Summit Financial LLC Has $1.26 Million Stake in ServiceNow, Inc. (NYSE:NOW)

Summit Financial LLC raised its holdings in ServiceNow, Inc. (NYSE:NOW) by 57.5% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,607 shares of the information technology services provider’s stock after purchasing an additional 587 shares during the period. Summit Financial LLC’s holdings in ServiceNow were worth $1,264,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. M&G Plc bought a new stake in shares of ServiceNow during the 1st quarter worth $11,030,000. Smithfield Trust Co increased its holdings in shares of ServiceNow by 36.4% during the fourth quarter. Smithfield Trust Co now owns 981 shares of the information technology services provider’s stock worth $691,000 after buying an additional 262 shares in the last quarter. New Mexico Educational Retirement Board lifted its stake in shares of ServiceNow by 9.4% in the 1st quarter. New Mexico Educational Retirement Board now owns 11,650 shares of the information technology services provider’s stock valued at $8,882,000 after acquiring an additional 1,000 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its holdings in shares of ServiceNow by 375.6% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,365 shares of the information technology services provider’s stock valued at $1,041,000 after acquiring an additional 1,078 shares in the last quarter. Finally, Summa Corp. bought a new position in ServiceNow in the fourth quarter valued at about $381,000. 87.18% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms recently commented on NOW. BMO Capital Markets lifted their target price on shares of ServiceNow from $830.00 to $860.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. William Blair reissued an “outperform” rating on shares of ServiceNow in a research note on Tuesday, May 7th. Piper Sandler lifted their price objective on ServiceNow from $830.00 to $850.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Deutsche Bank Aktiengesellschaft increased their target price on shares of ServiceNow from $875.00 to $900.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Finally, Truist Financial upped their price objective on shares of ServiceNow from $750.00 to $780.00 and gave the company a “hold” rating in a research note on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and an average target price of $849.62.

Insider Buying and Selling at ServiceNow

In related news, insider Christopher Bedi sold 215 shares of ServiceNow stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $700.00, for a total transaction of $150,500.00. Following the completion of the sale, the insider now owns 15,892 shares of the company’s stock, valued at $11,124,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Christopher Bedi sold 215 shares of the stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $700.00, for a total value of $150,500.00. Following the transaction, the insider now owns 15,892 shares of the company’s stock, valued at approximately $11,124,400. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Russell S. Elmer sold 1,937 shares of ServiceNow stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the sale, the general counsel now directly owns 6,736 shares of the company’s stock, valued at $5,252,800.16. The disclosure for this sale can be found here. Insiders sold a total of 7,129 shares of company stock valued at $5,759,436 in the last three months. Company insiders own 0.25% of the company’s stock.

ServiceNow Price Performance

ServiceNow stock opened at $855.00 on Monday. The firm has a market capitalization of $176.13 billion, a P/E ratio of 91.44, a PEG ratio of 5.13 and a beta of 0.99. ServiceNow, Inc. has a one year low of $527.24 and a one year high of $857.25. 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 business has a fifty day moving average price of $791.80 and a 200-day moving average price of $760.31.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, beating the consensus estimate of $2.85 by $0.28. The firm had revenue of $2.63 billion for 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 was up 22.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.77 earnings per share. As a group, equities research analysts forecast that ServiceNow, Inc. will post 6.78 EPS for the current year.

About ServiceNow

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.