Avior Wealth Management LLC Increases Holdings in ServiceNow, Inc. (NYSE:NOW)

Avior Wealth Management LLC raised its stake in ServiceNow, Inc. (NYSE:NOW) by 6.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 633 shares of the information technology services provider’s stock after purchasing an additional 39 shares during the quarter. Avior Wealth Management LLC’s holdings in ServiceNow were worth $671,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Raleigh Capital Management Inc. lifted its position in shares of ServiceNow by 4.2% during the fourth quarter. Raleigh Capital Management Inc. now owns 690 shares of the information technology services provider’s stock worth $731,000 after purchasing an additional 28 shares in the last quarter. True North Advisors LLC acquired a new stake in shares of ServiceNow during the fourth quarter valued at about $319,000. Traynor Capital Management Inc. increased its position in shares of ServiceNow by 40.0% during the fourth quarter. Traynor Capital Management Inc. now owns 406 shares of the information technology services provider’s stock worth $431,000 after acquiring an additional 116 shares during the last quarter. Independent Wealth Network Inc. acquired a new position in shares of ServiceNow in the fourth quarter worth about $221,000. Finally, Wesbanco Bank Inc. boosted its holdings 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 purchasing an additional 483 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Performance

Shares of NOW opened at $1,124.64 on Friday. The firm has a market capitalization of $231.68 billion, a PE ratio of 174.91, a P/E/G ratio of 5.11 and a beta of 0.99. 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 firm has a 50-day moving average price of $1,077.07 and a 200 day moving average price of $942.47. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,157.90.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.46 by $0.26. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The business had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. During the same period last year, the firm posted $1.21 earnings per share. The business’s revenue was up 22.2% on a year-over-year basis. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 7.06 earnings per share for the current fiscal year.

Insider Buying and Selling at ServiceNow

In related news, Director Jeffrey A. Miller sold 2,879 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the completion of the sale, the director now directly owns 42,920 shares of the company’s stock, valued at $43,740,630.40. This represents a 6.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the completion of the transaction, the insider now owns 3,027 shares in the company, valued at approximately $3,204,200.58. This trade represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,731 shares of company stock valued at $21,016,751. 0.25% of the stock is owned by corporate insiders.

Analyst Ratings Changes

NOW has been the topic of a number of recent analyst reports. Canaccord Genuity Group upped their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the company a “buy” rating in a research report on Friday, December 20th. JMP Securities increased their price objective on shares of ServiceNow from $1,000.00 to $1,300.00 and gave the company a “market outperform” rating in a research note on Tuesday, January 21st. Piper Sandler raised their price objective on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Needham & Company LLC increased their price target on shares of ServiceNow from $1,075.00 to $1,150.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Finally, Raymond James began coverage on ServiceNow in a research note on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 price target for the company. One investment 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 assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,093.34.

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.