Legacy Capital Group California Inc. Makes New $741,000 Investment in ServiceNow, Inc. $NOW

Legacy Capital Group California Inc. purchased a new stake in ServiceNow, Inc. (NYSE:NOW) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 7,089 shares of the information technology services provider’s stock, valued at approximately $741,000.

A number of other hedge funds also recently made changes to their positions in NOW. Covenant Asset Management LLC boosted its holdings in ServiceNow by 169.2% in the fourth quarter. Covenant Asset Management LLC now owns 20,863 shares of the information technology services provider’s stock worth $3,196,000 after acquiring an additional 13,114 shares in the last quarter. Norges Bank bought a new stake in shares of ServiceNow during the fourth quarter valued at approximately $2,020,992,000. World Investment Advisors raised its position in shares of ServiceNow by 411.7% during the fourth quarter. World Investment Advisors now owns 47,955 shares of the information technology services provider’s stock worth $7,346,000 after purchasing an additional 38,583 shares during the period. Cohen Klingenstein LLC raised its position in shares of ServiceNow by 400.0% during the fourth quarter. Cohen Klingenstein LLC now owns 10,000 shares of the information technology services provider’s stock worth $1,532,000 after purchasing an additional 8,000 shares during the period. Finally, Moors & Cabot Inc. lifted its holdings in shares of ServiceNow by 387.7% in the 4th quarter. Moors & Cabot Inc. now owns 45,630 shares of the information technology services provider’s stock worth $6,990,000 after purchasing an additional 36,274 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

NOW has been the subject of a number of recent research reports. Canaccord Genuity Group decreased their price target on shares of ServiceNow from $200.00 to $145.00 and set a “buy” rating for the company in a research note on Thursday, April 23rd. Morgan Stanley dropped their price objective on shares of ServiceNow from $210.00 to $180.00 and set an “overweight” rating on the stock in a research note on Thursday, April 23rd. Oppenheimer reiterated an “outperform” rating on shares of ServiceNow in a report on Tuesday, May 26th. Royal Bank Of Canada reissued an “outperform” rating and set a $121.00 target price on shares of ServiceNow in a research report on Tuesday, May 5th. Finally, Barclays restated an “overweight” rating and issued a $134.00 target price (up from $132.00) on shares of ServiceNow in a report on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and an average target price of $141.47.

Insider Activity

In related news, insider Jacqueline P. Canney sold 8,927 shares of ServiceNow stock in a transaction on Friday, April 24th. The stock was sold at an average price of $89.60, for a total transaction of $799,859.20. Following the sale, the insider directly owned 29,531 shares in the company, valued at approximately $2,645,977.60. This trade represents a 23.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Paul Edward Chamberlain sold 1,500 shares of the business’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $87.23, for a total value of $130,845.00. Following the completion of the transaction, the director directly owned 44,930 shares in the company, valued at approximately $3,919,243.90. This represents a 3.23% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 28,071 shares of company stock worth $2,529,956. Corporate insiders own 0.34% of the company’s stock.

ServiceNow Price Performance

NOW opened at $111.32 on Tuesday. ServiceNow, Inc. has a 1 year low of $81.24 and a 1 year high of $210.20. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.84 and a quick ratio of 0.84. The company has a market capitalization of $114.77 billion, a price-to-earnings ratio of 66.34, a P/E/G ratio of 1.79 and a beta of 0.96. The firm’s fifty day moving average price is $102.95 and its two-hundred day moving average price is $110.65.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 EPS for the quarter, meeting the consensus estimate of $0.97. ServiceNow had a net margin of 12.59% and a return on equity of 18.16%. The company had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $3.75 billion. During the same quarter in the prior year, the company posted $0.81 earnings per share. The firm’s revenue for the quarter was up 22.1% on a year-over-year basis. As a group, analysts anticipate that ServiceNow, Inc. will post 2.34 earnings per share for the current fiscal year.

ServiceNow Profile

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.