Portside Wealth Group LLC Buys 19,212 Shares of ServiceNow, Inc. $NOW

Key Points

• Portside Wealth Group LLC raised its stake in ServiceNow by 426.1%, buying 19,212 shares in Q4 and now holding 23,721 shares worth about $3.63 million.
• ServiceNow beat expectations with Q4 EPS of $0.92 and revenue of $3.57 billion (up 20.7% year-over-year), while the stock trades near $102.46 versus a one-year high of $211.48 and an average analyst target of $188.59.
• Insiders have been selling recently (16,237 shares valued at roughly $1.7 million in the past 90 days), even as institutional investors own about 87% of the company and analysts maintain a generally positive ("Moderate Buy") outlook.

Portside Wealth Group LLC raised its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 426.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,721 shares of the information technology services provider's stock after purchasing an additional 19,212 shares during the period. Portside Wealth Group LLC's holdings in ServiceNow were worth $3,634,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. IAG Wealth Partners LLC lifted its position in shares of ServiceNow by 200.0% in the 3rd quarter. IAG Wealth Partners LLC now owns 27 shares of the information technology services provider's stock worth $25,000 after acquiring an additional 18 shares during the period. Total Investment Management Inc. bought a new stake in shares of ServiceNow in the 2nd quarter worth approximately $31,000. Bogart Wealth LLC lifted its position in shares of ServiceNow by 93.8% in the 3rd quarter. Bogart Wealth LLC now owns 31 shares of the information technology services provider's stock worth $29,000 after acquiring an additional 15 shares during the period. Wealth Watch Advisors INC bought a new stake in shares of ServiceNow in the 3rd quarter worth approximately $29,000. Finally, Albion Financial Group UT lifted its position in shares of ServiceNow by 78.9% in the 3rd quarter. Albion Financial Group UT now owns 34 shares of the information technology services provider's stock worth $31,000 after acquiring an additional 15 shares during the period. 87.18% of the stock is owned by institutional investors.

ServiceNow Price Performance

ServiceNow stock opened at $102.46 on Tuesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.00 and a quick ratio of 1.00. The company has a market capitalization of $107.17 billion, a PE ratio of 61.43, a price-to-earnings-growth ratio of 1.71 and a beta of 1.01. ServiceNow, Inc. has a one year low of $98.00 and a one year high of $211.48. The business has a 50 day simple moving average of $109.76 and a 200 day simple moving average of $146.19.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, January 28th. The information technology services provider reported $0.92 EPS for the quarter, topping the consensus estimate of $0.89 by $0.03. ServiceNow had a return on equity of 18.54% and a net margin of 13.16%.The business had revenue of $3.57 billion during the quarter, compared to the consensus estimate of $3.53 billion. During the same quarter last year, the company earned $0.73 EPS. ServiceNow's revenue was up 20.7% on a year-over-year basis. On average, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Activity at ServiceNow

In related news, insider Kevin Thomas Mcbride sold 1,400 shares of ServiceNow stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $105.71, for a total transaction of $147,994.00. Following the completion of the transaction, the insider directly owned 26,314 shares of the company's stock, valued at $2,781,652.94. This trade represents a 5.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Paul Fipps sold 9,641 shares of ServiceNow stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $105.93, for a total transaction of $1,021,271.13. Following the transaction, the insider directly owned 11,757 shares of the company's stock, valued at $1,245,419.01. This represents a 45.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 16,237 shares of company stock valued at $1,697,162 in the last ninety days. Insiders own 0.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on NOW. BMO Capital Markets reduced their price objective on ServiceNow from $175.00 to $170.00 and set an "outperform" rating for the company in a research report on Thursday, January 29th. BTIG Research reaffirmed a "buy" rating and set a $200.00 price objective on shares of ServiceNow in a report on Thursday, January 29th. Needham & Company LLC reaffirmed a "buy" rating and set a $155.00 price objective on shares of ServiceNow in a report on Thursday, February 5th. Benchmark initiated coverage on shares of ServiceNow in a report on Wednesday, April 1st. They set a "buy" rating and a $125.00 price objective for the company. Finally, The Goldman Sachs Group set a $216.00 price objective on shares of ServiceNow in a report on Monday, February 2nd. Three investment analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $188.59.

ServiceNow Company Profile

ServiceNow NYSE: NOW is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company's flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.

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