Investors Research Corp Purchases 6,809 Shares of ServiceNow, Inc. $NOW

Investors Research Corp lifted its position in shares of ServiceNow, Inc. (NYSE:NOW) by 787.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,674 shares of the information technology services provider’s stock after buying an additional 6,809 shares during the period. Investors Research Corp’s holdings in ServiceNow were worth $762,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Wealth Watch Advisors INC bought a new position in shares of ServiceNow during the 3rd quarter worth approximately $29,000. Kelleher Financial Advisors bought a new stake in shares of ServiceNow in the third quarter worth $50,000. Pin Oak Investment Advisors Inc. boosted its holdings in ServiceNow by 20.7% during the third quarter. Pin Oak Investment Advisors Inc. now owns 134 shares of the information technology services provider’s stock worth $123,000 after purchasing an additional 23 shares during the last quarter. Jupiter Wealth Management LLC acquired a new position in ServiceNow during the second quarter worth $154,000. Finally, CBIZ Investment Advisory Services LLC grew its position in ServiceNow by 540.0% in the fourth quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider’s stock valued at $25,000 after purchasing an additional 135 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider Paul Fipps sold 1,048 shares of the firm’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $98.51, for a total transaction of $103,238.48. Following the completion of the sale, the insider owned 12,072 shares in the company, valued at approximately $1,189,212.72. This trade represents a 7.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Paul Edward Chamberlain sold 1,500 shares of the company’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $87.23, for a total transaction of $130,845.00. Following the completion of the transaction, the director owned 44,930 shares in the company, valued at approximately $3,919,243.90. This trade 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. Insiders sold a total of 18,993 shares of company stock valued at $1,716,436 over the last ninety days. 0.34% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on NOW. Jefferies Financial Group reissued a “buy” rating and set a $140.00 price target (up from $135.00) on shares of ServiceNow in a research report on Thursday, July 23rd. Wells Fargo & Company lowered their target price on ServiceNow from $185.00 to $160.00 and set an “overweight” rating on the stock in a research report on Thursday, April 23rd. Morgan Stanley set a $180.00 target price on ServiceNow in a report on Tuesday, July 21st. Piper Sandler reissued an “overweight” rating and set a $140.00 price target on shares of ServiceNow in a research report on Thursday, July 23rd. Finally, Benchmark restated a “buy” rating on shares of ServiceNow in a research note on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and an average target price of $143.39.

ServiceNow Price Performance

NYSE:NOW opened at $127.51 on Wednesday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.43. The stock’s 50 day moving average price is $106.56 and its two-hundred day moving average price is $105.74. The firm has a market capitalization of $131.85 billion, a price-to-earnings ratio of 79.69, a P/E/G ratio of 2.24 and a beta of 0.94. ServiceNow, Inc. has a 12-month low of $81.24 and a 12-month high of $194.73.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.04. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The business had revenue of $3.99 billion for the quarter, compared to analyst estimates of $3.93 billion. During the same period in the previous year, the firm earned $0.81 EPS. The firm’s revenue was up 24.0% compared to the same quarter last year. On average, analysts anticipate that ServiceNow, Inc. will post 2.24 earnings per share for the current 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.