Connors Investor Services Inc. Invests $13.10 Million in ServiceNow, Inc. (NYSE:NOW)

Connors Investor Services Inc. purchased a new position in ServiceNow, Inc. (NYSE:NOW) in the 2nd quarter, Holdings Channel reports. The institutional investor purchased 16,653 shares of the information technology services provider’s stock, valued at approximately $13,100,000.

A number of other institutional investors have also recently bought and sold shares of NOW. M&G Plc bought a new stake in shares of ServiceNow in the first quarter worth $11,030,000. New Mexico Educational Retirement Board increased its stake in ServiceNow by 9.4% during the 1st quarter. New Mexico Educational Retirement Board now owns 11,650 shares of the information technology services provider’s stock worth $8,882,000 after acquiring an additional 1,000 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its position in shares of ServiceNow by 375.6% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,365 shares of the information technology services provider’s stock worth $1,041,000 after purchasing an additional 1,078 shares during the period. Wealthspire Advisors LLC increased its holdings in ServiceNow by 3.4% in the 1st quarter. Wealthspire Advisors LLC now owns 1,683 shares of the information technology services provider’s stock valued at $1,283,000 after buying an additional 56 shares during the period. Finally, Brookstone Capital Management raised its position in shares of ServiceNow by 25.5% in the 2nd quarter. Brookstone Capital Management now owns 14,394 shares of the information technology services provider’s stock valued at $10,595,000 after buying an additional 2,928 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Performance

Shares of NOW stock opened at $892.63 on Tuesday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12. ServiceNow, Inc. has a fifty-two week low of $527.24 and a fifty-two week high of $897.99. The company has a market capitalization of $182.99 billion, a P/E ratio of 95.47, a PEG ratio of 5.25 and a beta of 0.98. The stock has a 50 day moving average price of $809.74 and a two-hundred day moving average price of $767.40.

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

Insider Buying and Selling

In other news, insider Nicholas Tzitzon sold 1,857 shares of ServiceNow stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $829.68, for a total value of $1,540,715.76. Following the sale, the insider now directly owns 3,649 shares in the company, valued at approximately $3,027,502.32. The sale was disclosed in a filing with the SEC, which is available through this link. In other ServiceNow news, insider Nicholas Tzitzon sold 1,857 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $829.68, for a total transaction of $1,540,715.76. Following the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,027,502.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Gina Mastantuono sold 1,800 shares of ServiceNow stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $825.00, for a total transaction of $1,485,000.00. Following the sale, the chief financial officer now directly owns 11,490 shares in the company, valued at approximately $9,479,250. The disclosure for this sale can be found here. Insiders have sold 6,914 shares of company stock valued at $5,608,936 over the last ninety days. 0.25% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on NOW shares. Canaccord Genuity Group reissued a “buy” rating and set a $835.00 price target on shares of ServiceNow in a report on Tuesday, July 23rd. Stifel Nicolaus upped their price objective on ServiceNow from $820.00 to $900.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Truist Financial lifted their target price on shares of ServiceNow from $750.00 to $780.00 and gave the stock a “hold” rating in a research report on Thursday, July 25th. Wells Fargo & Company upped their price target on shares of ServiceNow from $920.00 to $935.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Finally, Guggenheim reiterated a “sell” rating and set a $640.00 price target on shares of ServiceNow in a report on Monday, July 8th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have issued a 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 $855.44.

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.