ServiceNow, Inc. $NOW Shares Bought by Hobart Private Capital LLC

Hobart Private Capital LLC raised its position in ServiceNow, Inc. (NYSE:NOW) by 131.9% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 1,127 shares of the information technology services provider’s stock after acquiring an additional 641 shares during the period. Hobart Private Capital LLC’s holdings in ServiceNow were worth $1,159,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Wealth Preservation Advisors LLC acquired a new stake in shares of ServiceNow in the 1st quarter worth $382,000. Corient IA LLC acquired a new stake in shares of ServiceNow in the first quarter valued at about $796,000. Parr Mcknight Wealth Management Group LLC acquired a new stake in shares of ServiceNow in the first quarter valued at about $1,820,000. ASR Vermogensbeheer N.V. acquired a new stake in shares of ServiceNow in the first quarter valued at about $19,278,000. Finally, Goldman Sachs Group Inc. lifted its stake in shares of ServiceNow by 131.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider’s stock valued at $1,178,706,000 after purchasing an additional 840,731 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on NOW. Bank of America raised their price objective on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. BMO Capital Markets raised their price objective on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the company an “outperform” rating in a research note on Thursday, July 24th. Jefferies Financial Group raised their price objective on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. Cowen restated a “buy” rating on shares of ServiceNow in a research report on Friday. Finally, Piper Sandler lifted their target price on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an “overweight” rating in a research report on Thursday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $1,124.17.

ServiceNow Stock Performance

NYSE:NOW opened at $929.77 on Friday. The firm has a 50 day simple moving average of $917.85 and a 200-day simple moving average of $940.95. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The firm has a market cap of $193.39 billion, a PE ratio of 117.10, a P/E/G ratio of 4.23 and a beta of 0.92. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the firm earned $3.13 earnings per share. ServiceNow’s revenue was up 22.4% compared to the same quarter last year. On average, equities analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Transactions at ServiceNow

In related news, Director Anita M. Sands sold 1,097 shares of the business’s stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $915.11, for a total value of $1,003,875.67. Following the completion of the sale, the director directly owned 9,307 shares in the company, valued at approximately $8,516,928.77. The trade was a 10.54% 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 the SEC website. Also, insider Paul Fipps sold 1,452 shares of the business’s stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the sale, the insider owned 457 shares of the company’s stock, valued at approximately $409,037.85. This represents a 76.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,737 shares of company stock valued at $16,798,825 in the last quarter. Insiders own 0.38% of the company’s stock.

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.