Pekin Hardy Strauss Inc. Makes New Investment in ServiceNow, Inc. (NYSE:NOW)

Pekin Hardy Strauss Inc. purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 372 shares of the information technology services provider's stock, valued at approximately $296,000.

Other institutional investors have also modified their holdings of the company. Quarry LP purchased a new stake in ServiceNow in the 4th quarter valued at about $27,000. Atala Financial Inc purchased a new stake in ServiceNow in the 4th quarter valued at about $28,000. WASHINGTON TRUST Co raised its holdings in ServiceNow by 620.0% in the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after buying an additional 31 shares during the period. LFA Lugano Financial Advisors SA purchased a new stake in ServiceNow in the 4th quarter valued at about $32,000. Finally, Heck Capital Advisors LLC purchased a new stake in ServiceNow in the 4th quarter valued at about $37,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on NOW. Truist Financial upgraded shares of ServiceNow from a "hold" rating to a "buy" rating and boosted their price target for the stock from $950.00 to $1,200.00 in a research note on Thursday, May 1st. Cantor Fitzgerald reiterated an "overweight" rating and set a $1,048.00 price target on shares of ServiceNow in a research note on Thursday, April 24th. Mizuho boosted their price target on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Thursday, June 12th. JMP Securities reiterated a "market outperform" rating and set a $1,300.00 price target on shares of ServiceNow in a research note on Tuesday, May 6th. Finally, Citigroup boosted their price target on shares of ServiceNow from $1,128.00 to $1,160.00 and gave the stock a "buy" rating in a research note on Wednesday, May 7th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, ServiceNow currently has an average rating of "Moderate Buy" and an average price target of $1,068.23.

ServiceNow Stock Performance

Shares of NOW stock traded down $7.81 during trading hours on Wednesday, hitting $1,015.17. The stock had a trading volume of 1,146,714 shares, compared to its average volume of 1,482,093. The firm has a market capitalization of $210.12 billion, a PE ratio of 137.93, a PEG ratio of 4.75 and a beta of 0.94. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The stock's 50 day moving average is $1,007.49 and its 200 day moving average is $962.22. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.12 and a quick ratio of 1.12.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating the consensus estimate of $3.78 by $0.26. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The business had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.09 billion. During the same period in the prior year, the company earned $3.41 earnings per share. The company's revenue was up 18.6% compared to the same quarter last year. As a group, research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Buying and Selling at ServiceNow

In other news, General Counsel Russell S. Elmer sold 62 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $1,023.00, for a total transaction of $63,426.00. Following the completion of the sale, the general counsel owned 4,332 shares in the company, valued at $4,431,636. This represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Anita M. Sands sold 239 shares of the company's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $1,050.00, for a total value of $250,950.00. Following the sale, the director owned 10,404 shares of the company's stock, valued at $10,924,200. This trade represents a 2.25% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,955 shares of company stock valued at $6,862,195. Corporate insiders own 0.38% of the company's stock.

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.