Aviance Capital Partners LLC Invests $2.81 Million in ServiceNow, Inc. (NYSE:NOW)

Aviance Capital Partners LLC acquired a new stake in ServiceNow, Inc. (NYSE:NOW) in the third quarter, HoldingsChannel reports. The firm acquired 3,137 shares of the information technology services provider’s stock, valued at approximately $2,806,000.

Other hedge funds have also added to or reduced their stakes in the company. Baron Wealth Management LLC raised its position in shares of ServiceNow by 7.5% during the third quarter. Baron Wealth Management LLC now owns 959 shares of the information technology services provider’s stock worth $858,000 after acquiring an additional 67 shares during the last quarter. Meeder Advisory Services Inc. raised its holdings in ServiceNow by 1.0% during the 3rd quarter. Meeder Advisory Services Inc. now owns 4,273 shares of the information technology services provider’s stock worth $3,822,000 after purchasing an additional 44 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new position in shares of ServiceNow in the 3rd quarter worth approximately $58,000. Drive Wealth Management LLC increased its position in shares of ServiceNow by 3.7% during the third quarter. Drive Wealth Management LLC now owns 786 shares of the information technology services provider’s stock worth $703,000 after buying an additional 28 shares during the period. Finally, Thrivent Financial for Lutherans lifted its stake in shares of ServiceNow by 0.9% in the 3rd quarter. Thrivent Financial for Lutherans now owns 328,411 shares of the information technology services provider’s stock valued at $293,728,000 after purchasing an additional 2,778 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on NOW shares. Oppenheimer lifted their price objective on shares of ServiceNow from $825.00 to $1,020.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Canaccord Genuity Group lifted their price objective on shares of ServiceNow from $850.00 to $1,000.00 and gave the company a “buy” rating in a report on Thursday, October 24th. UBS Group upped their target price on shares of ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Jefferies Financial Group lifted their price target on ServiceNow from $900.00 to $1,100.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Finally, Royal Bank of Canada increased their price objective on ServiceNow from $985.00 to $1,045.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have assigned a buy rating to the stock. According to MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus price target of $974.04.

ServiceNow Stock Performance

NYSE:NOW opened at $1,004.53 on Tuesday. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,061.66. The stock has a market cap of $206.93 billion, a P/E ratio of 156.23, a price-to-earnings-growth ratio of 5.80 and a beta of 0.98. The firm’s fifty day simple moving average is $935.45 and its 200 day simple moving average is $827.30.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.46 by $0.26. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The company had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. During the same quarter in the previous year, the company earned $1.21 earnings per share. ServiceNow’s quarterly revenue was up 22.2% on a year-over-year basis. As a group, research analysts predict that ServiceNow, Inc. will post 7.07 EPS for the current year.

Insider Transactions at ServiceNow

In other news, insider Jacqueline P. Canney sold 76 shares of ServiceNow stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $1,010.94, for a total transaction of $76,831.44. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at approximately $3,060,115.38. This trade represents a 2.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Nicholas Tzitzon sold 1,857 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $829.68, for a total value of $1,540,715.76. Following the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,027,502.32. This trade represents a 33.73 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,231 shares of company stock valued at $4,947,292. Corporate insiders own 0.25% of the company’s stock.

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.