Allen Investment Management LLC Raises Holdings in ServiceNow, Inc. (NYSE:NOW)

Allen Investment Management LLC raised its position in shares of ServiceNow, Inc. (NYSE:NOW) by 2.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 124,439 shares of the information technology services provider’s stock after acquiring an additional 3,472 shares during the period. ServiceNow makes up 1.2% of Allen Investment Management LLC’s portfolio, making the stock its 16th biggest position. Allen Investment Management LLC owned about 0.06% of ServiceNow worth $97,892,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sepio Capital LP boosted its position in ServiceNow by 7.8% during the 4th quarter. Sepio Capital LP now owns 1,171 shares of the information technology services provider’s stock worth $827,000 after purchasing an additional 85 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of ServiceNow by 2.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 231,144 shares of the information technology services provider’s stock worth $163,300,000 after buying an additional 6,370 shares during the period. Avantax Advisory Services Inc. grew its stake in shares of ServiceNow by 17.1% in the fourth quarter. Avantax Advisory Services Inc. now owns 3,486 shares of the information technology services provider’s stock valued at $2,463,000 after buying an additional 508 shares in the last quarter. Sound View Wealth Advisors Group LLC raised its holdings in shares of ServiceNow by 8.1% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 922 shares of the information technology services provider’s stock valued at $651,000 after buying an additional 69 shares during the period. Finally, Fiera Capital Corp lifted its position in ServiceNow by 0.8% during the 4th quarter. Fiera Capital Corp now owns 3,007 shares of the information technology services provider’s stock worth $2,124,000 after acquiring an additional 24 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at ServiceNow

In related news, insider Nicholas Tzitzon sold 1,857 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $829.68, for a total value of $1,540,715.76. Following the completion of the sale, the insider now owns 3,649 shares of the company’s stock, valued at $3,027,502.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Gina Mastantuono sold 1,800 shares of the business’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 sale, the chief financial officer now owns 11,490 shares of the company’s stock, valued at approximately $9,479,250. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Nicholas Tzitzon sold 1,857 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $829.68, for a total value of $1,540,715.76. Following the completion of the sale, the insider now owns 3,649 shares of the company’s stock, valued at approximately $3,027,502.32. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,914 shares of company stock valued at $5,608,936. 0.25% of the stock is currently owned by corporate insiders.

ServiceNow Price Performance

NYSE NOW opened at $878.95 on Friday. The company has a 50-day moving average price of $807.22 and a two-hundred day moving average price of $766.50. The stock has a market cap of $181.06 billion, a price-to-earnings ratio of 94.01, a price-to-earnings-growth ratio of 5.25 and a beta of 0.98. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.17. ServiceNow, Inc. has a 52 week low of $527.24 and a 52 week high of $889.52.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.85 by $0.28. The business had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.61 billion. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The business’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.77 EPS. Analysts forecast that ServiceNow, Inc. will post 6.78 EPS for the current year.

Analyst Ratings Changes

Several brokerages have issued reports on NOW. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $835.00 price objective on shares of ServiceNow in a research report on Tuesday, July 23rd. Robert W. Baird boosted their price objective on shares of ServiceNow from $885.00 to $900.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. KeyCorp lowered their target price on ServiceNow from $950.00 to $920.00 and set an “overweight” rating for the company in a research note on Tuesday, July 2nd. Needham & Company LLC reiterated a “buy” rating and issued a $900.00 price target on shares of ServiceNow in a research note on Monday, September 9th. Finally, Piper Sandler raised their price objective on ServiceNow from $830.00 to $850.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $849.62.

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.