Phoenix Financial Ltd. Increases Stake in ServiceNow, Inc. $NOW

Phoenix Financial Ltd. raised its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 174.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,541 shares of the information technology services provider’s stock after buying an additional 1,614 shares during the period. Phoenix Financial Ltd.’s holdings in ServiceNow were worth $2,612,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of NOW. Haverford Trust Co grew its position in ServiceNow by 0.9% during the 1st quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider’s stock worth $936,000 after acquiring an additional 10 shares during the last quarter. Ascent Group LLC boosted its holdings in ServiceNow by 0.5% in the first quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider’s stock valued at $1,628,000 after acquiring an additional 10 shares in the last quarter. Edgemoor Investment Advisors Inc. boosted its holdings in ServiceNow by 2.5% in the first quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $366,000 after acquiring an additional 11 shares in the last quarter. Integrated Investment Consultants LLC increased its position in ServiceNow by 2.5% during the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider’s stock valued at $358,000 after purchasing an additional 11 shares during the period. Finally, one8zero8 LLC raised its holdings in ServiceNow by 3.2% in the 1st quarter. one8zero8 LLC now owns 356 shares of the information technology services provider’s stock worth $283,000 after purchasing an additional 11 shares in the last quarter. 87.18% of the stock is owned by institutional investors.

ServiceNow Stock Performance

Shares of NOW opened at $942.56 on Wednesday. The business’s fifty day simple moving average is $913.34 and its two-hundred day simple moving average is $938.13. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The company has a market cap of $196.05 billion, a price-to-earnings ratio of 118.71, a P/E/G ratio of 4.13 and a beta of 0.92.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping the consensus estimate of $3.57 by $0.52. The firm had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company’s revenue was up 22.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.13 earnings per share. Research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In related news, CEO William R. Mcdermott sold 5,825 shares of ServiceNow stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the completion of the sale, the chief executive officer directly owned 6,614 shares in the company, valued at approximately $6,062,590.82. This trade represents a 46.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Russell S. Elmer sold 1,698 shares of the company’s stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the transaction, the general counsel owned 4,332 shares in the company, valued at $3,830,614.32. This represents a 28.16% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,737 shares of company stock valued at $16,798,825 over the last three months. 0.38% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on NOW. Erste Group Bank reaffirmed a “hold” rating on shares of ServiceNow in a research note on Wednesday, July 23rd. JMP Securities restated a “market outperform” rating and issued a $1,300.00 price objective on shares of ServiceNow in a report on Monday, August 4th. UBS Group cut their price objective on ServiceNow from $1,100.00 to $1,075.00 and set a “buy” rating on the stock in a research report on Tuesday, October 14th. Wall Street Zen upgraded ServiceNow from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Needham & Company LLC raised their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. Two analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $1,121.37.

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.