IndexIQ Advisors LLC Has $2.13 Million Stake in ServiceNow, Inc. (NYSE:NOW)

IndexIQ Advisors LLC grew its holdings in ServiceNow, Inc. (NYSE:NOW) by 5.9% during the third quarter, Holdings Channel.com reports. The firm owned 3,419 shares of the information technology services provider’s stock after buying an additional 190 shares during the period. IndexIQ Advisors LLC’s holdings in ServiceNow were worth $2,128,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Sugarloaf Wealth Management LLC grew its stake in shares of ServiceNow by 150.0% in the 3rd quarter. Sugarloaf Wealth Management LLC now owns 40 shares of the information technology services provider’s stock valued at $25,000 after buying an additional 24 shares in the last quarter. Baystate Wealth Management LLC boosted its position in ServiceNow by 60.0% during the third quarter. Baystate Wealth Management LLC now owns 48 shares of the information technology services provider’s stock worth $30,000 after purchasing an additional 18 shares during the period. PFG Private Wealth Management LLC bought a new stake in ServiceNow during the third quarter worth approximately $31,000. Asset Dedication LLC bought a new stake in ServiceNow during the third quarter worth approximately $33,000. Finally, Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. bought a new stake in shares of ServiceNow in the second quarter valued at approximately $44,000. 86.14% of the stock is owned by institutional investors and hedge funds.

In related news, General Counsel Russell S. Elmer sold 1,777 shares of ServiceNow stock in a transaction that occurred on Wednesday, November 10th. The stock was sold at an average price of $676.98, for a total value of $1,202,993.46. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Frederic B. Luddy sold 15,000 shares of ServiceNow stock in a transaction that occurred on Wednesday, January 12th. The shares were sold at an average price of $577.36, for a total value of $8,660,400.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 24,655 shares of company stock worth $15,161,081. 0.35% of the stock is currently owned by insiders.

A number of research analysts recently commented on NOW shares. Mizuho upped their target price on ServiceNow from $650.00 to $680.00 and gave the company a “buy” rating in a research note on Monday, October 18th. Stifel Nicolaus upped their target price on ServiceNow from $650.00 to $725.00 and gave the company a “buy” rating in a research note on Thursday, October 28th. Argus increased their price objective on ServiceNow from $760.00 to $805.00 and gave the stock a “buy” rating in a research note on Tuesday, November 2nd. JMP Securities increased their price objective on ServiceNow from $639.00 to $705.00 and gave the stock a “market outperform” rating in a research note on Monday, October 11th. Finally, Robert W. Baird raised their target price on ServiceNow from $580.00 to $650.00 and gave the company a “neutral” rating in a research note on Thursday, October 28th. Three analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, ServiceNow presently has an average rating of “Buy” and an average target price of $720.90.

NYSE NOW opened at $531.02 on Friday. The firm has a market cap of $105.67 billion, a P/E ratio of 487.17, a P/E/G ratio of 9.42 and a beta of 1.01. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.13 and a quick ratio of 1.13. The stock’s 50-day moving average is $635.98 and its 200-day moving average is $625.86. ServiceNow, Inc. has a one year low of $448.27 and a one year high of $707.60.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, October 27th. The information technology services provider reported $1.55 EPS for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.16. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. ServiceNow had a return on equity of 9.31% and a net margin of 3.99%. ServiceNow’s revenue was up 31.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.30 earnings per share. Equities analysts anticipate that ServiceNow, Inc. will post 1.39 EPS for the current year.

ServiceNow Profile

ServiceNow, Inc engages in the provision of enterprise cloud computing solutions. The firm delivers digital workflows on a single enterprise cloud platform called the Now Platform. Its product portfolio is focused on providing Information Technology, Employee and Customer workflows. It offers its solutions for the industries under the categories of government, financial services, healthcare, telecommunications, manufacturing, IT services, technology, oil & gas, education, and consumer products.

Read More: Intrinsic Value and Stock Selection

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Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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