Steel Grove Capital Advisors LLC Buys 264 Shares of ServiceNow, Inc. (NYSE:NOW)

Steel Grove Capital Advisors LLC increased its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 67.2% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 657 shares of the information technology services provider’s stock after buying an additional 264 shares during the period. Steel Grove Capital Advisors LLC’s holdings in ServiceNow were worth $501,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of NOW. Argonautica Private Wealth Management Inc. lifted its holdings in shares of ServiceNow by 1.0% during the fourth quarter. Argonautica Private Wealth Management Inc. now owns 1,376 shares of the information technology services provider’s stock worth $972,000 after buying an additional 13 shares in the last quarter. Oliver Lagore Vanvalin Investment Group boosted its holdings in ServiceNow by 30.4% in the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 60 shares of the information technology services provider’s stock valued at $42,000 after purchasing an additional 14 shares during the period. Optas LLC grew its position in shares of ServiceNow by 1.7% during the 1st quarter. Optas LLC now owns 815 shares of the information technology services provider’s stock worth $621,000 after purchasing an additional 14 shares in the last quarter. Cedar Wealth Management LLC increased its holdings in shares of ServiceNow by 5.5% during the first quarter. Cedar Wealth Management LLC now owns 268 shares of the information technology services provider’s stock worth $204,000 after purchasing an additional 14 shares during the period. Finally, Claro Advisors LLC raised its position in shares of ServiceNow by 3.6% in the fourth quarter. Claro Advisors LLC now owns 428 shares of the information technology services provider’s stock valued at $302,000 after buying an additional 15 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Transactions at ServiceNow

In related news, insider Paul John Smith sold 125 shares of the stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $727.38, for a total transaction of $90,922.50. Following the completion of the sale, the insider now directly owns 3,112 shares in the company, valued at approximately $2,263,606.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Paul John Smith sold 125 shares of ServiceNow stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $727.38, for a total value of $90,922.50. Following the sale, the insider now directly owns 3,112 shares in the company, valued at approximately $2,263,606.56. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Frederic B. Luddy sold 598 shares of ServiceNow stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $741.92, for a total transaction of $443,668.16. Following the transaction, the director now directly owns 428 shares of the company’s stock, valued at $317,541.76. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,530 shares of company stock worth $3,997,012. Company insiders own 0.25% of the company’s stock.

ServiceNow Price Performance

NOW traded down $1.18 during midday trading on Friday, hitting $827.61. The stock had a trading volume of 2,410,057 shares, compared to its average volume of 1,525,403. ServiceNow, Inc. has a 1 year low of $527.24 and a 1 year high of $850.33. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.05 and a current ratio of 1.12. The business has a fifty day moving average of $744.03 and a 200 day moving average of $751.29. The company has a market cap of $169.66 billion, a P/E ratio of 88.51, a price-to-earnings-growth ratio of 5.19 and a beta of 0.99.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 EPS for the quarter, beating the consensus estimate of $2.85 by $0.28. The company had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.61 billion. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The firm’s quarterly revenue was up 22.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.77 EPS. As a group, equities analysts forecast that ServiceNow, Inc. will post 6.5 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Piper Sandler lifted their price target on ServiceNow from $830.00 to $850.00 and gave the company an “overweight” rating in a research note on Thursday. Royal Bank of Canada lifted their target price on shares of ServiceNow from $850.00 to $880.00 and gave the stock an “outperform” rating in a research report on Thursday. Robert W. Baird upped their price target on shares of ServiceNow from $885.00 to $900.00 and gave the company an “outperform” rating in a research report on Thursday. Morgan Stanley boosted their price objective on shares of ServiceNow from $814.00 to $830.00 and gave the stock an “overweight” rating in a research note on Thursday, April 25th. Finally, Jefferies Financial Group raised their target price on ServiceNow from $885.00 to $900.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have given a buy rating to the stock. According to data from MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and a consensus price target of $842.22.

ServiceNow Profile

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.