Pallas Capital Advisors LLC Has $2.57 Million Stake in ServiceNow, Inc. (NYSE:NOW)

Pallas Capital Advisors LLC raised its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 58.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,225 shares of the information technology services provider's stock after acquiring an additional 1,188 shares during the quarter. Pallas Capital Advisors LLC's holdings in ServiceNow were worth $2,568,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its stake in ServiceNow by 1.1% in the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock valued at $2,919,000 after acquiring an additional 30 shares during the period. Union Bancaire Privee UBP SA acquired a new position in ServiceNow during the fourth quarter worth $48,802,000. Kingsview Wealth Management LLC grew its holdings in shares of ServiceNow by 4.8% in the fourth quarter. Kingsview Wealth Management LLC now owns 2,765 shares of the information technology services provider's stock valued at $2,931,000 after purchasing an additional 127 shares during the period. Kestra Private Wealth Services LLC grew its stake in shares of ServiceNow by 30.1% in the 4th quarter. Kestra Private Wealth Services LLC now owns 4,927 shares of the information technology services provider's stock valued at $5,223,000 after buying an additional 1,141 shares during the period. Finally, Newbridge Financial Services Group Inc. increased its stake in ServiceNow by 21.9% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 356 shares of the information technology services provider's stock worth $377,000 after acquiring an additional 64 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Down 1.6%

Shares of NYSE:NOW traded down $16.04 during midday trading on Friday, hitting $991.33. 256,795 shares of the company's stock traded hands, compared to its average volume of 1,475,850. The company has a market cap of $205.19 billion, a PE ratio of 145.14, a P/E/G ratio of 4.51 and a beta of 0.95. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The firm's fifty day moving average price is $939.30 and its two-hundred day moving average price is $974.01. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, beating the consensus estimate of $3.78 by $0.26. The company had revenue of $3.09 billion during the quarter, compared to analysts' expectations of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The business's revenue was up 18.6% on a year-over-year basis. During the same period in the prior year, the business posted $3.41 EPS. On average, equities research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Truist Financial upgraded ServiceNow from a "hold" rating to a "buy" rating and raised their target price for the company from $950.00 to $1,200.00 in a report on Thursday, May 1st. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $1,048.00 price target on shares of ServiceNow in a research report on Thursday, April 24th. Mizuho boosted their target price on ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a report on Thursday. Scotiabank set a $1,100.00 price objective on shares of ServiceNow and gave the company an "outperform" rating in a research report on Wednesday, May 7th. Finally, Redburn Atlantic started coverage on shares of ServiceNow in a report on Wednesday, February 19th. They set a "buy" rating on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, ServiceNow has an average rating of "Moderate Buy" and an average price target of $1,062.50.

Insider Buying and Selling

In related news, CEO William R. Mcdermott sold 2,050 shares of ServiceNow stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the sale, the chief executive officer now directly owns 6,614 shares in the company, valued at $6,693,434.14. This trade represents a 23.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jacqueline P. Canney sold 354 shares of the stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total value of $284,831.94. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company's stock, valued at approximately $2,435,554.47. The trade was a 10.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,716 shares of company stock worth $6,611,245 over the last ninety days. 0.38% of the stock is owned by insiders.

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.