Pekin Hardy Strauss Inc. Buys New Shares in ServiceNow, Inc. (NYSE:NOW)

Pekin Hardy Strauss Inc. acquired a new position in ServiceNow, Inc. (NYSE:NOW - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 372 shares of the information technology services provider's stock, valued at approximately $296,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Cassady Schiller Wealth Management LLC grew its position in ServiceNow by 44.0% during the 4th quarter. Cassady Schiller Wealth Management LLC now owns 36 shares of the information technology services provider's stock worth $38,000 after purchasing an additional 11 shares during the period. Plancorp LLC lifted its stake in ServiceNow by 4.1% in the 4th quarter. Plancorp LLC now owns 308 shares of the information technology services provider's stock valued at $327,000 after buying an additional 12 shares in the last quarter. Capital Investment Advisory Services LLC lifted its stake in ServiceNow by 2.1% in the 1st quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider's stock valued at $459,000 after buying an additional 12 shares in the last quarter. Kesler Norman & Wride LLC lifted its stake in ServiceNow by 1.2% in the 4th quarter. Kesler Norman & Wride LLC now owns 1,092 shares of the information technology services provider's stock valued at $1,157,000 after buying an additional 13 shares in the last quarter. Finally, Sepio Capital LP raised its holdings in ServiceNow by 3.8% in the 4th quarter. Sepio Capital LP now owns 359 shares of the information technology services provider's stock valued at $381,000 after acquiring an additional 13 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Trading Down 2.8%

Shares of NOW traded down $28.25 on Thursday, hitting $985.46. 873,847 shares of the stock traded hands, compared to its average volume of 1,685,344. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $203.97 billion, a P/E ratio of 133.81, a P/E/G ratio of 4.70 and a beta of 0.94. The stock's 50 day moving average is $1,008.69 and its two-hundred day moving average is $962.58. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping analysts' consensus estimates of $3.78 by $0.26. ServiceNow had a net margin of 13.41% and a return on equity of 17.34%. The company had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. During the same quarter last year, the firm posted $3.41 earnings per share. ServiceNow's revenue was up 18.6% on a year-over-year basis. As a group, sell-side analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Canaccord Genuity Group cut their price objective on shares of ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. UBS Group reiterated a "buy" rating and issued a $1,025.00 target price (up previously from $900.00) on shares of ServiceNow in a report on Thursday, April 24th. Piper Sandler decreased their price target on shares of ServiceNow from $1,200.00 to $1,120.00 and set an "overweight" rating for the company in a research report on Thursday, April 24th. Needham & Company LLC reaffirmed a "buy" rating and set a $1,050.00 price objective on shares of ServiceNow in a research report on Tuesday, May 6th. Finally, Bank of America cut their price target on shares of ServiceNow from $1,280.00 to $1,025.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. One analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, ServiceNow presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,068.23.

Insider Activity

In other news, General Counsel Russell S. Elmer sold 62 shares of ServiceNow stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total value of $63,426.00. Following the completion of the transaction, the general counsel directly owned 4,332 shares of the company's stock, valued at approximately $4,431,636. The trade was a 1.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Anita M. Sands sold 239 shares of ServiceNow stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $1,050.00, for a total transaction of $250,950.00. Following the completion of the transaction, the director directly owned 10,404 shares of the company's stock, valued at $10,924,200. This trade represents a 2.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,955 shares of company stock worth $6,862,195 over the last three months. 0.38% of the stock is currently owned by corporate insiders.

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.