Ingalls & Snyder LLC Makes New Investment in ServiceNow, Inc. $NOW

Ingalls & Snyder LLC purchased a new stake in ServiceNow, Inc. (NYSE:NOW) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 207 shares of the information technology services provider’s stock, valued at approximately $213,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Wealth Preservation Advisors LLC purchased a new position in shares of ServiceNow during the 1st quarter worth $382,000. Corient IA LLC acquired a new stake in ServiceNow during the first quarter worth about $796,000. Parr Mcknight Wealth Management Group LLC purchased a new position in ServiceNow during the first quarter worth about $1,820,000. ASR Vermogensbeheer N.V. acquired a new position in ServiceNow in the 1st quarter valued at about $19,278,000. Finally, Goldman Sachs Group Inc. grew its stake in shares of ServiceNow by 131.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider’s stock valued at $1,178,706,000 after buying an additional 840,731 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Activity

In other news, insider Paul Fipps sold 1,452 shares of the firm’s stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $895.05, for a total value of $1,299,612.60. Following the sale, the insider directly owned 457 shares in the company, valued at approximately $409,037.85. This trade represents a 76.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Russell S. Elmer sold 1,698 shares of ServiceNow stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the sale, the general counsel directly owned 4,332 shares of the company’s stock, valued at approximately $3,830,614.32. This trade represents a 28.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 17,980 shares of company stock valued at $16,049,017. 0.38% of the stock is owned by corporate insiders.

ServiceNow Price Performance

Shares of NYSE NOW opened at $947.33 on Tuesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The company has a market cap of $197.05 billion, a price-to-earnings ratio of 119.31, a price-to-earnings-growth ratio of 4.20 and a beta of 0.92. The stock’s 50-day moving average is $918.98 and its two-hundred day moving average is $944.11. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09.

Analyst Ratings Changes

NOW has been the topic of several analyst reports. Raymond James Financial lifted their price target on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the company an “outperform” rating in a research report on Thursday, July 24th. Jefferies Financial Group upped their price target on ServiceNow from $1,025.00 to $1,150.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. Cantor Fitzgerald reissued an “overweight” rating and set a $1,200.00 price objective on shares of ServiceNow in a research report on Monday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ServiceNow in a research note on Wednesday, October 8th. Finally, Piper Sandler boosted their price target on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the company an “overweight” rating in a research note on Thursday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $1,124.17.

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.