GM Advisory Group LLC Acquires Shares of 270 ServiceNow, Inc. (NYSE:NOW)

by · The Cerbat Gem

GM Advisory Group LLC acquired a new stake in shares of ServiceNow, Inc. (NYSE:NOW – Free Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 270 shares of the information technology services provider’s stock, valued at approximately $241,000.

A number of other institutional investors have also made changes to their positions in NOW. International Assets Investment Management LLC lifted its holdings in ServiceNow by 89,137.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock worth $1,059,912,000 after buying an additional 1,183,739 shares in the last quarter. Swedbank AB acquired a new position in shares of ServiceNow in the first quarter worth about $897,908,000. AustralianSuper Pty Ltd purchased a new position in ServiceNow in the second quarter valued at about $218,786,000. Canada Pension Plan Investment Board grew its stake in ServiceNow by 59.4% during the 2nd quarter. Canada Pension Plan Investment Board now owns 635,919 shares of the information technology services provider’s stock valued at $500,258,000 after purchasing an additional 237,086 shares in the last quarter. Finally, abrdn plc increased its holdings in ServiceNow by 110.2% during the 3rd quarter. abrdn plc now owns 442,382 shares of the information technology services provider’s stock worth $392,477,000 after purchasing an additional 231,900 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. KeyCorp raised their price target on shares of ServiceNow from $1,020.00 to $1,040.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Barclays lifted their price target on ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Evercore ISI upped their price objective on ServiceNow from $950.00 to $1,000.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Wells Fargo & Company increased their target price on ServiceNow from $1,050.00 to $1,150.00 and gave the stock an “overweight” rating in a report on Tuesday, November 12th. Finally, Oppenheimer boosted their price target on ServiceNow from $825.00 to $1,020.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $986.39.

Read Our Latest Research Report on NOW

ServiceNow Stock Up 1.3 %

NOW stock opened at $1,060.57 on Friday. The firm’s 50-day moving average is $948.53 and its two-hundred day moving average is $834.64. The company has a market capitalization of $218.48 billion, a price-to-earnings ratio of 164.94, a price-to-earnings-growth ratio of 6.01 and a beta of 0.98. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,064.59. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16.

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

Insider Transactions at ServiceNow

In other ServiceNow news, insider Kevin Thomas Mcbride sold 100 shares of ServiceNow stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $1,023.97, for a total value of $102,397.00. Following the transaction, the insider now owns 3,457 shares in the company, valued at approximately $3,539,864.29. The trade was a 2.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of the stock in a transaction 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 sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at $2,588,953.65. This trade represents a 82.54 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,644 shares of company stock valued at $19,381,744. Corporate insiders own 0.25% of the company’s stock.

About ServiceNow

(Free Report)

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.

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