Raymond James & Associates Acquires 8,446 Shares of ServiceNow, Inc. (NYSE:NOW)

Raymond James & Associates grew its holdings in ServiceNow, Inc. (NYSE:NOW) by 3.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 270,857 shares of the information technology services provider’s stock after purchasing an additional 8,446 shares during the period. Raymond James & Associates owned approximately 0.13% of ServiceNow worth $242,251,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in ServiceNow by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock worth $14,066,715,000 after acquiring an additional 331,797 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of ServiceNow by 2.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,529,430 shares of the information technology services provider’s stock worth $1,203,157,000 after buying an additional 34,855 shares during the last quarter. Swedbank AB increased its holdings in shares of ServiceNow by 10.3% in the 2nd quarter. Swedbank AB now owns 1,298,722 shares of the information technology services provider’s stock worth $1,021,666,000 after buying an additional 120,983 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in shares of ServiceNow by 21.5% in the 2nd quarter. Ameriprise Financial Inc. now owns 954,045 shares of the information technology services provider’s stock worth $750,513,000 after buying an additional 168,734 shares during the last quarter. Finally, Clearbridge Investments LLC increased its holdings in shares of ServiceNow by 1.8% in the 2nd quarter. Clearbridge Investments LLC now owns 677,942 shares of the information technology services provider’s stock worth $533,316,000 after buying an additional 11,979 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

Shares of NOW stock traded up $4.63 during mid-day trading on Friday, hitting $921.75. The company had a trading volume of 1,422,660 shares, compared to its average volume of 1,272,323. ServiceNow, Inc. has a 52-week low of $527.24 and a 52-week high of $949.59. The stock’s 50 day moving average price is $874.61 and its 200-day moving average price is $791.74. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.12 and a quick ratio of 1.12. The company has a market capitalization of $188.96 billion, a P/E ratio of 98.59, a P/E/G ratio of 5.63 and a beta of 0.99.

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

Analyst Upgrades and Downgrades

NOW has been the topic of a number of research analyst reports. JPMorgan Chase & Co. increased their price target on shares of ServiceNow from $780.00 to $820.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $835.00 price objective on shares of ServiceNow in a research note on Tuesday, July 23rd. Royal Bank of Canada upped their price objective on shares of ServiceNow from $850.00 to $880.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Jefferies Financial Group upped their price objective on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Citigroup increased their price target on shares of ServiceNow from $915.00 to $1,068.00 and gave the company a “buy” rating in a research report on Thursday. 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 company. According to data from MarketBeat, ServiceNow has an average rating of “Moderate Buy” and an average target price of $914.15.

Insider Activity at ServiceNow

In other news, General Counsel Russell S. Elmer sold 1,937 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $779.81, for a total value of $1,510,491.97. Following the sale, the general counsel now owns 6,736 shares of the company’s stock, valued at approximately $5,252,800.16. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Jacqueline P. Canney sold 353 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total value of $326,510.88. Following the transaction, the insider now directly owns 3,027 shares in the company, valued at approximately $2,799,853.92. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, General Counsel Russell S. Elmer sold 1,937 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the completion of the transaction, the general counsel now owns 6,736 shares in the company, valued at approximately $5,252,800.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 7,267 shares of company stock valued at $5,935,447 over the last 90 days. 0.25% of the stock is owned by corporate insiders.

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.