Salem Investment Counselors Inc. Buys 21 Shares of ServiceNow, Inc. (NYSE:NOW)

Salem Investment Counselors Inc. raised its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 0.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,138 shares of the information technology services provider’s stock after purchasing an additional 21 shares during the period. Salem Investment Counselors Inc.’s holdings in ServiceNow were worth $4,387,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Polymer Capital Management HK LTD raised its position in ServiceNow by 57.0% during the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock valued at $2,416,000 after purchasing an additional 981 shares during the last quarter. AXA S.A. raised 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 valued at $304,712,000 after purchasing an additional 4,271 shares during the last quarter. Avidian Wealth Enterprises LLC raised 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 valued at $436,000 after purchasing an additional 138 shares during the last quarter. Venturi Wealth Management LLC raised its position in shares of ServiceNow by 36.4% in 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 in the last quarter. Finally, HWG Holdings LP bought a new position in shares of ServiceNow in the 2nd quarter worth approximately $2,679,000. Institutional investors own 87.18% of the company’s stock.

Insider Activity at ServiceNow

In related news, Director Anita M. Sands sold 2,229 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the transaction, the director now directly owns 11,000 shares of the company’s stock, valued at approximately $11,710,600. This trade represents a 16.85 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Nicholas Tzitzon sold 313 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the completion of the transaction, the insider now directly owns 3,649 shares in the company, valued at $3,884,725.40. This represents a 7.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,629 shares of company stock valued at $20,861,626 in the last ninety days. Company insiders own 0.25% of the company’s stock.

ServiceNow Stock Down 1.7 %

Shares of NOW traded down $17.67 during midday trading on Monday, hitting $1,006.90. 806,600 shares of the company’s stock traded hands, compared to its average volume of 1,097,831. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,157.90. The firm’s fifty day moving average is $1,064.01 and its 200-day moving average is $924.13. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $207.42 billion, a price-to-earnings ratio of 156.59, a price-to-earnings-growth ratio of 6.43 and a beta of 0.99.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, beating the consensus estimate of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The firm had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.75 billion. During the same quarter in the prior year, the business posted $1.21 EPS. The business’s revenue for the quarter was up 22.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 7.07 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on NOW shares. Truist Financial increased their target price on ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research report on Thursday, December 12th. Barclays increased their target price on ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Raymond James started coverage on ServiceNow in a research report on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 target price for the company. The Goldman Sachs Group increased their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Needham & Company LLC upped their price target on ServiceNow from $1,075.00 to $1,150.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $1,071.39.

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.