Raleigh Capital Management Inc. Raises Holdings in ServiceNow, Inc. $NOW

Raleigh Capital Management Inc. increased its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 853.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,329 shares of the information technology services provider’s stock after purchasing an additional 5,665 shares during the quarter. Raleigh Capital Management Inc.’s holdings in ServiceNow were worth $969,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. IAG Wealth Partners LLC lifted its stake in shares of ServiceNow by 200.0% during the 3rd quarter. IAG Wealth Partners LLC now owns 27 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 18 shares during the last quarter. Total Investment Management Inc. purchased a new stake in shares of ServiceNow during the 2nd quarter worth $31,000. Bogart Wealth LLC lifted its stake in shares of ServiceNow by 93.8% during the 3rd quarter. Bogart Wealth LLC now owns 31 shares of the information technology services provider’s stock worth $29,000 after purchasing an additional 15 shares during the last quarter. Wealth Watch Advisors INC purchased a new stake in shares of ServiceNow during the 3rd quarter worth $29,000. Finally, Albion Financial Group UT lifted its stake in shares of ServiceNow by 78.9% during the 3rd quarter. Albion Financial Group UT now owns 34 shares of the information technology services provider’s stock worth $31,000 after purchasing an additional 15 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on NOW. Sanford C. Bernstein restated an “outperform” rating on shares of ServiceNow in a research note on Thursday, January 29th. Argus raised ServiceNow to a “strong-buy” rating in a research report on Wednesday, February 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $155.00 target price on shares of ServiceNow in a research report on Thursday, February 5th. Evercore reaffirmed an “outperform” rating and set a $175.00 target price (down from $225.00) on shares of ServiceNow in a research report on Thursday, January 29th. Finally, DA Davidson reaffirmed a “buy” rating and set a $220.00 target price on shares of ServiceNow in a research report on Thursday, January 29th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $188.59.

Insider Activity

In other news, insider Kevin Thomas Mcbride sold 1,400 shares of the stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $105.71, for a total value of $147,994.00. Following the transaction, the insider directly owned 26,314 shares of the company’s stock, valued at approximately $2,781,652.94. This represents a 5.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul Edward Chamberlain sold 1,500 shares of the stock in a transaction dated Thursday, February 12th. The shares were sold at an average price of $101.17, for a total value of $151,755.00. Following the completion of the transaction, the director directly owned 46,430 shares in the company, valued at $4,697,323.10. This represents a 3.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 16,237 shares of company stock valued at $1,697,162. Company insiders own 0.34% of the company’s stock.

ServiceNow Stock Up 0.5%

Shares of NOW stock opened at $102.46 on Tuesday. The stock’s 50-day simple moving average is $109.76 and its 200-day simple moving average is $146.19. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market capitalization of $107.17 billion, a PE ratio of 61.43, a P/E/G ratio of 1.71 and a beta of 1.01. ServiceNow, Inc. has a fifty-two week low of $98.00 and a fifty-two week high of $211.48.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 28th. The information technology services provider reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.03. The business had revenue of $3.57 billion for the quarter, compared to analyst estimates of $3.53 billion. ServiceNow had a return on equity of 18.54% and a net margin of 13.16%.The company’s revenue was up 20.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.73 earnings per share. Equities analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

About ServiceNow

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.