Galvin Gaustad & Stein LLC Increases Holdings in ServiceNow, Inc. (NYSE:NOW)

Galvin Gaustad & Stein LLC increased its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 4.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 885 shares of the information technology services provider’s stock after purchasing an additional 40 shares during the period. Galvin Gaustad & Stein LLC’s holdings in ServiceNow were worth $938,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. State Street Corp raised its position in shares of ServiceNow by 2.6% during the 3rd quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider’s stock worth $8,118,867,000 after purchasing an additional 226,023 shares during the last quarter. FMR LLC raised its position in shares of ServiceNow by 9.9% during the 3rd quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock worth $5,014,302,000 after purchasing an additional 502,845 shares during the last quarter. World Investment Advisors LLC raised its position in shares of ServiceNow by 499,668.1% during the 3rd quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock worth $4,268,731,000 after purchasing an additional 4,771,830 shares during the last quarter. Geode Capital Management LLC raised its position in shares of ServiceNow by 1.9% during the 3rd quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider’s stock worth $3,753,828,000 after purchasing an additional 78,378 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in shares of ServiceNow by 24.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock worth $2,834,797,000 after purchasing an additional 615,797 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

NOW has been the subject of several analyst reports. Raymond James initiated coverage on ServiceNow in a report on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 price target for the company. Needham & Company LLC boosted their price target on ServiceNow from $1,075.00 to $1,150.00 and gave the company a “buy” rating in a report on Monday, November 25th. Jefferies Financial Group boosted their price target on ServiceNow from $1,100.00 to $1,250.00 and gave the company a “buy” rating in a report on Monday, December 2nd. UBS Group boosted their price target on ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Finally, Barclays boosted their price target on ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $1,093.34.

Insider Activity

In other news, insider Jacqueline P. Canney sold 76 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $1,010.94, for a total value of $76,831.44. Following the sale, the insider now owns 3,027 shares in the company, valued at approximately $3,060,115.38. This represents a 2.45 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now owns 2,595 shares in the company, valued at approximately $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 90 days, insiders have sold 20,731 shares of company stock worth $21,016,751. 0.25% of the stock is currently owned by corporate insiders.

ServiceNow Stock Performance

NYSE:NOW opened at $1,119.60 on Thursday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. The firm has a 50-day moving average of $1,072.95 and a two-hundred day moving average of $938.64. The stock has a market cap of $230.64 billion, a P/E ratio of 174.20, a PEG ratio of 4.98 and a beta of 0.99. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,157.90.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, beating analysts’ consensus estimates 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 net margin of 12.77% and a return on equity of 16.03%. The firm’s revenue for the quarter was up 22.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.21 EPS. On average, research analysts expect that ServiceNow, Inc. will post 7.04 earnings per share for the current fiscal year.

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.