IPG Investment Advisors LLC Boosts Stock Position in ServiceNow, Inc. (NYSE:NOW)

IPG Investment Advisors LLC raised its stake in shares of ServiceNow, Inc. (NYSE:NOWFree Report) by 128.7% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,344 shares of the information technology services provider’s stock after buying an additional 1,319 shares during the quarter. IPG Investment Advisors LLC’s holdings in ServiceNow were worth $1,310,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. RB Capital Management LLC raised its position in ServiceNow by 25.2% in the first quarter. RB Capital Management LLC now owns 954 shares of the information technology services provider’s stock valued at $531,000 after purchasing an additional 192 shares during the period. Zions Bancorporation N.A. increased its position in shares of ServiceNow by 17.9% during the first quarter. Zions Bancorporation N.A. now owns 875 shares of the information technology services provider’s stock worth $487,000 after acquiring an additional 133 shares during the last quarter. Brown Brothers Harriman & Co. increased its position in shares of ServiceNow by 728.0% during the first quarter. Brown Brothers Harriman & Co. now owns 1,921 shares of the information technology services provider’s stock worth $1,070,000 after acquiring an additional 1,689 shares during the last quarter. Parkside Financial Bank & Trust increased its position in shares of ServiceNow by 9.0% during the first quarter. Parkside Financial Bank & Trust now owns 350 shares of the information technology services provider’s stock worth $195,000 after acquiring an additional 29 shares during the last quarter. Finally, NewEdge Advisors LLC increased its position in shares of ServiceNow by 0.7% during the first quarter. NewEdge Advisors LLC now owns 11,671 shares of the information technology services provider’s stock worth $6,499,000 after acquiring an additional 86 shares during the last quarter. Institutional investors and hedge funds own 87.14% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on NOW shares. JMP Securities lifted their target price on ServiceNow from $665.00 to $825.00 and gave the stock a “market outperform” rating in a research report on Monday, January 22nd. TheStreet upgraded ServiceNow from a “c+” rating to a “b-” rating in a research note on Friday, December 8th. Piper Sandler lifted their price target on ServiceNow from $750.00 to $830.00 and gave the stock an “overweight” rating in a research note on Thursday, January 25th. Royal Bank of Canada lifted their price target on ServiceNow from $840.00 to $850.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. Finally, Truist Financial lifted their price target on ServiceNow from $700.00 to $750.00 and gave the stock a “hold” rating in a research note on Thursday, January 25th. Two research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $750.93.

Get Our Latest Stock Report on NOW

Insiders Place Their Bets

In other ServiceNow news, insider Paul John Smith sold 752 shares of ServiceNow stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $672.54, for a total transaction of $505,750.08. Following the transaction, the insider now directly owns 1,795 shares in the company, valued at approximately $1,207,209.30. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Paul John Smith sold 752 shares of the business’s stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $672.54, for a total transaction of $505,750.08. Following the transaction, the insider now directly owns 1,795 shares in the company, valued at approximately $1,207,209.30. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Gina Mastantuono sold 275 shares of the business’s stock in a transaction on Monday, November 20th. The shares were sold at an average price of $654.00, for a total transaction of $179,850.00. Following the transaction, the chief financial officer now owns 7,005 shares in the company, valued at $4,581,270. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,377 shares of company stock worth $6,476,979. Corporate insiders own 0.28% of the company’s stock.

ServiceNow Price Performance

Shares of NYSE NOW traded down $21.68 during trading on Monday, hitting $791.26. The company had a trading volume of 522,606 shares, compared to its average volume of 1,196,299. The company has a market cap of $162.21 billion, a P/E ratio of 97.38, a PEG ratio of 5.18 and a beta of 0.99. ServiceNow, Inc. has a 52 week low of $405.37 and a 52 week high of $815.32. The business’s 50-day moving average is $726.08 and its 200 day moving average is $634.85. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.06 and a current ratio of 1.06.

ServiceNow (NYSE:NOWGet Free Report) last posted its quarterly earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.77 by $0.34. The company had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.40 billion. ServiceNow had a return on equity of 11.85% and a net margin of 19.30%. The firm’s revenue was up 25.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.88 earnings per share. Equities research analysts predict that ServiceNow, Inc. will post 6.11 earnings per share for the current fiscal year.

ServiceNow Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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