Red Door Wealth Management LLC Increases Stake in ServiceNow, Inc. (NYSE:NOW)

Red Door Wealth Management LLC lifted its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 4.9% during the 1st quarter, HoldingsChannel reports. The fund owned 6,410 shares of the information technology services provider’s stock after acquiring an additional 297 shares during the period. Red Door Wealth Management LLC’s holdings in ServiceNow were worth $4,887,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. University of Texas Texas AM Investment Managment Co. purchased a new position in ServiceNow in the fourth quarter valued at approximately $29,000. AdvisorNet Financial Inc raised its holdings in ServiceNow by 266.7% in the fourth quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider’s stock valued at $31,000 after buying an additional 32 shares during the period. Sachetta LLC purchased a new position in ServiceNow in the fourth quarter valued at approximately $35,000. Disciplined Equity Management Inc. purchased a new position in ServiceNow in the fourth quarter valued at approximately $35,000. Finally, Fortitude Family Office LLC purchased a new position in ServiceNow in the fourth quarter valued at approximately $41,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Stock Performance

Shares of NOW stock traded up $12.54 on Friday, hitting $786.67. 1,721,786 shares of the stock traded hands, compared to its average volume of 1,451,259. The company has a market capitalization of $161.27 billion, a PE ratio of 84.14, a PEG ratio of 4.93 and a beta of 0.96. The company’s fifty day moving average is $726.55 and its 200 day moving average is $741.06. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.05 and a quick ratio of 1.05. ServiceNow, Inc. has a 1-year low of $527.24 and a 1-year high of $815.32.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, April 24th. The information technology services provider reported $1.82 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.41. ServiceNow had a net margin of 20.34% and a return on equity of 13.59%. The company had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.59 billion. On average, equities research analysts predict that ServiceNow, Inc. will post 6.5 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently commented on NOW. Wolfe Research restated an “outperform” rating and issued a $830.00 price target on shares of ServiceNow in a report on Friday, May 10th. Wells Fargo & Company raised their price target on shares of ServiceNow from $875.00 to $900.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. StockNews.com downgraded shares of ServiceNow from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. JMP Securities reaffirmed a “market outperform” rating and issued a $825.00 price objective on shares of ServiceNow in a research report on Tuesday, May 7th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $820.00 price objective on shares of ServiceNow in a research report on Wednesday, March 20th. Three equities research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $814.48.

Insider Activity at ServiceNow

In related news, insider Paul John Smith sold 125 shares of the business’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $727.38, for a total transaction of $90,922.50. Following the completion of the sale, the insider now owns 3,112 shares of the company’s stock, valued at approximately $2,263,606.56. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Nicholas Tzitzon sold 2,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $690.99, for a total transaction of $1,381,980.00. Following the completion of the sale, the insider now owns 3,649 shares of the company’s stock, valued at approximately $2,521,422.51. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Paul John Smith sold 125 shares of the business’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $727.38, for a total transaction of $90,922.50. Following the sale, the insider now directly owns 3,112 shares of the company’s stock, valued at approximately $2,263,606.56. The disclosure for this sale can be found here. Insiders sold a total of 5,530 shares of company stock valued at $3,997,012 in the last quarter. Insiders own 0.25% of the company’s stock.

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.