Sanders Morris Harris LLC Purchases 4,500 Shares of ServiceNow, Inc. (NYSE:NOW)

Sanders Morris Harris LLC lifted its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 426.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,554 shares of the information technology services provider's stock after acquiring an additional 4,500 shares during the quarter. ServiceNow comprises about 0.7% of Sanders Morris Harris LLC's investment portfolio, making the stock its 25th biggest holding. Sanders Morris Harris LLC's holdings in ServiceNow were worth $4,506,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Quarry LP acquired a new position in shares of ServiceNow during the fourth quarter valued at approximately $27,000. Atala Financial Inc acquired a new position in shares of ServiceNow during the fourth quarter valued at approximately $28,000. LFA Lugano Financial Advisors SA acquired a new position in shares of ServiceNow during the fourth quarter valued at approximately $32,000. FPC Investment Advisory Inc. increased its stake in shares of ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock valued at $34,000 after acquiring an additional 29 shares during the period. Finally, Noble Wealth Management PBC acquired a new position in shares of ServiceNow during the fourth quarter valued at approximately $34,000. Institutional investors and hedge funds own 87.18% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on NOW shares. Royal Bank of Canada raised their target price on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Tuesday, May 6th. Guggenheim raised their target price on shares of ServiceNow from $716.00 to $724.00 and gave the stock a "sell" rating in a report on Thursday, April 24th. Oppenheimer restated an "outperform" rating and set a $1,100.00 target price (up from $970.00) on shares of ServiceNow in a report on Tuesday, May 6th. Mizuho reduced their target price on shares of ServiceNow from $1,210.00 to $1,100.00 and set an "outperform" rating for the company in a report on Tuesday, March 11th. Finally, Robert W. Baird raised their target price on shares of ServiceNow from $1,010.00 to $1,150.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, thirty have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,062.50.

ServiceNow Stock Down 0.0%

Shares of NYSE:NOW traded down $0.11 during trading on Monday, reaching $1,010.98. 1,001,802 shares of the company traded hands, compared to its average volume of 1,503,330. The firm has a fifty day simple moving average of $899.20 and a 200 day simple moving average of $974.30. The firm has a market cap of $209.26 billion, a P/E ratio of 148.02, a price-to-earnings-growth ratio of 4.51 and a beta of 0.97. ServiceNow, Inc. has a 1-year low of $645.45 and a 1-year high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15.

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

Insider Activity

In other news, Director Jonathan Chadwick sold 770 shares of the firm's stock in a transaction on Monday, April 28th. The shares were sold at an average price of $931.62, for a total transaction of $717,347.40. Following the transaction, the director now owns 3,205 shares in the company, valued at approximately $2,985,842.10. This trade represents a 19.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Anita M. Sands sold 428 shares of the firm's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $1,013.61, for a total transaction of $433,825.08. Following the transaction, the director now owns 10,891 shares in the company, valued at $11,039,226.51. This represents a 3.78% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,102 shares of company stock worth $2,944,038. 0.38% of the stock is owned by corporate insiders.

About ServiceNow

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.