ServiceNow, Inc. $NOW Shares Purchased by Morningstar Investment Management LLC

Key Points

• Morningstar Investment Management LLC increased its ServiceNow stake by 176.6% in the fourth quarter, buying an additional 10,199 shares and bringing its total holdings to 15,975 shares worth about $2.45 million.
• ServiceNow reported Q1 earnings of $0.97 per share, matching analyst expectations, while revenue rose 22.1% year over year to $3.77 billion and slightly beat estimates.
• Several analysts cut price targets on the stock after the earnings report, but the overall consensus remains a Moderate Buy with an average target of $141.85.

Morningstar Investment Management LLC boosted its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 176.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 15,975 shares of the information technology services provider's stock after purchasing an additional 10,199 shares during the quarter. Morningstar Investment Management LLC's holdings in ServiceNow were worth $2,447,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. Meridian Wealth Advisors LLC raised its stake in ServiceNow by 2.2% in the 3rd quarter. Meridian Wealth Advisors LLC now owns 552 shares of the information technology services provider's stock valued at $508,000 after purchasing an additional 12 shares during the last quarter. Valley Brook Capital Group Inc. raised its stake in ServiceNow by 2.1% in the 3rd quarter. Valley Brook Capital Group Inc. now owns 634 shares of the information technology services provider's stock valued at $583,000 after purchasing an additional 13 shares during the last quarter. Catalyst Financial Partners LLC grew its holdings in ServiceNow by 1.0% in the 3rd quarter. Catalyst Financial Partners LLC now owns 1,270 shares of the information technology services provider's stock valued at $1,169,000 after buying an additional 13 shares during the period. JT Stratford LLC grew its holdings in ServiceNow by 3.5% in the 3rd quarter. JT Stratford LLC now owns 385 shares of the information technology services provider's stock valued at $354,000 after buying an additional 13 shares during the period. Finally, Abbot Financial Management Inc. grew its holdings in ServiceNow by 2.9% in the 3rd quarter. Abbot Financial Management Inc. now owns 502 shares of the information technology services provider's stock valued at $462,000 after buying an additional 14 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Stock Down 0.0%

Shares of NYSE:NOW opened at $102.13 on Tuesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.84 and a current ratio of 0.84. ServiceNow, Inc. has a 1 year low of $81.24 and a 1 year high of $211.48. The stock has a market capitalization of $105.29 billion, a P/E ratio of 60.86, a PEG ratio of 1.85 and a beta of 0.82. The stock has a 50-day simple moving average of $98.53 and a 200-day simple moving average of $125.20.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.97. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The business had revenue of $3.77 billion during the quarter, compared to analysts' expectations of $3.75 billion. During the same quarter in the previous year, the business earned $0.81 EPS. The company's revenue for the quarter was up 22.1% on a year-over-year basis. Equities analysts forecast that ServiceNow, Inc. will post 2.35 earnings per share for the current year.

Insider Transactions at ServiceNow

In other news, insider Paul Fipps sold 1,048 shares of the business's stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $98.51, for a total transaction of $103,238.48. Following the completion of the sale, the insider owned 12,072 shares in the company, valued at approximately $1,189,212.72. The trade was a 7.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Paul Edward Chamberlain sold 1,500 shares of the business's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $87.23, for a total value of $130,845.00. Following the sale, the director owned 44,930 shares of the company's stock, valued at $3,919,243.90. The trade was a 3.23% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 28,071 shares of company stock worth $2,529,956 over the last 90 days. Company insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

Several research firms have commented on NOW. Morgan Stanley lowered their price target on ServiceNow from $210.00 to $180.00 and set an "overweight" rating for the company in a report on Thursday, April 23rd. Truist Financial lowered their price target on ServiceNow from $125.00 to $120.00 and set a "buy" rating for the company in a report on Thursday, April 23rd. Robert W. Baird lowered their price target on ServiceNow from $125.00 to $118.00 and set an "outperform" rating for the company in a report on Thursday, April 23rd. Canaccord Genuity Group decreased their price target on shares of ServiceNow from $200.00 to $145.00 and set a "buy" rating on the stock in a report on Thursday, April 23rd. Finally, Stifel Nicolaus lowered their price objective on shares of ServiceNow from $135.00 to $120.00 and set a "buy" rating for the company in a research note on Thursday, April 23rd. Two research analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, ServiceNow presently has a consensus rating of "Moderate Buy" and a consensus price target of $141.85.

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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