Lmcg Investments LLC Boosts Stock Position in ServiceNow, Inc. (NYSE:NOW)

Lmcg Investments LLC lifted its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 13.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,832 shares of the information technology services provider’s stock after buying an additional 1,924 shares during the quarter. ServiceNow makes up about 0.8% of Lmcg Investments LLC’s investment portfolio, making the stock its 29th largest holding. Lmcg Investments LLC’s holdings in ServiceNow were worth $12,604,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Quarry LP acquired a new position in ServiceNow in the fourth quarter worth $27,000. Atala Financial Inc acquired a new position in ServiceNow in the fourth quarter worth $28,000. LFA Lugano Financial Advisors SA acquired a new position in ServiceNow in the fourth quarter worth $32,000. FPC Investment Advisory Inc. boosted its holdings in ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after purchasing an additional 29 shares during the period. Finally, Noble Wealth Management PBC acquired a new position in ServiceNow in the fourth quarter worth $34,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analysts Set New Price Targets

NOW has been the topic of a number of recent research reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $1,048.00 target price on shares of ServiceNow in a research note on Thursday, April 24th. Mizuho cut their target price on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 11th. Scotiabank set a $1,100.00 price objective on shares of ServiceNow and gave the company an “outperform” rating in a research note on Wednesday, May 7th. Sanford C. Bernstein restated an “outperform” rating and set a $1,003.00 price objective on shares of ServiceNow in a research note on Thursday, April 24th. Finally, JPMorgan Chase & Co. cut their price objective on shares of ServiceNow from $1,200.00 to $970.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,062.50.

ServiceNow Stock Performance

Shares of NOW opened at $1,012.25 on Thursday. The company’s 50 day moving average price is $910.63 and its 200 day moving average price is $974.82. ServiceNow, Inc. has a 52 week low of $676.19 and a 52 week high of $1,198.09. The company has a market capitalization of $209.52 billion, a PE ratio of 148.21, a PEG ratio of 4.51 and a beta of 0.97. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, beating the consensus estimate of $3.78 by $0.26. The business had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The firm’s quarterly revenue was up 18.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.41 EPS. Research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Activity at ServiceNow

In related news, Director Anita M. Sands sold 428 shares of the business’s stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $1,013.61, for a total value of $433,825.08. Following the completion of the sale, the director now owns 10,891 shares of the company’s stock, valued at approximately $11,039,226.51. The trade was a 3.78% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 354 shares of the business’s stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total value of $284,831.94. Following the completion of the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $2,435,554.47. The trade was a 10.47% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,716 shares of company stock valued at $6,611,245. 0.38% of the stock is owned by corporate insiders.

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.