Hudson Valley Investment Advisors Inc. ADV Makes New $5.63 Million Investment in ServiceNow, Inc. $NOW

Key Points

• Hudson Valley Investment Advisors Inc. has made a new investment of approximately $5.63 million in ServiceNow, acquiring 5,479 shares of the company during the second quarter.
• ServiceNow reported earnings of $4.09 per share for the latest quarter, exceeding analysts' expectations, with revenue increasing by 22.4% year-over-year.
• Despite recent stock price fluctuations, several analysts have upgraded their target prices for ServiceNow, indicating a consensus rating of "Moderate Buy" with an average price target of $1,122.20.

Hudson Valley Investment Advisors Inc. ADV bought a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 5,479 shares of the information technology services provider's stock, valued at approximately $5,633,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Quent Capital LLC grew its holdings in ServiceNow by 5.7% during the 2nd quarter. Quent Capital LLC now owns 982 shares of the information technology services provider's stock worth $1,010,000 after acquiring an additional 53 shares during the last quarter. 111 Capital bought a new stake in ServiceNow during the 2nd quarter worth approximately $1,287,000. Hennessy Advisors Inc. bought a new stake in ServiceNow during the 2nd quarter worth approximately $129,000. Segment Wealth Management LLC grew its holdings in ServiceNow by 2.7% during the 2nd quarter. Segment Wealth Management LLC now owns 946 shares of the information technology services provider's stock worth $973,000 after acquiring an additional 25 shares during the last quarter. Finally, Fortis Capital Advisors LLC grew its holdings in ServiceNow by 15.1% during the 2nd quarter. Fortis Capital Advisors LLC now owns 2,315 shares of the information technology services provider's stock worth $2,380,000 after acquiring an additional 304 shares during the last quarter. 87.18% of the stock is owned by institutional investors.

ServiceNow Stock Up 0.2%

ServiceNow stock opened at $911.75 on Friday. 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, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The firm's fifty day moving average is $914.67 and its 200 day moving average is $929.33. The company has a market capitalization of $189.64 billion, a PE ratio of 114.83, a PEG ratio of 4.10 and a beta of 0.92.

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, beating analysts' consensus estimates of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter in the previous year, the company earned $3.13 EPS. ServiceNow's quarterly revenue was up 22.4% compared to the same quarter last year. As a group, sell-side analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Activity

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,698 shares of the company's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the transaction, the general counsel owned 4,332 shares in the company, valued at approximately $3,830,614.32. This represents a 28.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Gina Mastantuono sold 1,762 shares of the company's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,526,684.90. Following the transaction, the chief financial officer owned 12,228 shares in the company, valued at approximately $10,594,950.60. The trade was a 12.59% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,737 shares of company stock valued at $16,798,825. 0.38% of the stock is currently owned by insiders.

Analyst Ratings Changes

NOW has been the topic of a number of research reports. Needham & Company LLC boosted their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Jefferies Financial Group upped their price objective on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Mizuho upped their price objective on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Thursday, June 12th. Wall Street Zen lowered shares of ServiceNow from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. Finally, Piper Sandler upped their price objective on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $1,122.20.

About ServiceNow

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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