Granite Group Advisors LLC Purchases 28 Shares of ServiceNow, Inc. $NOW

Granite Group Advisors LLC lifted its position in ServiceNow, Inc. (NYSE:NOW) by 7.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 388 shares of the information technology services provider’s stock after purchasing an additional 28 shares during the quarter. Granite Group Advisors LLC’s holdings in ServiceNow were worth $399,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Brighton Jones LLC boosted its position in shares of ServiceNow by 1.1% during the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock valued at $2,919,000 after acquiring an additional 30 shares during the last quarter. GAMMA Investing LLC increased its position 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. Dynamic Advisor Solutions LLC purchased a new stake in ServiceNow in the first quarter valued at approximately $1,275,000. Hanson & Doremus Investment Management lifted its position in ServiceNow by 7.7% during the first quarter. Hanson & Doremus Investment Management now owns 460 shares of the information technology services provider’s stock valued at $366,000 after purchasing an additional 33 shares during the last quarter. Finally, Janney Montgomery Scott LLC grew its stake in ServiceNow by 3.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 56,366 shares of the information technology services provider’s stock worth $44,875,000 after buying an additional 2,132 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Down 1.3%

Shares of NYSE:NOW opened at $912.15 on Wednesday. The stock has a market capitalization of $189.73 billion, a P/E ratio of 114.88, a price-to-earnings-growth ratio of 4.16 and a beta of 0.92. The stock’s 50-day moving average price is $909.39 and its 200-day moving average price is $933.73. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. 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 earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating the consensus estimate of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same period in the prior year, the business posted $3.13 EPS. ServiceNow’s quarterly revenue was up 22.4% compared to the same quarter last year. On average, equities analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Erste Group Bank restated a “hold” rating on shares of ServiceNow in a research report on Wednesday, July 23rd. Needham & Company LLC increased 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. Oppenheimer restated an “outperform” rating and set a $1,150.00 price target (up previously from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. Raymond James Financial lifted their price target on ServiceNow from $1,000.00 to $1,100.00 and gave the stock an “outperform” rating in a research note on Thursday, July 24th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $1,200.00 price objective on shares of ServiceNow in a research report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $1,121.37.

Insider Transactions at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,698 shares of the firm’s stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total value of $1,501,473.48. Following the sale, the general counsel owned 4,332 shares of the company’s stock, valued at $3,830,614.32. This trade represents a 28.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Gina Mastantuono sold 1,762 shares of the business’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 $1,526,684.90. Following the completion of the transaction, the chief financial officer owned 12,228 shares in the company, valued at $10,594,950.60. The trade was a 12.59% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,737 shares of company stock valued at $16,798,825. 0.38% of the stock is currently owned by insiders.

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.