HBK Sorce Advisory LLC Grows Stake in ServiceNow, Inc. $NOW

HBK Sorce Advisory LLC grew its holdings in ServiceNow, Inc. (NYSE:NOW) by 350.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 7,970 shares of the information technology services provider’s stock after acquiring an additional 6,202 shares during the quarter. HBK Sorce Advisory LLC’s holdings in ServiceNow were worth $1,221,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. Meridian Wealth Advisors LLC increased its holdings in shares of ServiceNow by 2.2% in the 3rd quarter. Meridian Wealth Advisors LLC now owns 552 shares of the information technology services provider’s stock valued at $508,000 after acquiring an additional 12 shares during the last quarter. Valley Brook Capital Group Inc. increased its holdings in shares of ServiceNow by 2.1% in the 3rd quarter. Valley Brook Capital Group Inc. now owns 634 shares of the information technology services provider’s stock valued at $583,000 after acquiring an additional 13 shares during the last quarter. Catalyst Financial Partners LLC increased its holdings in shares of ServiceNow by 1.0% in the 3rd quarter. Catalyst Financial Partners LLC now owns 1,270 shares of the information technology services provider’s stock valued at $1,169,000 after acquiring an additional 13 shares during the last quarter. JT Stratford LLC increased its holdings in shares of ServiceNow by 3.5% in the 3rd quarter. JT Stratford LLC now owns 385 shares of the information technology services provider’s stock valued at $354,000 after acquiring an additional 13 shares during the last quarter. Finally, Abbot Financial Management Inc. increased its holdings in shares of ServiceNow by 2.9% in the 3rd quarter. Abbot Financial Management Inc. now owns 502 shares of the information technology services provider’s stock valued at $462,000 after acquiring an additional 14 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

ServiceNow stock opened at $102.13 on Tuesday. ServiceNow, Inc. has a 12 month low of $81.24 and a 12 month high of $211.48. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.84 and a quick ratio of 0.84. The business has a 50 day simple moving average of $98.53 and a 200-day simple moving average of $125.20. The stock has a market capitalization of $105.29 billion, a PE ratio of 60.86, a price-to-earnings-growth ratio of 1.85 and a beta of 0.82.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 EPS for the quarter, hitting the consensus estimate of $0.97. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The business had revenue of $3.77 billion during the quarter, compared to analysts’ expectations of $3.75 billion. During the same quarter in the prior year, the business earned $0.81 earnings per share. The company’s quarterly revenue was up 22.1% compared to the same quarter last year. Equities analysts predict that ServiceNow, Inc. will post 2.35 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently commented on NOW shares. FBN Securities dropped their price objective on ServiceNow from $160.00 to $120.00 in a report on Thursday, April 23rd. Bank of America started coverage on ServiceNow in a research note on Monday, May 18th. They issued a “buy” rating and a $130.00 price objective for the company. Sanford C. Bernstein reiterated an “outperform” rating and issued a $236.00 price objective (up from $226.00) on shares of ServiceNow in a research note on Wednesday, May 6th. Truist Financial dropped their price objective on shares of ServiceNow from $125.00 to $120.00 and set a “buy” rating on the stock in a research note on Thursday, April 23rd. Finally, Mizuho reduced their target price on shares of ServiceNow from $150.00 to $140.00 and set an “outperform” rating for the company in a report on Thursday, April 23rd. Two research analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and an average price target of $141.85.

Insider Buying and Selling

In other news, insider Paul Fipps sold 1,048 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $98.51, for a total transaction of $103,238.48. Following the completion of the sale, the insider owned 12,072 shares in the company, valued at $1,189,212.72. This represents a 7.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Paul Edward Chamberlain sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $87.23, for a total value of $130,845.00. Following the sale, the director owned 44,930 shares of the company’s stock, valued at $3,919,243.90. This trade represents a 3.23% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 28,071 shares of company stock worth $2,529,956 over the last three months. 0.34% of the stock is owned by company insiders.

About ServiceNow

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.