CoreCap Advisors LLC Makes New Investment in ServiceNow, Inc. (NYSE:NOW)

CoreCap Advisors LLC purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 552 shares of the information technology services provider’s stock, valued at approximately $434,000.

Several other large investors also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in ServiceNow by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock worth $14,066,715,000 after buying an additional 331,797 shares during the period. Norges Bank acquired a new position in ServiceNow during the 4th quarter valued at about $1,648,259,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in ServiceNow by 18.3% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,754,027 shares of the information technology services provider’s stock worth $1,239,198,000 after purchasing an additional 271,153 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of ServiceNow by 2.3% in the second quarter. Bank of New York Mellon Corp now owns 1,529,430 shares of the information technology services provider’s stock worth $1,203,157,000 after purchasing an additional 34,855 shares during the last quarter. Finally, Fisher Asset Management LLC boosted its position in shares of ServiceNow by 7.5% during the fourth quarter. Fisher Asset Management LLC now owns 1,448,448 shares of the information technology services provider’s stock valued at $1,023,315,000 after buying an additional 101,485 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on NOW shares. Wells Fargo & Company increased their target price on shares of ServiceNow from $920.00 to $935.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. KeyCorp lowered their target price on ServiceNow from $950.00 to $920.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 2nd. TD Cowen lifted their price objective on shares of ServiceNow from $870.00 to $900.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Piper Sandler increased their target price on shares of ServiceNow from $830.00 to $850.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Finally, BMO Capital Markets upped their price objective on ServiceNow from $830.00 to $860.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, ServiceNow has an average rating of “Moderate Buy” and a consensus price target of $849.62.

Insiders Place Their Bets

In other ServiceNow news, CFO Gina Mastantuono sold 1,800 shares of ServiceNow stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $825.00, for a total transaction of $1,485,000.00. Following the transaction, the chief financial officer now directly owns 11,490 shares of the company’s stock, valued at $9,479,250. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, General Counsel Russell S. Elmer sold 1,937 shares of ServiceNow stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $779.81, for a total value of $1,510,491.97. Following the transaction, the general counsel now owns 6,736 shares in the company, valued at $5,252,800.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Gina Mastantuono sold 1,800 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $825.00, for a total value of $1,485,000.00. Following the sale, the chief financial officer now owns 11,490 shares of the company’s stock, valued at $9,479,250. The disclosure for this sale can be found here. Insiders sold a total of 6,914 shares of company stock valued at $5,608,936 over the last quarter. 0.25% of the stock is owned by corporate insiders.

ServiceNow Trading Down 0.8 %

Shares of NOW opened at $878.95 on Friday. ServiceNow, Inc. has a 1-year low of $527.24 and a 1-year high of $889.52. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.12 and a quick ratio of 1.12. The company has a market capitalization of $181.06 billion, a P/E ratio of 94.01, a P/E/G ratio of 5.25 and a beta of 0.98. The firm’s 50 day simple moving average is $807.22 and its 200 day simple moving average is $766.50.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.85 by $0.28. The firm had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.61 billion. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The company’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.77 EPS. Sell-side analysts forecast that ServiceNow, Inc. will post 6.78 earnings per share for the current fiscal year.

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.