Strive Asset Management LLC Invests $1.02 Million in ServiceNow, Inc. (NYSE:NOW)

Strive Asset Management LLC purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 957 shares of the information technology services provider's stock, valued at approximately $1,015,000. ServiceNow accounts for approximately 0.8% of Strive Asset Management LLC's investment portfolio, making the stock its 29th biggest holding.

Several other institutional investors and hedge funds have also modified their holdings of the business. Quarry LP bought a new position in ServiceNow during the fourth quarter worth $27,000. Atala Financial Inc bought a new position in shares of ServiceNow during the 4th quarter worth about $28,000. LFA Lugano Financial Advisors SA bought a new position in shares of ServiceNow during the 4th quarter worth about $32,000. FPC Investment Advisory Inc. increased its holdings in shares of ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock worth $34,000 after purchasing an additional 29 shares during the period. Finally, Noble Wealth Management PBC bought a new position in shares of ServiceNow during the 4th quarter worth about $34,000. Institutional investors and hedge funds own 87.18% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Morgan Stanley boosted their price target on shares of ServiceNow from $881.00 to $950.00 and gave the company an "equal weight" rating in a report on Thursday, April 24th. Guggenheim upped 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. UBS Group reaffirmed a "buy" rating and issued a $1,025.00 target price (up previously from $900.00) on shares of ServiceNow in a report on Thursday, April 24th. JMP Securities reaffirmed a "market outperform" rating and set a $1,300.00 price objective on shares of ServiceNow in a research note on Tuesday, May 6th. Finally, Piper Sandler decreased their price objective on shares of ServiceNow from $1,200.00 to $1,120.00 and set an "overweight" rating on the stock in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $1,062.50.

Insider Activity at ServiceNow

In related news, Director Deborah Black sold 598 shares of ServiceNow stock in a transaction that occurred on Friday, April 25th. The shares were sold at an average price of $940.23, for a total transaction of $562,257.54. Following the sale, the director now directly owns 428 shares of the company's stock, valued at approximately $402,418.44. The trade was a 58.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the sale, the chief financial officer now directly owns 11,126 shares in the company, valued at $10,733,252.20. This trade represents a 28.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,061 shares of company stock valued at $9,515,766. 0.38% of the stock is owned by insiders.

ServiceNow Stock Performance

Shares of NYSE:NOW traded down $5.22 on Tuesday, hitting $1,020.53. The company had a trading volume of 1,075,003 shares, compared to its average volume of 1,523,896. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock has a 50 day moving average price of $867.15 and a 200 day moving average price of $974.13. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The stock has a market cap of $211.25 billion, a price-to-earnings ratio of 149.42, a P/E/G ratio of 4.51 and a beta of 0.97.

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

ServiceNow declared that its Board of Directors has initiated a share repurchase plan on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors believes its shares are undervalued.

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.