Signature Wealth Management Group Boosts Position in ServiceNow, Inc. (NYSE:NOW)

Signature Wealth Management Group grew its position in ServiceNow, Inc. (NYSE:NOW) by 6.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,921 shares of the information technology services provider’s stock after buying an additional 117 shares during the quarter. Signature Wealth Management Group’s holdings in ServiceNow were worth $1,530,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its position in ServiceNow by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider’s stock worth $20,353,517,000 after acquiring an additional 190,430 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of ServiceNow by 6.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock worth $8,434,235,000 after purchasing an additional 509,467 shares in the last quarter. FMR LLC raised its position in shares of ServiceNow by 4.9% during the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock worth $6,232,339,000 after purchasing an additional 272,506 shares during the last quarter. Geode Capital Management LLC lifted its stake in ServiceNow by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider’s stock valued at $4,560,890,000 after buying an additional 100,670 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in ServiceNow by 87,501.3% in the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock valued at $2,141,108,000 after buying an additional 2,686,291 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Activity

In related news, Director Anita M. Sands sold 248 shares of the business’s stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $1,009.14, for a total transaction of $250,266.72. Following the transaction, the director now directly owns 10,643 shares of the company’s stock, valued at approximately $10,740,277.02. The trade was a 2.28% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO William R. Mcdermott sold 2,050 shares of the stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the completion of the sale, the chief executive officer now directly owns 6,614 shares of the company’s stock, valued at $6,693,434.14. This trade represents a 23.66% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,716 shares of company stock worth $6,611,245. 0.38% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Guggenheim raised their price target on ServiceNow from $716.00 to $724.00 and gave the stock a “sell” rating in a research report on Thursday, April 24th. TD Securities reiterated a “buy” rating and set a $1,100.00 price objective on shares of ServiceNow in a research report on Thursday, April 24th. Raymond James reduced their target price on shares of ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating on the stock in a report on Tuesday, April 8th. The Goldman Sachs Group reiterated a “buy” rating on shares of ServiceNow in a report on Thursday, April 24th. Finally, Truist Financial upgraded shares of ServiceNow from a “hold” rating to a “buy” rating and raised their target price for the stock from $950.00 to $1,200.00 in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,062.50.

ServiceNow Price Performance

ServiceNow stock opened at $987.71 on Monday. The firm has a fifty day moving average of $944.56 and a 200-day moving average of $972.50. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $204.44 billion, a P/E ratio of 144.61, a PEG ratio of 4.51 and a beta of 0.95.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.78 by $0.26. The firm had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The firm’s quarterly revenue was up 18.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.41 EPS. As a group, analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

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.