Gradient Investments LLC Increases Stock Position in ServiceNow, Inc. (NYSE:NOW)

Gradient Investments LLC raised its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 28.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 25,863 shares of the information technology services provider's stock after buying an additional 5,775 shares during the period. Gradient Investments LLC's holdings in ServiceNow were worth $20,591,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Quarry LP bought a new stake in shares of ServiceNow in the 4th quarter valued at about $27,000. Atala Financial Inc bought a new stake in shares of ServiceNow during the 4th quarter valued at about $28,000. LFA Lugano Financial Advisors SA bought a new stake in shares of ServiceNow during the 4th quarter valued at about $32,000. FPC Investment Advisory Inc. boosted its position in shares of ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock valued at $34,000 after purchasing an additional 29 shares in the last quarter. Finally, Noble Wealth Management PBC bought a new stake in shares of ServiceNow during the 4th quarter valued at about $34,000. Institutional investors own 87.18% of the company's stock.

ServiceNow Price Performance

Shares of ServiceNow stock traded up $11.11 during mid-day trading on Thursday, reaching $1,023.85. 367,064 shares of the stock traded hands, compared to its average volume of 1,488,284. The business has a 50-day moving average of $910.63 and a 200 day moving average of $974.82. ServiceNow, Inc. has a fifty-two week low of $676.19 and a fifty-two week high of $1,198.09. The stock has a market capitalization of $211.92 billion, a PE ratio of 149.91, a PEG ratio of 4.51 and a beta of 0.97. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15.

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

Insider Buying and Selling

In other news, CEO William R. Mcdermott sold 2,050 shares of the firm's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the completion of the transaction, the chief executive officer now directly owns 6,614 shares in the company, valued at $6,693,434.14. This trade represents a 23.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Gina Mastantuono sold 292 shares of ServiceNow stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $985.00, for a total value of $287,620.00. Following the completion of the transaction, the chief financial officer now owns 11,198 shares of the company's stock, valued at approximately $11,030,030. This trade represents a 2.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,716 shares of company stock worth $6,611,245. Company insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

NOW has been the topic of several research analyst reports. Redburn Atlantic started coverage on ServiceNow in a research report on Wednesday, February 19th. They set a "buy" rating on the stock. Stifel Nicolaus increased their price target on ServiceNow from $975.00 to $1,050.00 and gave the stock a "buy" rating in a report on Tuesday, May 6th. UBS Group reiterated a "buy" rating and issued a $1,025.00 price target (up previously from $900.00) on shares of ServiceNow in a report on Thursday, April 24th. JMP Securities reiterated a "market outperform" rating and issued a $1,300.00 price target on shares of ServiceNow in a report on Tuesday, May 6th. Finally, Truist Financial upgraded ServiceNow from a "hold" rating to a "buy" rating and increased their price target for the stock from $950.00 to $1,200.00 in a report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,062.50.

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.