Resources Management Corp CT ADV Increases Stake in ServiceNow, Inc. $NOW

Key Points

• Resources Management Corp CT ADV increased its stake in ServiceNow, Inc. by 21.7%, owning 1,565 shares valued at approximately $1.25 million after acquiring additional shares.
• ServiceNow's CEO, William R. Mcdermott, sold 5,825 shares for over $5.3 million, indicating a 46.83% decrease in his ownership of company stock.
• Wall Street analysts have raised their price targets for ServiceNow, with a consensus target price of $1,115.20, reflecting a "Moderate Buy" rating overall.

Resources Management Corp CT ADV lifted its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 21.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,565 shares of the information technology services provider's stock after acquiring an additional 279 shares during the quarter. Resources Management Corp CT ADV's holdings in ServiceNow were worth $1,246,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Haverford Trust Co increased its stake in shares of ServiceNow by 0.9% in the first quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider's stock worth $936,000 after acquiring an additional 10 shares during the period. Edgemoor Investment Advisors Inc. raised its position in ServiceNow by 2.5% during the first quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock worth $366,000 after acquiring an additional 11 shares during the period. Integrated Investment Consultants LLC raised its position in ServiceNow by 2.5% during the first quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock worth $358,000 after acquiring an additional 11 shares during the period. one8zero8 LLC raised its position in ServiceNow by 3.2% during the first quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock worth $283,000 after acquiring an additional 11 shares during the period. Finally, Capital Investment Advisory Services LLC raised its position in ServiceNow by 2.1% during the first quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider's stock worth $459,000 after acquiring an additional 12 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Trading Down 0.5%

NOW traded down $4.87 on Tuesday, hitting $934.46. The company had a trading volume of 1,195,902 shares, compared to its average volume of 1,734,947. The firm has a market cap of $194.37 billion, a P/E ratio of 117.69, a PEG ratio of 4.24 and a beta of 0.91. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The company's fifty day moving average price is $933.46 and its 200 day moving average price is $922.29. 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 released its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.ServiceNow's revenue was up 22.4% compared to the same quarter last year. During the same period in the previous year, the company posted $3.13 EPS. As a group, equities analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on NOW. Wall Street Zen cut shares of ServiceNow from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. Mizuho upped their price objective on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Thursday, June 12th. Piper Sandler raised their price target on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Jefferies Financial Group boosted their price target on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Finally, Morgan Stanley reissued an "equal weight" rating on shares of ServiceNow in a research report on Tuesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

Insider Buying and Selling

In other ServiceNow news, CFO Gina Mastantuono sold 1,762 shares of ServiceNow stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,526,684.90. Following the completion of the transaction, the chief financial officer directly owned 12,228 shares of the company's stock, valued at $10,594,950.60. The trade was a 12.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jacqueline P. Canney sold 1,562 shares of ServiceNow stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,353,394.90. Following the completion of the transaction, the insider directly owned 3,027 shares of the company's stock, valued at approximately $2,622,744.15. This represents a 34.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,976 shares of company stock worth $17,049,775 over the last 90 days. 0.38% of the stock is owned by 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.