SFE Investment Counsel Invests $3.14 Million in ServiceNow, Inc. $NOW

SFE Investment Counsel bought a new stake in ServiceNow, Inc. (NYSE:NOW) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 31,595 shares of the information technology services provider’s stock, valued at approximately $3,137,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Brighton Jones LLC increased its holdings in ServiceNow by 1.1% during the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock valued at $2,919,000 after purchasing an additional 30 shares in the last quarter. Sivia Capital Partners LLC boosted its stake in ServiceNow by 4.2% in the second quarter. Sivia Capital Partners LLC now owns 837 shares of the information technology services provider’s stock worth $861,000 after purchasing an additional 34 shares in the last quarter. United Bank grew its holdings in shares of ServiceNow by 15.5% during the second quarter. United Bank now owns 1,519 shares of the information technology services provider’s stock worth $1,562,000 after purchasing an additional 204 shares during the last quarter. Riggs Asset Managment Co. Inc. grew its holdings in shares of ServiceNow by 2.2% during the second quarter. Riggs Asset Managment Co. Inc. now owns 1,922 shares of the information technology services provider’s stock worth $1,976,000 after purchasing an additional 42 shares during the last quarter. Finally, Nebula Research & Development LLC increased its stake in shares of ServiceNow by 205.1% in the second quarter. Nebula Research & Development LLC now owns 906 shares of the information technology services provider’s stock valued at $931,000 after buying an additional 609 shares in the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Price Performance

Shares of NOW stock opened at $124.08 on Friday. The stock has a 50-day moving average price of $107.08 and a 200 day moving average price of $105.80. 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 firm has a market cap of $128.29 billion, a price-to-earnings ratio of 77.55, a PEG ratio of 2.18 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 released its earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.04. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The company had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $3.93 billion. During the same period in the prior year, the company posted $0.81 EPS. The company’s revenue was up 24.0% compared to the same quarter last year. Research analysts expect that ServiceNow, Inc. will post 2.24 EPS for the current year.

Insider Activity at ServiceNow

In related news, insider Paul Fipps sold 1,048 shares of the business’s stock in a transaction that occurred on 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 directly owned 12,072 shares of the company’s stock, valued at $1,189,212.72. The trade was a 7.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at 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. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Truist Financial lifted their price target on ServiceNow from $120.00 to $130.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Robert W. Baird increased their price objective on shares of ServiceNow from $118.00 to $125.00 and gave the stock an “outperform” rating in a report on Thursday, July 23rd. Citizens Jmp restated a “market outperform” rating and issued a $157.00 price objective on shares of ServiceNow in a research report on Tuesday, May 5th. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $248.00 target price (up from $236.00) on shares of ServiceNow in a research note on Thursday, July 23rd. Finally, Cantor Fitzgerald upped their target price on shares of ServiceNow from $122.00 to $141.00 and gave the stock an “overweight” rating in a research report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $143.76.

ServiceNow Company 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.