ServiceNow, Inc. (NYSE:NOW) Shares Bought by AlphaCore Capital LLC

Key Points

• AlphaCore Capital LLC significantly increased its stake in ServiceNow, Inc. by 91.0% during Q1, owning 1,809 shares valued at $1,440,000 as per their latest SEC filing.
• Vice Chairman Nicholas Tzitzon sold 1,171 shares of ServiceNow stock valued at over $1.1 million, resulting in a 28.07% decrease in his overall ownership.
• ServiceNow reported a 22.4% increase in revenue year-over-year for the last quarter, totaling $3.22 billion, and exceeded analysts' earnings expectations by earning $4.09 per share.

AlphaCore Capital LLC raised its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 91.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,809 shares of the information technology services provider's stock after purchasing an additional 862 shares during the period. AlphaCore Capital LLC's holdings in ServiceNow were worth $1,440,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of NOW. Edgemoor Investment Advisors Inc. boosted its position in shares of ServiceNow by 2.5% during the 1st 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 in the last quarter. Integrated Investment Consultants LLC boosted its holdings in ServiceNow by 2.5% in the first quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock valued at $358,000 after purchasing an additional 11 shares in the last quarter. one8zero8 LLC increased its stake in ServiceNow by 3.2% in the first quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock valued at $283,000 after purchasing an additional 11 shares during the last quarter. Capital Investment Advisory Services LLC increased its stake in ServiceNow by 2.1% in the first quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider's stock valued at $459,000 after purchasing an additional 12 shares during the last quarter. Finally, Argent Trust Co raised its holdings in ServiceNow by 0.4% during the first quarter. Argent Trust Co now owns 3,363 shares of the information technology services provider's stock worth $2,677,000 after purchasing an additional 12 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the company's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the transaction, the insider directly owned 3,000 shares in the company, valued at approximately $3,060,000. This represents a 28.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Anita M. Sands sold 428 shares of ServiceNow stock in a transaction that occurred 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 sale, the director owned 10,891 shares of the company's stock, valued at approximately $11,039,226.51. The trade was a 3.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,250 shares of company stock worth $5,318,667. Company insiders own 0.38% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $1,200.00 target price on shares of ServiceNow in a research report on Thursday, July 24th. Royal Bank Of Canada upped their price objective on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Tuesday, May 6th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of ServiceNow in a report on Thursday, April 24th. Stifel Nicolaus boosted their target price on ServiceNow from $975.00 to $1,050.00 and gave the company a "buy" rating in a report on Tuesday, May 6th. 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 sell rating, three have given a hold rating, thirty have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Stock Performance

NYSE NOW opened at $872.31 on Friday. The stock has a market capitalization of $181.44 billion, a price-to-earnings ratio of 109.86, a PEG ratio of 4.11 and a beta of 0.93. The business's 50 day moving average is $985.72 and its two-hundred day moving average is $946.30. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. The firm had revenue of $3.22 billion for 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%. The company's revenue for the quarter was up 22.4% compared to the same quarter last year. During the same period in the previous year, the business earned $3.13 earnings per share. Research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.