ServiceNow, Inc. (NYSE:NOW) Stock Position Boosted by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. grew its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 41.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,017 shares of the information technology services provider’s stock after buying an additional 885 shares during the quarter. Pinnacle Associates Ltd.’s holdings in ServiceNow were worth $2,373,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new stake in ServiceNow in the fourth quarter worth approximately $1,648,259,000. Swedbank AB acquired a new stake in shares of ServiceNow in the first quarter valued at $897,908,000. Global Assets Advisory LLC bought a new position in ServiceNow during the first quarter valued at about $403,034,000. Vanguard Group Inc. grew its holdings in ServiceNow by 1.8% during the first quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock worth $14,066,715,000 after acquiring an additional 331,797 shares during the period. Finally, AustralianSuper Pty Ltd bought a new stake in ServiceNow in the second quarter worth about $218,786,000. 87.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on NOW. Stifel Nicolaus raised their price objective on shares of ServiceNow from $820.00 to $900.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. JMP Securities lifted their price target on shares of ServiceNow from $825.00 to $850.00 and gave the stock a “market outperform” rating in a research report on Thursday, July 25th. Truist Financial increased their price objective on ServiceNow from $750.00 to $780.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. Royal Bank of Canada raised their price objective on ServiceNow from $850.00 to $880.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Finally, Wells Fargo & Company boosted their target price on ServiceNow from $920.00 to $935.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $849.62.

ServiceNow Stock Performance

ServiceNow stock traded up $23.73 during midday trading on Friday, hitting $855.00. The company’s stock had a trading volume of 1,920,980 shares, compared to its average volume of 1,294,300. The company has a 50-day moving average price of $791.80 and a two-hundred day moving average price of $760.63. ServiceNow, Inc. has a 1-year low of $527.24 and a 1-year high of $857.25. The company has a market cap of $175.28 billion, a price-to-earnings ratio of 91.44, a PEG ratio of 4.82 and a beta of 0.99. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.12 and a quick ratio of 1.12.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, beating analysts’ consensus estimates of $2.85 by $0.28. The company had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.61 billion. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The firm’s quarterly revenue was up 22.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.77 earnings per share. As a group, sell-side analysts predict that ServiceNow, Inc. will post 6.84 earnings per share for the current year.

Insider Buying and Selling at ServiceNow

In related news, CFO Gina Mastantuono sold 1,800 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $825.00, for a total value of $1,485,000.00. Following the transaction, the chief financial officer now owns 11,490 shares in the company, valued at $9,479,250. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Gina Mastantuono sold 1,800 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $825.00, for a total transaction of $1,485,000.00. Following the completion of the sale, the chief financial officer now owns 11,490 shares of the company’s stock, valued at approximately $9,479,250. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Paul Edward Chamberlain sold 135 shares of ServiceNow stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $822.00, for a total transaction of $110,970.00. Following the completion of the transaction, the director now directly owns 10,767 shares in the company, valued at $8,850,474. The disclosure for this sale can be found here. Insiders sold 7,129 shares of company stock valued at $5,759,436 in the last three months. Corporate insiders own 0.25% of the company’s stock.

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.