GM Advisory Group LLC Makes New $241,000 Investment in ServiceNow, Inc. (NYSE:NOW)

GM Advisory Group LLC bought a new position in ServiceNow, Inc. (NYSE:NOW) during the 3rd quarter, HoldingsChannel.com reports. The fund bought 270 shares of the information technology services provider’s stock, valued at approximately $241,000.

A number of other large investors have also made changes to their positions in NOW. International Assets Investment Management LLC grew its position in ServiceNow by 89,137.0% during the 3rd quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock worth $1,059,912,000 after purchasing an additional 1,183,739 shares in the last quarter. Swedbank AB purchased a new stake in shares of ServiceNow in the first quarter valued at $897,908,000. AustralianSuper Pty Ltd acquired a new stake in shares of ServiceNow in the second quarter worth $218,786,000. Canada Pension Plan Investment Board grew its holdings in shares of ServiceNow by 59.4% during the second quarter. Canada Pension Plan Investment Board now owns 635,919 shares of the information technology services provider’s stock valued at $500,258,000 after buying an additional 237,086 shares in the last quarter. Finally, abrdn plc raised its position in ServiceNow by 110.2% during the third quarter. abrdn plc now owns 442,382 shares of the information technology services provider’s stock valued at $392,477,000 after buying an additional 231,900 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

NOW has been the topic of several research analyst reports. Jefferies Financial Group lifted their target price on ServiceNow from $900.00 to $1,100.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Canaccord Genuity Group boosted their price objective on shares of ServiceNow from $850.00 to $1,000.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. Wells Fargo & Company increased their target price on shares of ServiceNow from $1,050.00 to $1,150.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 12th. Barclays lifted their target price on shares of ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Finally, TD Cowen upped their price target on shares of ServiceNow from $900.00 to $1,000.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $986.39.

ServiceNow Price Performance

NYSE NOW opened at $1,060.57 on Friday. The stock has a 50-day simple moving average of $948.53 and a 200 day simple moving average of $834.64. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,064.59. The stock has a market capitalization of $218.48 billion, a PE ratio of 164.94, a P/E/G ratio of 6.01 and a beta of 0.98. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, topping analysts’ consensus estimates of $3.46 by $0.26. The company had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The company’s quarterly revenue was up 22.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.21 earnings per share. Research analysts anticipate that ServiceNow, Inc. will post 7.07 EPS for the current year.

Insider Activity at ServiceNow

In related news, insider Nicholas Tzitzon sold 1,857 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $829.68, for a total transaction of $1,540,715.76. Following the transaction, the insider now directly owns 3,649 shares in the company, valued at $3,027,502.32. The trade was a 33.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jacqueline P. Canney sold 66 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $1,048.29, for a total value of $69,187.14. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,173,173.83. This trade represents a 2.13 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 19,644 shares of company stock worth $19,381,744 in the last ninety days. 0.25% of the stock is currently owned by insiders.

ServiceNow Company 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.