IFG Advisory LLC Takes Position in ServiceNow, Inc. (NYSE:NOW)

IFG Advisory LLC purchased a new stake in shares of ServiceNow, Inc. (NYSE:NOW) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 323 shares of the information technology services provider’s stock, valued at approximately $254,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Creekmur Asset Management LLC bought a new position in shares of ServiceNow during the 1st quarter worth approximately $25,000. Versant Capital Management Inc increased its position in shares of ServiceNow by 466.7% during the second quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock valued at $27,000 after acquiring an additional 28 shares during the last quarter. University of Texas Texas AM Investment Managment Co. bought a new stake in ServiceNow during the fourth quarter worth $29,000. EntryPoint Capital LLC boosted its position in ServiceNow by 3,900.0% in the first quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock worth $30,000 after purchasing an additional 39 shares during the last quarter. Finally, Ridgewood Investments LLC bought a new position in ServiceNow in the 2nd quarter valued at $32,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Trading Up 2.9 %

Shares of ServiceNow stock opened at $855.00 on Tuesday. The company has a 50 day simple moving average of $794.11 and a two-hundred day simple moving average of $760.84. The firm has a market cap of $175.28 billion, a PE ratio of 91.44, a PEG ratio of 5.13 and a beta of 0.99. ServiceNow, Inc. has a 1 year low of $527.24 and a 1 year high of $857.25. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.12 and a quick ratio of 1.12.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.85 by $0.28. The company had revenue of $2.63 billion during 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%. The firm’s revenue was up 22.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.77 EPS. Analysts expect that ServiceNow, Inc. will post 6.78 earnings per share for the current fiscal year.

Analyst Ratings Changes

NOW has been the topic of a number of research analyst reports. Piper Sandler boosted their price target on shares of ServiceNow from $830.00 to $850.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Needham & Company LLC reissued a “buy” rating and set a $900.00 target price on shares of ServiceNow in a research report on Thursday, July 25th. KeyCorp decreased their price target on shares of ServiceNow from $950.00 to $920.00 and set an “overweight” rating for the company in a research note on Tuesday, July 2nd. Canaccord Genuity Group reiterated a “buy” rating and issued a $835.00 price objective on shares of ServiceNow in a research note on Tuesday, July 23rd. Finally, Guggenheim reissued a “sell” rating and issued a $640.00 target price on shares of ServiceNow in a research report on Monday, July 8th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $849.62.

Insiders Place Their Bets

In other news, insider Christopher Bedi sold 215 shares of the stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $700.00, for a total transaction of $150,500.00. Following the transaction, the insider now directly owns 15,892 shares in the company, valued at approximately $11,124,400. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other ServiceNow news, insider Christopher Bedi sold 215 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $700.00, for a total value of $150,500.00. Following the completion of the sale, the insider now owns 15,892 shares of the company’s stock, valued at $11,124,400. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Gina Mastantuono sold 1,800 shares of the stock in a transaction that occurred on 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 transaction, the chief financial officer now owns 11,490 shares in the company, valued at $9,479,250. The disclosure for this sale can be found here. Insiders sold a total of 7,129 shares of company stock valued at $5,759,436 over the last 90 days. Insiders own 0.25% of the company’s stock.

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.