Advisors Capital Management LLC Decreases Stake in ServiceNow, Inc. $NOW

Advisors Capital Management LLC reduced its stake in ServiceNow, Inc. (NYSE:NOW) by 37.7% during the first quarter, Holdings Channel.com reports. The firm owned 9,362 shares of the information technology services provider’s stock after selling 5,660 shares during the period. Advisors Capital Management LLC’s holdings in ServiceNow were worth $7,454,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. Haverford Trust Co increased its stake in ServiceNow by 0.9% in the 1st quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider’s stock worth $936,000 after purchasing an additional 10 shares during the period. Ascent Group LLC increased its stake in ServiceNow by 0.5% in the 1st quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider’s stock worth $1,628,000 after purchasing an additional 10 shares during the period. Edgemoor Investment Advisors Inc. increased its stake in ServiceNow by 2.5% in the 1st quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider’s stock worth $366,000 after purchasing an additional 11 shares during the period. Integrated Investment Consultants LLC increased its stake in ServiceNow by 2.5% in the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider’s stock worth $358,000 after purchasing an additional 11 shares during the period. Finally, one8zero8 LLC increased its stake in shares of ServiceNow by 3.2% during the first quarter. one8zero8 LLC now owns 356 shares of the information technology services provider’s stock valued at $283,000 after buying an additional 11 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other ServiceNow news, insider Jacqueline P. Canney sold 1,562 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,353,394.90. Following the completion of the transaction, the insider owned 3,027 shares in the company, valued at approximately $2,622,744.15. This represents a 34.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total value of $1,501,473.48. Following the completion of the sale, the general counsel directly owned 4,332 shares in the company, valued at approximately $3,830,614.32. This represents a 28.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,976 shares of company stock valued at $17,049,775 in the last 90 days. Corporate insiders own 0.38% of the company’s stock.

Analyst Upgrades and Downgrades

NOW has been the topic of several research analyst reports. Citigroup boosted their target price on ServiceNow from $1,160.00 to $1,234.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. Oppenheimer reissued an “outperform” rating and set a $1,150.00 target price (up from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. Needham & Company LLC boosted their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. BMO Capital Markets boosted their target price on ServiceNow from $1,150.00 to $1,160.00 and gave the company an “outperform” rating in a research note on Thursday, July 24th. Finally, Raymond James Financial boosted their target price on ServiceNow from $1,000.00 to $1,100.00 and gave the company an “outperform” rating in a research note on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $1,115.20.

ServiceNow Price Performance

NOW opened at $940.23 on Friday. The stock has a fifty day simple moving average of $929.66 and a two-hundred day simple moving average of $922.41. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a market cap of $195.57 billion, a price-to-earnings ratio of 118.42, a price-to-earnings-growth ratio of 4.17 and a beta of 0.91. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.57 by $0.52. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The firm’s quarterly revenue was up 22.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.13 earnings per share. Research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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.