Carlson Capital Management Makes New Investment in ServiceNow, Inc. (NYSE:NOW)

Carlson Capital Management bought a new position in shares of ServiceNow, Inc. (NYSE:NOW) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 224 shares of the information technology services provider’s stock, valued at approximately $200,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Creekmur Asset Management LLC acquired a new stake in shares of ServiceNow in the 1st quarter valued at about $25,000. Versant Capital Management Inc grew its position in ServiceNow by 466.7% in the 2nd quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock valued at $27,000 after buying an additional 28 shares during the last quarter. EntryPoint Capital LLC boosted its holdings in shares of ServiceNow by 3,900.0% in the first quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock valued at $30,000 after acquiring an additional 39 shares in the last quarter. Truvestments Capital LLC purchased a new stake in ServiceNow during the third quarter worth about $30,000. Finally, Ridgewood Investments LLC purchased a new position in shares of ServiceNow in the second quarter valued at $32,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Performance

NOW traded up $11.05 during midday trading on Tuesday, reaching $1,063.76. The company’s stock had a trading volume of 144,421 shares, compared to its average volume of 1,282,698. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,068.88. The stock has a market cap of $219.13 billion, a P/E ratio of 163.74, a PEG ratio of 6.09 and a beta of 0.98. The company has a fifty day simple moving average of $951.73 and a 200 day simple moving average of $838.61. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.46 by $0.26. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The business had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.75 billion. During the same quarter in the previous year, the firm posted $1.21 earnings per share. ServiceNow’s revenue was up 22.2% compared to the same quarter last year. Research analysts expect that ServiceNow, Inc. will post 7.07 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have recently commented on NOW shares. Citigroup increased their price target on shares of ServiceNow from $1,068.00 to $1,071.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Royal Bank of Canada lifted their price target on shares of ServiceNow from $985.00 to $1,045.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Canaccord Genuity Group boosted their price target on ServiceNow from $850.00 to $1,000.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Evercore ISI boosted their target price on shares of ServiceNow from $950.00 to $1,000.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Finally, Robert W. Baird boosted their price objective on shares of ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus target price of $989.07.

Insider Activity

In other ServiceNow news, insider Jacqueline P. Canney sold 66 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $1,048.29, for a total value of $69,187.14. Following the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,173,173.83. This trade represents a 2.13 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 12,271 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at $2,588,953.65. This trade represents a 82.54 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 17,787 shares of company stock worth $17,841,028. Company insiders own 0.25% of the company’s stock.

ServiceNow Company 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.