Raleigh Capital Management Inc. Purchases 28 Shares of ServiceNow, Inc. (NYSE:NOW)

Raleigh Capital Management Inc. lifted its position in shares of ServiceNow, Inc. (NYSE:NOW) by 4.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 690 shares of the information technology services provider’s stock after acquiring an additional 28 shares during the period. Raleigh Capital Management Inc.’s holdings in ServiceNow were worth $731,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. True North Advisors LLC acquired a new stake in shares of ServiceNow in the 4th quarter valued at $319,000. Traynor Capital Management Inc. lifted its position in shares of ServiceNow by 40.0% during the 4th quarter. Traynor Capital Management Inc. now owns 406 shares of the information technology services provider’s stock worth $431,000 after buying an additional 116 shares during the last quarter. Independent Wealth Network Inc. acquired a new stake in ServiceNow in the fourth quarter valued at about $221,000. Wesbanco Bank Inc. grew its position in ServiceNow by 132.0% in the fourth quarter. Wesbanco Bank Inc. now owns 849 shares of the information technology services provider’s stock valued at $900,000 after acquiring an additional 483 shares during the last quarter. Finally, Marino Stram & Associates LLC raised its stake in ServiceNow by 14.1% during the fourth quarter. Marino Stram & Associates LLC now owns 316 shares of the information technology services provider’s stock worth $335,000 after acquiring an additional 39 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Performance

Shares of NYSE:NOW opened at $1,125.39 on Thursday. The firm has a fifty day simple moving average of $1,072.95 and a two-hundred day simple moving average of $938.64. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,157.90. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $231.83 billion, a P/E ratio of 175.02, a PEG ratio of 4.98 and a beta of 0.99.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, beating the consensus estimate of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The company had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.75 billion. During the same quarter in the prior year, the firm posted $1.21 EPS. ServiceNow’s quarterly revenue was up 22.2% compared to the same quarter last year. On average, analysts expect that ServiceNow, Inc. will post 7.04 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently issued reports on NOW. Evercore ISI upped their price objective on shares of ServiceNow from $950.00 to $1,000.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. KeyCorp cut ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. BMO Capital Markets raised their price objective on ServiceNow from $860.00 to $1,025.00 and gave the company an “outperform” rating in a report on Thursday, October 10th. Piper Sandler increased their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Finally, The Goldman Sachs Group lifted their price target on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research note on Friday, January 10th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $1,093.34.

Insider Buying and Selling

In other ServiceNow news, CEO William R. Mcdermott sold 12,271 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,588,953.65. This represents a 82.54 % 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, Director Anita M. Sands sold 2,229 shares of ServiceNow stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the transaction, the director now directly owns 11,000 shares in the company, valued at approximately $11,710,600. The trade was a 16.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 20,731 shares of company stock valued at $21,016,751. Insiders own 0.25% of the company’s stock.

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.