Sovran Advisors LLC Grows Stock Position in ServiceNow, Inc. (NYSE:NOW)

Sovran Advisors LLC increased its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 42.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 932 shares of the information technology services provider's stock after buying an additional 279 shares during the quarter. Sovran Advisors LLC's holdings in ServiceNow were worth $720,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of NOW. Quarry LP purchased a new stake in shares of ServiceNow in the fourth quarter worth approximately $27,000. Atala Financial Inc bought a new position in ServiceNow in the 4th quarter valued at $28,000. LFA Lugano Financial Advisors SA purchased a new stake in ServiceNow in the fourth quarter worth $32,000. Noble Wealth Management PBC bought a new stake in shares of ServiceNow during the fourth quarter worth $34,000. Finally, Heck Capital Advisors LLC purchased a new stake in shares of ServiceNow during the fourth quarter valued at $37,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Wells Fargo & Company raised their price target on shares of ServiceNow from $1,100.00 to $1,150.00 and gave the stock an "overweight" rating in a research note on Thursday, April 24th. Barclays set a $1,085.00 price target on shares of ServiceNow in a research note on Wednesday, May 7th. UBS Group reissued a "buy" rating and issued a $1,025.00 price objective (up previously from $900.00) on shares of ServiceNow in a research note on Thursday, April 24th. The Goldman Sachs Group reiterated a "buy" rating on shares of ServiceNow in a report on Thursday, April 24th. Finally, Oppenheimer reissued an "outperform" rating and set a $1,100.00 price target (up previously from $970.00) on shares of ServiceNow in a research report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, thirty-one have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $1,065.32.

Insider Transactions at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the company's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the sale, the insider now owns 3,000 shares in the company, valued at $3,060,000. This represents a 28.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William R. Mcdermott sold 2,050 shares of ServiceNow stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 6,614 shares of the company's stock, valued at approximately $6,693,434.14. This represents a 23.66% decrease in their ownership of the stock. 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 90 days. 0.38% of the stock is currently owned by company insiders.

ServiceNow Stock Up 1.2%

Shares of NOW stock opened at $1,023.56 on Monday. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The firm has a market capitalization of $211.86 billion, a PE ratio of 139.07, a P/E/G ratio of 4.70 and a beta of 0.96. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.12 and a current ratio of 1.12. The stock's 50-day simple moving average is $985.61 and its 200-day simple moving average is $964.70.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, beating analysts' consensus estimates of $3.78 by $0.26. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The firm had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.09 billion. During the same quarter in the prior year, the firm earned $3.41 earnings per share. ServiceNow's revenue for the quarter was up 18.6% on a year-over-year basis. Equities analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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.

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