Chemung Canal Trust Co. Boosts Position in ServiceNow, Inc. (NYSE:NOW)

Chemung Canal Trust Co. boosted its holdings in ServiceNow, Inc. (NYSE:NOW) by 85.1% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 670 shares of the information technology services provider’s stock after buying an additional 308 shares during the period. Chemung Canal Trust Co.’s holdings in ServiceNow were worth $511,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in NOW. Algert Global LLC purchased a new stake in shares of ServiceNow during the third quarter valued at approximately $310,000. Bank of Nova Scotia raised its stake in shares of ServiceNow by 125.0% during the third quarter. Bank of Nova Scotia now owns 40,342 shares of the information technology services provider’s stock valued at $22,550,000 after purchasing an additional 22,416 shares during the period. Morningstar Investment Services LLC raised its stake in shares of ServiceNow by 63.0% during the third quarter. Morningstar Investment Services LLC now owns 776 shares of the information technology services provider’s stock valued at $430,000 after purchasing an additional 300 shares during the period. CWA Asset Management Group LLC raised its stake in shares of ServiceNow by 14.5% during the third quarter. CWA Asset Management Group LLC now owns 1,242 shares of the information technology services provider’s stock valued at $694,000 after purchasing an additional 157 shares during the period. Finally, Sherbrooke Park Advisers LLC purchased a new stake in shares of ServiceNow during the third quarter valued at approximately $926,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Activity at ServiceNow

In related news, insider Nicholas Tzitzon sold 2,000 shares of the stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $690.99, for a total value of $1,381,980.00. Following the completion of the transaction, the insider now owns 3,649 shares in the company, valued at approximately $2,521,422.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other ServiceNow news, insider Christopher Bedi sold 215 shares of the company’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $700.00, for a total value of $150,500.00. Following the completion of the sale, the insider now directly owns 15,892 shares of the company’s stock, valued at approximately $11,124,400. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Nicholas Tzitzon sold 2,000 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $690.99, for a total transaction of $1,381,980.00. Following the completion of the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at $2,521,422.51. The disclosure for this sale can be found here. Insiders sold 5,530 shares of company stock worth $3,997,012 in the last 90 days. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Stock Performance

Shares of NOW opened at $786.67 on Friday. ServiceNow, Inc. has a 1 year low of $527.24 and a 1 year high of $815.32. The company has a market cap of $161.27 billion, a price-to-earnings ratio of 84.14, a price-to-earnings-growth ratio of 4.93 and a beta of 0.96. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a fifty day moving average of $726.55 and a 200-day moving average of $741.06.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, April 24th. The information technology services provider reported $1.82 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.41. The business had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.59 billion. ServiceNow had a net margin of 20.34% and a return on equity of 13.59%. As a group, equities analysts anticipate that ServiceNow, Inc. will post 6.5 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on NOW shares. Jefferies Financial Group lifted their price objective on shares of ServiceNow from $885.00 to $900.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Wells Fargo & Company lifted their price target on shares of ServiceNow from $875.00 to $900.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. UBS Group dropped their price target on shares of ServiceNow from $920.00 to $875.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. JMP Securities restated a “market outperform” rating and issued a $825.00 price target on shares of ServiceNow in a research note on Tuesday, May 7th. Finally, BMO Capital Markets dropped their price target on shares of ServiceNow from $850.00 to $830.00 and set an “outperform” rating for the company in a research note on Thursday, April 25th. Three investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $814.48.

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.