Index Fund Advisors Inc. Buys 569 Shares of ServiceNow, Inc. $NOW

Index Fund Advisors Inc. grew its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 147.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 954 shares of the information technology services provider’s stock after buying an additional 569 shares during the quarter. Index Fund Advisors Inc.’s holdings in ServiceNow were worth $981,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NOW. Brighton Jones LLC grew its stake in shares of ServiceNow by 1.1% during the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock worth $2,919,000 after buying an additional 30 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of ServiceNow by 10.0% in the first quarter. GAMMA Investing LLC now owns 3,378 shares of the information technology services provider’s stock worth $2,689,000 after purchasing an additional 308 shares during the last quarter. NorthCrest Asset Manangement LLC grew its stake in shares of ServiceNow by 13.5% in the first quarter. NorthCrest Asset Manangement LLC now owns 1,570 shares of the information technology services provider’s stock worth $1,251,000 after purchasing an additional 187 shares during the last quarter. Stock Yards Bank & Trust Co. grew its stake in shares of ServiceNow by 79.7% in the first quarter. Stock Yards Bank & Trust Co. now owns 496 shares of the information technology services provider’s stock worth $395,000 after purchasing an additional 220 shares during the last quarter. Finally, Opal Wealth Advisors LLC bought a new stake in shares of ServiceNow in the first quarter worth $124,000. Institutional investors own 87.18% of the company’s stock.

Insider Activity

In other news, General Counsel Russell S. Elmer sold 1,698 shares of the company’s stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the transaction, the general counsel 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the company’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the transaction, the insider owned 3,000 shares in the company, valued at $2,599,350. This represents a 36.43% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,737 shares of company stock valued at $16,798,825. Corporate insiders own 0.38% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on NOW shares. Citigroup boosted their price objective on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. Oppenheimer reissued an “outperform” rating and issued a $1,150.00 price objective (up previously from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. Needham & Company LLC boosted their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. Weiss Ratings reissued a “hold (c)” rating on shares of ServiceNow in a research note on Wednesday, October 8th. Finally, Wall Street Zen cut shares of ServiceNow from a “buy” rating to a “hold” rating in a research note on Saturday, August 30th. One investment analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $1,122.20.

ServiceNow Stock Performance

Shares of NOW opened at $888.63 on Monday. 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 stock has a market capitalization of $184.84 billion, a P/E ratio of 111.92, a price-to-earnings-growth ratio of 4.00 and a beta of 0.92. The firm’s fifty day simple moving average is $909.21 and its two-hundred day simple moving average is $932.99. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09.

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