Exchange Bank Takes Position in ServiceNow, Inc. (NYSE:NOW)

Exchange Bank purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 220 shares of the information technology services provider’s stock, valued at approximately $233,000.

A number of other hedge funds have also recently added to or reduced their stakes in NOW. Truvestments Capital LLC purchased a new stake in shares of ServiceNow during the 3rd quarter worth $30,000. DT Investment Partners LLC lifted its stake in shares of ServiceNow by 77.3% in the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after purchasing an additional 17 shares during the period. Semmax Financial Advisors Inc. purchased a new stake in ServiceNow during the second quarter worth about $39,000. Oakworth Capital Inc. grew its position in ServiceNow by 46.7% during the third quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock worth $39,000 after buying an additional 14 shares during the period. Finally, Dunhill Financial LLC increased its holdings in ServiceNow by 70.0% in the third quarter. Dunhill Financial LLC now owns 51 shares of the information technology services provider’s stock valued at $46,000 after buying an additional 21 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Royal Bank of Canada upped their price target on ServiceNow from $1,045.00 to $1,210.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Stifel Nicolaus upped their target price on ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a report on Thursday, October 24th. BMO Capital Markets lifted their price target on ServiceNow from $860.00 to $1,025.00 and gave the stock an “outperform” rating in a research note on Thursday, October 10th. Robert W. Baird increased their price objective on shares of ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Finally, Citigroup upped their price target on shares of ServiceNow from $1,068.00 to $1,071.00 and gave the company a “buy” rating in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $1,080.38.

Insider Transactions at ServiceNow

In related news, CEO William R. Mcdermott sold 12,271 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,588,953.65. This trade represents a 82.54 % 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 76 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $1,010.94, for a total value of $76,831.44. Following the completion of the transaction, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,060,115.38. This represents a 2.45 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,731 shares of company stock worth $21,016,751. 0.25% of the stock is currently owned by company insiders.

ServiceNow Stock Up 1.4 %

Shares of NOW opened at $1,072.02 on Tuesday. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,157.90. The company’s fifty day moving average is $1,070.37 and its two-hundred day moving average is $935.27. The firm has a market cap of $220.84 billion, a PE ratio of 166.72, a price-to-earnings-growth ratio of 4.85 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.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, beating analysts’ consensus estimates of $3.46 by $0.26. The firm had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The firm’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.21 earnings per share. Analysts forecast that ServiceNow, Inc. will post 7.06 earnings per share for the current year.

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.