24,547 Shares in ServiceNow, Inc. (NYSE:NOW) Bought by Magnolia Capital Advisors LLC

Magnolia Capital Advisors LLC acquired a new stake in ServiceNow, Inc. (NYSE:NOW) during the second quarter, HoldingsChannel reports. The firm acquired 24,547 shares of the information technology services provider’s stock, valued at approximately $19,310,000. ServiceNow accounts for 0.7% of Magnolia Capital Advisors LLC’s holdings, making the stock its 26th largest position.

Other institutional investors and hedge funds have also made changes to their positions in the company. Morling Financial Advisors LLC grew its position in ServiceNow by 2.5% in the 2nd quarter. Morling Financial Advisors LLC now owns 527 shares of the information technology services provider’s stock valued at $415,000 after buying an additional 13 shares during the last quarter. Optas LLC lifted its stake in shares of ServiceNow by 1.7% in the 1st quarter. Optas LLC now owns 815 shares of the information technology services provider’s stock worth $621,000 after acquiring an additional 14 shares during the period. Cedar Wealth Management LLC boosted its holdings in shares of ServiceNow by 5.5% in the first quarter. Cedar Wealth Management LLC now owns 268 shares of the information technology services provider’s stock valued at $204,000 after acquiring an additional 14 shares in the last quarter. Financial Advocates Investment Management increased its stake in shares of ServiceNow by 2.7% during the second quarter. Financial Advocates Investment Management now owns 527 shares of the information technology services provider’s stock worth $415,000 after acquiring an additional 14 shares during the period. Finally, Ndwm LLC raised its holdings in ServiceNow by 0.6% during the second quarter. Ndwm LLC now owns 2,415 shares of the information technology services provider’s stock worth $1,900,000 after purchasing an additional 14 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on NOW shares. Needham & Company LLC reiterated a “buy” rating and set a $900.00 target price on shares of ServiceNow in a research report on Monday, September 9th. Piper Sandler upped their price objective on ServiceNow from $830.00 to $850.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. KeyCorp reduced their target price on ServiceNow from $950.00 to $920.00 and set an “overweight” rating for the company in a report on Tuesday, July 2nd. Robert W. Baird upped their price target on shares of ServiceNow from $885.00 to $900.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Finally, Citigroup raised their price objective on shares of ServiceNow from $909.00 to $911.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $855.44.

ServiceNow Trading Down 0.3 %

Shares of NOW opened at $881.79 on Friday. ServiceNow, Inc. has a fifty-two week low of $527.24 and a fifty-two week high of $945.46. The company has a market capitalization of $180.77 billion, a PE ratio of 94.31, a price-to-earnings-growth ratio of 5.55 and a beta of 0.98. The stock has a fifty day moving average of $837.59 and a two-hundred day moving average of $776.29. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12.

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

Insider Activity

In related news, insider Paul John Smith sold 187 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $795.58, for a total value of $148,773.46. Following the sale, the insider now directly owns 3,779 shares of the company’s stock, valued at $3,006,496.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other ServiceNow news, insider Paul John Smith sold 187 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $795.58, for a total transaction of $148,773.46. Following the transaction, the insider now owns 3,779 shares of the company’s stock, valued at $3,006,496.82. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Nicholas Tzitzon sold 1,857 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $829.68, for a total transaction of $1,540,715.76. Following the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,027,502.32. 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 in the last 90 days. 0.25% of the stock is currently owned by 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.