Canvas Wealth Advisors LLC Raises Stock Holdings in ServiceNow, Inc. $NOW

Key Points

• Canvas Wealth Advisors increased its ServiceNow stake by 60.7% in the second quarter, reaching 28,524 shares valued at approximately $2.83 million. Institutional investors collectively own 87.18% of the company.
• ServiceNow reported quarterly EPS of $0.90, exceeding estimates of $0.86, while revenue rose 24% year over year to $3.99 billion. The stock opened at $127.51, with a market capitalization of approximately $131.85 billion.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $143.39, despite some insider selling and one recent downgrade to “sell.”

Canvas Wealth Advisors LLC lifted its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 60.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,524 shares of the information technology services provider's stock after acquiring an additional 10,773 shares during the period. Canvas Wealth Advisors LLC's holdings in ServiceNow were worth $2,832,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NOW. Covenant Asset Management LLC lifted its holdings in shares of ServiceNow by 169.2% during the 4th quarter. Covenant Asset Management LLC now owns 20,863 shares of the information technology services provider's stock worth $3,196,000 after acquiring an additional 13,114 shares during the period. Norges Bank acquired a new stake in shares of ServiceNow in the fourth quarter worth approximately $2,020,992,000. World Investment Advisors grew its holdings in ServiceNow by 411.7% in the fourth quarter. World Investment Advisors now owns 47,955 shares of the information technology services provider's stock valued at $7,346,000 after purchasing an additional 38,583 shares during the period. Moors & Cabot Inc. grew its holdings in ServiceNow by 387.7% in the fourth quarter. Moors & Cabot Inc. now owns 45,630 shares of the information technology services provider's stock valued at $6,990,000 after purchasing an additional 36,274 shares during the period. Finally, Torray Investment Partners LLC increased its position in ServiceNow by 390.5% during the fourth quarter. Torray Investment Partners LLC now owns 40,629 shares of the information technology services provider's stock worth $6,224,000 after purchasing an additional 32,345 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insider Activity

In other news, insider Paul Fipps sold 1,048 shares of the company's stock in a transaction on Monday, May 18th. The shares were sold at an average price of $98.51, for a total value of $103,238.48. Following the completion of the transaction, the insider directly owned 12,072 shares in the company, valued at approximately $1,189,212.72. This represents a 7.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Paul Edward Chamberlain sold 1,500 shares of the firm's stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $87.23, for a total transaction of $130,845.00. Following the sale, the director directly owned 44,930 shares of the company's stock, valued at approximately $3,919,243.90. The trade was a 3.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 18,993 shares of company stock worth $1,716,436. 0.34% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on NOW shares. Citigroup reaffirmed a "market outperform" rating on shares of ServiceNow in a research note on Thursday, July 23rd. Morgan Stanley set a $180.00 price objective on shares of ServiceNow in a research note on Tuesday, July 21st. The Goldman Sachs Group reaffirmed a "buy" rating on shares of ServiceNow in a research report on Monday, August 3rd. Guggenheim raised ServiceNow from a "neutral" rating to a "buy" rating and set a $125.00 target price on the stock in a research report on Wednesday, July 1st. Finally, Weiss Ratings cut ServiceNow from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $143.39.

ServiceNow Stock Up 0.1%

NYSE NOW opened at $127.51 on Wednesday. The stock has a market cap of $131.85 billion, a PE ratio of 79.69, a P/E/G ratio of 2.24 and a beta of 0.94. ServiceNow, Inc. has a fifty-two week low of $81.24 and a fifty-two week high of $194.73. The business has a 50 day moving average price of $106.56 and a two-hundred day moving average price of $105.74. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.43.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.04. The company had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $3.93 billion. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. ServiceNow's revenue for the quarter was up 24.0% on a year-over-year basis. During the same quarter last year, the company earned $0.81 earnings per share. As a group, sell-side analysts predict that ServiceNow, Inc. will post 2.24 EPS for the current fiscal year.

ServiceNow Profile

ServiceNow NYSE: NOW is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company's flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.

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