Fermata Advisors LLC Boosts Position in ServiceNow, Inc. (NYSE:NOW)

Fermata Advisors LLC raised its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 192.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 637 shares of the information technology services provider's stock after buying an additional 419 shares during the quarter. Fermata Advisors LLC's holdings in ServiceNow were worth $507,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. GAMMA Investing LLC grew its holdings in shares of ServiceNow by 87,501.3% during the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after purchasing an additional 2,686,291 shares in the last quarter. Norges Bank purchased a new position in shares of ServiceNow during the fourth quarter worth about $2,603,360,000. Proficio Capital Partners LLC grew its holdings 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 purchasing an additional 666,383 shares in the last quarter. Alphinity Investment Management Pty Ltd purchased a new position in shares of ServiceNow during the fourth quarter worth about $682,468,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of ServiceNow by 6.8% during the fourth 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 purchasing an additional 509,467 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insiders Place Their Bets

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the stock in a transaction on Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the completion of the transaction, the insider now owns 3,000 shares in the company, valued at approximately $3,060,000. This represents a 28.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Anita M. Sands sold 248 shares of the stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $1,009.14, for a total value of $250,266.72. Following the completion of the transaction, the director now owns 10,643 shares of the company's stock, valued at approximately $10,740,277.02. This trade represents a 2.28% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,716 shares of company stock worth $6,611,245. 0.38% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on NOW. Erste Group Bank upgraded ServiceNow from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, April 30th. William Blair restated an "outperform" rating on shares of ServiceNow in a research report on Friday, March 7th. Barclays set a $1,085.00 target price on ServiceNow in a research report on Wednesday, May 7th. Scotiabank set a $1,100.00 target price on ServiceNow and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. Finally, Redburn Atlantic began coverage on ServiceNow in a research report on Wednesday, February 19th. They issued a "buy" rating for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, ServiceNow has an average rating of "Moderate Buy" and an average price target of $1,062.50.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $1,017.81 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The company has a market cap of $210.67 billion, a PE ratio of 149.02, a P/E/G ratio of 4.51 and a beta of 0.97. The business has a 50 day moving average of $915.04 and a 200 day moving average of $974.91. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping the consensus estimate of $3.78 by $0.26. The company had revenue of $3.09 billion for the quarter, compared to analysts' expectations of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The firm's revenue for the quarter was up 18.6% on a year-over-year basis. During the same period in the prior year, the firm earned $3.41 earnings per share. As a group, equities research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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.

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