Telemark Asset Management LLC Grows Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Telemark Asset Management LLC grew its stake in ServiceNow, Inc. (NYSE:NOW) by 60.0% during the 3rd quarter, HoldingsChannel reports. The firm owned 40,000 shares of the information technology services provider’s stock after acquiring an additional 15,000 shares during the quarter. ServiceNow makes up approximately 3.6% of Telemark Asset Management LLC’s holdings, making the stock its 7th biggest holding. Telemark Asset Management LLC’s holdings in ServiceNow were worth $35,776,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Avidian Wealth Enterprises LLC grew its position in ServiceNow by 39.4% during the 3rd quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock worth $436,000 after acquiring an additional 138 shares during the last quarter. Venturi Wealth Management LLC grew its position in ServiceNow by 36.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock worth $2,565,000 after acquiring an additional 765 shares during the last quarter. AXA S.A. grew its position in ServiceNow by 1.1% during the 2nd quarter. AXA S.A. now owns 387,344 shares of the information technology services provider’s stock worth $304,712,000 after acquiring an additional 4,271 shares during the last quarter. HWG Holdings LP bought a new stake in ServiceNow during the 2nd quarter worth approximately $2,679,000. Finally, Brookstone Capital Management grew its position in ServiceNow by 25.5% during the 2nd quarter. Brookstone Capital Management now owns 14,394 shares of the information technology services provider’s stock worth $10,595,000 after acquiring an additional 2,928 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Jacqueline P. Canney sold 66 shares of ServiceNow stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $1,048.29, for a total transaction of $69,187.14. Following the completion of the transaction, the insider now owns 3,027 shares in the company, valued at approximately $3,173,173.83. This trade represents a 2.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total value of $12,242,408.57. Following the transaction, the chief executive officer now owns 2,595 shares of the company’s stock, valued at $2,588,953.65. The trade was a 82.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,644 shares of company stock worth $19,381,744 in the last quarter. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Stock Performance

NOW opened at $1,048.34 on Friday. The business’s 50-day moving average price is $944.90 and its two-hundred day moving average price is $832.32. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,061.66. The company has a market capitalization of $215.96 billion, a price-to-earnings ratio of 163.04, a P/E/G ratio of 5.87 and a beta of 0.98. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13.

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

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. UBS Group increased their price objective on ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Piper Sandler increased their price objective on ServiceNow from $850.00 to $1,000.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Truist Financial increased their price objective on ServiceNow from $780.00 to $900.00 and gave the company a “hold” rating in a research report on Wednesday, October 23rd. Mizuho increased their price objective on ServiceNow from $980.00 to $1,070.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, Royal Bank of Canada increased their price objective on ServiceNow from $985.00 to $1,045.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $986.39.

About ServiceNow

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.