Contravisory Investment Management Inc. Acquires 462 Shares of ServiceNow, Inc. (NYSE:NOW)

Contravisory Investment Management Inc. increased its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 4,620.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 472 shares of the information technology services provider’s stock after acquiring an additional 462 shares during the quarter. Contravisory Investment Management Inc.’s holdings in ServiceNow were worth $500,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of NOW. Truvestments Capital LLC acquired a new stake in shares of ServiceNow in the third quarter valued at approximately $30,000. DT Investment Partners LLC raised its stake in ServiceNow by 77.3% in the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after purchasing an additional 17 shares in the last quarter. Semmax Financial Advisors Inc. bought a new stake in shares of ServiceNow during the 2nd quarter worth approximately $39,000. Oakworth Capital Inc. lifted its stake in ServiceNow by 46.7% during the third quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock worth $39,000 after purchasing an additional 14 shares during the last quarter. Finally, Dunhill Financial LLC raised its holdings in shares of ServiceNow by 70.0% during the 3rd quarter. Dunhill Financial LLC now owns 51 shares of the information technology services provider’s stock worth $46,000 after buying an additional 21 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on NOW. Canaccord Genuity Group lifted their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Mizuho upped their price objective on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Royal Bank of Canada increased their price objective on shares of ServiceNow from $1,045.00 to $1,210.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Piper Sandler upped their price target on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Finally, Jefferies Financial Group raised their price objective on ServiceNow from $1,100.00 to $1,250.00 and gave the company a “buy” rating in a report on Monday, December 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,071.39.

ServiceNow Price Performance

ServiceNow stock opened at $1,054.99 on Thursday. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,157.90. The company’s 50 day moving average price is $1,066.34 and its two-hundred day moving average price is $927.52. The stock has a market cap of $217.33 billion, a P/E ratio of 164.07, a P/E/G ratio of 4.65 and a beta of 0.99. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, topping the consensus estimate of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The business had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. During the same quarter in the previous year, the firm earned $1.21 earnings per share. The business’s revenue was up 22.2% on a year-over-year basis. On average, equities analysts predict that ServiceNow, Inc. will post 7.07 earnings per share for the current year.

Insider Activity at ServiceNow

In other news, Director Paul Edward Chamberlain sold 300 shares of the stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $1,047.95, for a total transaction of $314,385.00. Following the completion of the transaction, the director now directly owns 10,467 shares of the company’s stock, valued at $10,968,892.65. This represents a 2.79 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William R. Mcdermott sold 12,271 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total value of $12,242,408.57. Following the completion of the transaction, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,588,953.65. The trade was a 82.54 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,276 shares of company stock worth $20,535,115. 0.25% of the stock is owned by company insiders.

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.