Heritage Investors Management Corp Raises Stock Position in ServiceNow, Inc. (NYSE:NOW)

Heritage Investors Management Corp raised its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 12.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 26,101 shares of the information technology services provider's stock after buying an additional 2,835 shares during the period. Heritage Investors Management Corp's holdings in ServiceNow were worth $20,780,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Quarry LP purchased a new stake in shares of ServiceNow in the 4th quarter worth approximately $27,000. Bogart Wealth LLC lifted its position in ServiceNow by 113.3% during the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 17 shares during the last quarter. Graybill Wealth Management LTD. purchased a new stake in ServiceNow during the first quarter valued at approximately $26,000. Heck Capital Advisors LLC purchased a new stake in ServiceNow during the fourth quarter valued at approximately $37,000. Finally, WASHINGTON TRUST Co lifted its position in ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after acquiring an additional 31 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Price Performance

Shares of NYSE NOW traded down $2.51 during trading on Monday, hitting $960.89. The company had a trading volume of 1,100,871 shares, compared to its average volume of 1,486,321. The firm has a market capitalization of $198.89 billion, a price-to-earnings ratio of 130.56, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The stock has a fifty day simple moving average of $1,006.53 and a two-hundred day simple moving average of $955.01. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.15.

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. The firm had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.09 billion. ServiceNow had a net margin of 13.41% and a return on equity of 17.34%. ServiceNow's quarterly revenue was up 18.6% on a year-over-year basis. During the same period in the previous year, the business posted $3.41 earnings per share. On average, research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Insider Activity

In related news, CEO William R. Mcdermott sold 2,050 shares of the business's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the transaction, the chief executive officer directly owned 6,614 shares in the company, valued at approximately $6,693,434.14. The trade was a 23.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Anita M. Sands sold 428 shares of ServiceNow stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $1,013.61, for a total transaction of $433,825.08. Following the transaction, the director directly owned 10,891 shares in the company, valued at $11,039,226.51. This trade represents a 3.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,601 shares of company stock valued at $6,577,363 in the last ninety days. 0.38% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on NOW. Stifel Nicolaus increased their target price on shares of ServiceNow from $975.00 to $1,050.00 and gave the company a "buy" rating in a research report on Tuesday, May 6th. Piper Sandler decreased their target price 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. JMP Securities reissued a "market outperform" rating and set a $1,300.00 target price on shares of ServiceNow in a research report on Tuesday, May 6th. DA Davidson began coverage on shares of ServiceNow in a research note on Wednesday, June 25th. They set a "buy" rating and a $1,150.00 price target on the stock. Finally, Raymond James Financial cut their price objective on shares of ServiceNow from $1,200.00 to $1,000.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 8th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $1,079.58.

ServiceNow Company 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.