Sage Capital Advisors llc Makes New Investment in ServiceNow, Inc. $NOW

Key Points

• Sage Capital Advisors LLC made a new investment in ServiceNow, acquiring 4,197 shares valued at approximately $4.3 million during Q2.
• Insider trading was reported as General Counsel Russell S. Elmer sold 1,698 shares, leading to a 28.16% decrease in his position, while another insider, Paul Fipps, saw a 76.06% decrease in his ownership after selling 1,452 shares.
• Analysts have a consensus rating of "Moderate Buy" for ServiceNow, with a target price averaging $1,115.20, highlighting strong growth potential in the company's shares.

Sage Capital Advisors llc acquired a new position in ServiceNow, Inc. (NYSE:NOW - Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The fund acquired 4,197 shares of the information technology services provider's stock, valued at approximately $4,314,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its position in shares of ServiceNow by 1.1% in the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock worth $2,919,000 after purchasing an additional 30 shares during the last quarter. ProShare Advisors LLC increased its position in shares of ServiceNow by 10.6% in the 4th quarter. ProShare Advisors LLC now owns 41,682 shares of the information technology services provider's stock worth $44,188,000 after purchasing an additional 4,009 shares during the last quarter. Sora Investors LLC bought a new stake in shares of ServiceNow in the 4th quarter worth about $9,093,000. Silvercrest Asset Management Group LLC increased its position in shares of ServiceNow by 11.3% in the 4th quarter. Silvercrest Asset Management Group LLC now owns 3,213 shares of the information technology services provider's stock worth $3,406,000 after purchasing an additional 326 shares during the last quarter. Finally, Sherbrooke Park Advisers LLC bought a new stake in shares of ServiceNow in the 4th quarter worth about $457,000. Institutional investors and hedge funds own 87.18% of the company's stock.

Insider Buying and Selling

In other news, General Counsel Russell S. Elmer sold 1,698 shares of the company's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total value of $1,501,473.48. Following the completion of the sale, the general counsel directly owned 4,332 shares of the company's stock, valued at approximately $3,830,614.32. This represents a 28.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Paul Fipps sold 1,452 shares of the company's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the completion of the sale, the insider directly owned 457 shares of the company's stock, valued at approximately $409,037.85. This represents a 76.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,976 shares of company stock worth $17,049,775. Company insiders own 0.38% of the company's stock.

Analyst Ratings Changes

NOW has been the subject of several research analyst reports. Jefferies Financial Group boosted their target price on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Piper Sandler boosted 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 report on Thursday, July 24th. Needham & Company LLC boosted their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Barclays set a $1,210.00 price objective on shares of ServiceNow in a research report on Thursday, July 24th. Finally, Guggenheim reaffirmed a "sell" rating and set a $724.00 price objective on shares of ServiceNow in a research report on Thursday, July 17th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Trading Down 0.9%

ServiceNow stock opened at $930.04 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. The firm has a 50-day moving average price of $927.34 and a two-hundred day moving average price of $922.46. The firm has a market capitalization of $193.45 billion, a price-to-earnings ratio of 117.13, a PEG ratio of 4.23 and a beta of 0.91. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last posted 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. The firm had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. ServiceNow's revenue was up 22.4% on a year-over-year basis. During the same period in the previous year, the business posted $3.13 EPS. Sell-side analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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.

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