ServiceNow, Inc. $NOW Shares Bought by Malaga Cove Capital LLC

Malaga Cove Capital LLC boosted its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 618.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,540 shares of the information technology services provider’s stock after buying an additional 6,491 shares during the period. Malaga Cove Capital LLC’s holdings in ServiceNow were worth $1,155,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. IAG Wealth Partners LLC boosted its stake in ServiceNow by 200.0% during the third quarter. IAG Wealth Partners LLC now owns 27 shares of the information technology services provider’s stock worth $25,000 after buying an additional 18 shares during the last quarter. Noble Wealth Management PBC boosted its stake in ServiceNow by 400.0% during the fourth quarter. Noble Wealth Management PBC now owns 160 shares of the information technology services provider’s stock worth $25,000 after buying an additional 128 shares during the last quarter. Millstone Evans Group LLC boosted its stake in ServiceNow by 400.0% during the fourth quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider’s stock worth $25,000 after buying an additional 132 shares during the last quarter. CBIZ Investment Advisory Services LLC boosted its stake in ServiceNow by 540.0% during the fourth quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider’s stock worth $25,000 after buying an additional 135 shares during the last quarter. Finally, Lodestone Wealth Management LLC acquired a new position in ServiceNow during the fourth quarter worth $26,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Transactions at ServiceNow

In related news, Director Anita M. Sands sold 16,445 shares of the stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $90.14, for a total transaction of $1,482,352.30. Following the transaction, the director owned 30,090 shares of the company’s stock, valued at approximately $2,712,312.60. This represents a 35.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Paul Edward Chamberlain sold 1,500 shares of the stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $87.23, for a total value of $130,845.00. Following the transaction, the director directly owned 44,930 shares in the company, valued at approximately $3,919,243.90. The trade was a 3.23% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 28,071 shares of company stock worth $2,529,956 in the last 90 days. Insiders own 0.34% of the company’s stock.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $99.99 on Wednesday. ServiceNow, Inc. has a 52 week low of $81.24 and a 52 week high of $211.48. The business’s fifty day simple moving average is $98.26 and its 200-day simple moving average is $124.67. The firm has a market cap of $103.09 billion, a PE ratio of 59.59, a price-to-earnings-growth ratio of 1.85 and a beta of 0.82. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.13.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 EPS for the quarter, meeting the consensus estimate of $0.97. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The business had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.75 billion. During the same quarter in the prior year, the company posted $0.81 EPS. The company’s quarterly revenue was up 22.1% on a year-over-year basis. Equities analysts forecast that ServiceNow, Inc. will post 2.35 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Oppenheimer reissued an “outperform” rating on shares of ServiceNow in a research note on Tuesday. Citizens Jmp reissued a “market outperform” rating and set a $157.00 price objective on shares of ServiceNow in a research note on Tuesday, May 5th. Deutsche Bank Aktiengesellschaft decreased their price target on ServiceNow from $180.00 to $135.00 and set a “buy” rating on the stock in a research note on Thursday, April 16th. Stifel Nicolaus decreased their price target on ServiceNow from $135.00 to $120.00 and set a “buy” rating on the stock in a research note on Thursday, April 23rd. Finally, Mizuho decreased their price target on ServiceNow from $150.00 to $140.00 and set an “outperform” rating on the stock in a research note on Thursday, April 23rd. Two investment analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $141.85.

About ServiceNow

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.