ServiceNow 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.