South Street Advisors LLC Acquires 370 Shares of ServiceNow, Inc. (NYSE:NOW)

South Street Advisors LLC increased its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 1.5% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 24,590 shares of the information technology services provider’s stock after purchasing an additional 370 shares during the period. ServiceNow makes up 2.9% of South Street Advisors LLC’s holdings, making the stock its 11th biggest holding. South Street Advisors LLC’s holdings in ServiceNow were worth $19,344,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of NOW. Sepio Capital LP lifted its position in shares of ServiceNow by 7.8% during the 4th quarter. Sepio Capital LP now owns 1,171 shares of the information technology services provider’s stock worth $827,000 after buying an additional 85 shares during the last quarter. Cary Street Partners Investment Advisory LLC increased its holdings in ServiceNow by 88.1% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 696 shares of the information technology services provider’s stock worth $492,000 after purchasing an additional 326 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in ServiceNow by 2.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 231,144 shares of the information technology services provider’s stock worth $163,300,000 after purchasing an additional 6,370 shares in the last quarter. Avantax Advisory Services Inc. increased its holdings in ServiceNow by 17.1% in the 4th quarter. Avantax Advisory Services Inc. now owns 3,486 shares of the information technology services provider’s stock worth $2,463,000 after purchasing an additional 508 shares in the last quarter. Finally, First United Bank & Trust acquired a new position in ServiceNow in the 4th quarter worth about $71,000. 87.18% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

NOW has been the subject of a number of recent research reports. Truist Financial upped their target price on ServiceNow from $750.00 to $780.00 and gave the stock a “hold” rating in a report on Thursday, July 25th. Robert W. Baird upped their target price on ServiceNow from $885.00 to $900.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Stifel Nicolaus increased their price target on ServiceNow from $820.00 to $900.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Needham & Company LLC reissued a “buy” rating and issued a $900.00 price target on shares of ServiceNow in a research note on Monday. Finally, Piper Sandler increased their price target on ServiceNow from $830.00 to $850.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and a consensus price target of $849.62.

ServiceNow Stock Up 0.5 %

Shares of NYSE:NOW opened at $860.04 on Wednesday. ServiceNow, Inc. has a 52-week low of $527.24 and a 52-week high of $866.45. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12. The business’s 50 day simple moving average is $801.98 and its two-hundred day simple moving average is $764.19. The firm has a market cap of $177.17 billion, a P/E ratio of 91.98, a PEG ratio of 4.95 and a beta of 0.98.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 EPS for the quarter, beating analysts’ consensus estimates of $2.85 by $0.28. The business had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.61 billion. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. ServiceNow’s quarterly revenue was up 22.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.77 EPS. As a group, research analysts forecast that ServiceNow, Inc. will post 6.78 EPS for the current fiscal year.

Insider Activity

In other news, CFO Gina Mastantuono sold 1,800 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $825.00, for a total value of $1,485,000.00. Following the completion of the sale, the chief financial officer now owns 11,490 shares in the company, valued at $9,479,250. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CFO Gina Mastantuono sold 1,800 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $825.00, for a total value of $1,485,000.00. Following the completion of the sale, the chief financial officer now owns 11,490 shares in the company, valued at $9,479,250. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, General Counsel Russell S. Elmer sold 1,937 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the completion of the sale, the general counsel now owns 6,736 shares of the company’s stock, valued at approximately $5,252,800.16. The disclosure for this sale can be found here. Insiders sold a total of 6,914 shares of company stock worth $5,608,936 over the last quarter. Insiders own 0.25% of the company’s stock.

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.