Calton & Associates Inc. Buys Shares of 286 ServiceNow, Inc. $NOW

Key Points

• Calton & Associates Inc. acquired 286 shares of ServiceNow, Inc. valued at approximately $228,000 during the first quarter.
• ServiceNow reported earnings of $4.09 per share for the last quarter, exceeding analysts' expectations of $3.57, with a revenue growth of 22.4% year-over-year.
• Major analysts have set high price targets for ServiceNow's stock, with Wells Fargo raising its target to $1,225.00 and DA Davidson to $1,250.00.

Calton & Associates Inc. bought a new stake in ServiceNow, Inc. (NYSE:NOW - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 286 shares of the information technology services provider's stock, valued at approximately $228,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Saudi Central Bank bought a new stake in ServiceNow in the first quarter valued at $64,000. Vista Cima Wealth Management LLC lifted its stake in ServiceNow by 1,379.3% in the first quarter. Vista Cima Wealth Management LLC now owns 10,000 shares of the information technology services provider's stock valued at $7,961,000 after buying an additional 9,324 shares during the last quarter. Brasada Capital Management LP lifted its stake in ServiceNow by 76.1% in the first quarter. Brasada Capital Management LP now owns 7,290 shares of the information technology services provider's stock valued at $5,304,000 after buying an additional 3,151 shares during the last quarter. Benchmark Investment Advisors LLC increased its holdings in shares of ServiceNow by 61.4% during the first quarter. Benchmark Investment Advisors LLC now owns 1,926 shares of the information technology services provider's stock valued at $1,533,000 after purchasing an additional 733 shares during the period. Finally, Baird Financial Group Inc. increased its holdings in shares of ServiceNow by 4.2% during the first quarter. Baird Financial Group Inc. now owns 99,205 shares of the information technology services provider's stock valued at $78,981,000 after purchasing an additional 3,968 shares during the period. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Price Performance

NYSE:NOW opened at $918.49 on Tuesday. The business's 50-day moving average price is $944.66 and its 200 day moving average price is $924.23. The firm has a market cap of $191.04 billion, a P/E ratio of 115.68, a PEG ratio of 4.14 and a beta of 0.91. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14.

ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. The firm 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 revenue was up 22.4% compared to the same quarter last year. During the same period in the previous year, the company earned $3.13 earnings per share. As a group, sell-side analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the 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 completion of the transaction, the insider owned 3,000 shares in the company, valued at $2,599,350. This trade represents a 36.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 1,585 shares of the stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $900.00, for a total value of $1,426,500.00. Following the completion of the transaction, the chief executive officer owned 12,439 shares of the company's stock, valued at $11,195,100. This trade represents a 11.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,054 shares of company stock worth $10,706,530 over the last three months. Company insiders own 0.38% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Cantor Fitzgerald reissued an "overweight" rating and set a $1,200.00 price target on shares of ServiceNow in a report on Thursday, July 24th. Barclays set a $1,210.00 price target on ServiceNow in a report on Thursday, July 24th. Wells Fargo & Company raised their price target on ServiceNow from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. DA Davidson raised their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Finally, Erste Group Bank reissued a "hold" rating on shares of ServiceNow in a report on Wednesday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $1,115.20.

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.

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