AdvisorNet Financial Inc Acquires 33 Shares of ServiceNow, Inc. (NYSE:NOW)

AdvisorNet Financial Inc grew its holdings in ServiceNow, Inc. (NYSE:NOW) by 34.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 129 shares of the information technology services provider’s stock after purchasing an additional 33 shares during the period. AdvisorNet Financial Inc’s holdings in ServiceNow were worth $137,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. PFW Advisors LLC purchased a new position in shares of ServiceNow during the fourth quarter valued at approximately $207,000. Parisi Gray Wealth Management raised its stake in ServiceNow by 6.1% during the 4th quarter. Parisi Gray Wealth Management now owns 328 shares of the information technology services provider’s stock valued at $348,000 after buying an additional 19 shares during the last quarter. Friedenthal Financial bought a new position in shares of ServiceNow during the 4th quarter valued at $55,000. Enterprise Bank & Trust Co purchased a new position in shares of ServiceNow in the 4th quarter worth $368,000. Finally, Clean Yield Group grew its holdings in shares of ServiceNow by 11.8% in the fourth quarter. Clean Yield Group now owns 3,921 shares of the information technology services provider’s stock worth $4,157,000 after acquiring an additional 414 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on NOW shares. Wells Fargo & Company increased their target price on ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. KeyCorp cut shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. Barclays boosted their target price on shares of ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Piper Sandler upped their target price on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Finally, Morgan Stanley downgraded shares of ServiceNow from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $900.00 to $960.00 in a research report on Monday, October 21st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and a consensus target price of $1,080.38.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $1,072.02 on Friday. The company has a market cap of $220.84 billion, a P/E ratio of 166.72, a P/E/G ratio of 4.65 and a beta of 0.99. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,157.90. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. The firm’s fifty day moving average is $1,068.39 and its two-hundred day moving average is $929.31.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The firm had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. During the same period in the previous year, the firm posted $1.21 earnings per share. The business’s revenue was up 22.2% compared to the same quarter last year. As a group, analysts anticipate that ServiceNow, Inc. will post 7.07 EPS for the current fiscal year.

Insider Buying and Selling at ServiceNow

In related news, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total value of $12,242,408.57. Following the completion of the transaction, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,588,953.65. This trade represents a 82.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jacqueline P. Canney sold 455 shares of the business’s 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 value of $481,635.70. Following the sale, the insider now directly owns 3,027 shares in the company, valued at $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,731 shares of company stock worth $21,016,751 in the last quarter. 0.25% of the stock is owned by corporate insiders.

ServiceNow 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.