Magnus Financial Group LLC Boosts Stock Position in ServiceNow, Inc. (NYSE:NOW)

Magnus Financial Group LLC increased its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 6.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 513 shares of the information technology services provider’s stock after buying an additional 29 shares during the period. Magnus Financial Group LLC’s holdings in ServiceNow were worth $544,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in NOW. Polymer Capital Management HK LTD lifted its holdings in ServiceNow by 57.0% during the third quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock valued at $2,416,000 after purchasing an additional 981 shares in the last quarter. AXA S.A. raised its position in shares of ServiceNow by 1.1% during the 2nd quarter. AXA S.A. now owns 387,344 shares of the information technology services provider’s stock worth $304,712,000 after purchasing an additional 4,271 shares during the last quarter. Avidian Wealth Enterprises LLC lifted its stake in ServiceNow by 39.4% in the 3rd quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock valued at $436,000 after buying an additional 138 shares in the last quarter. Venturi Wealth Management LLC boosted its holdings in ServiceNow by 36.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock worth $2,565,000 after buying an additional 765 shares during the last quarter. Finally, Cardano Risk Management B.V. purchased a new stake in ServiceNow during the 4th quarter worth approximately $105,090,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Trading Up 2.6 %

NOW opened at $1,125.39 on Thursday. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,157.90. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. The business has a fifty day simple moving average of $1,071.36 and a 200-day simple moving average of $937.32. The firm has a market cap of $231.83 billion, a P/E ratio of 175.02, a P/E/G ratio of 4.98 and a beta of 0.99.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, beating analysts’ consensus estimates of $3.46 by $0.26. The company had revenue of $2.80 billion during 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%. ServiceNow’s revenue for the quarter was up 22.2% on a year-over-year basis. During the same period last year, the business posted $1.21 EPS. On average, equities analysts expect that ServiceNow, Inc. will post 7.04 earnings per share for the current year.

Insider Transactions at ServiceNow

In related news, Director Anita M. Sands sold 2,229 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the sale, the director now directly owns 11,000 shares of the company’s stock, valued at $11,710,600. This represents a 16.85 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jacqueline P. Canney sold 76 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $1,010.94, for a total transaction of $76,831.44. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,060,115.38. This represents a 2.45 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,731 shares of company stock valued at $21,016,751. 0.25% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on NOW shares. Canaccord Genuity Group lifted their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. JMP Securities lifted their target price on shares of ServiceNow from $1,000.00 to $1,300.00 and gave the stock a “market outperform” rating in a research note on Tuesday. TD Cowen increased their target price on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Cantor Fitzgerald assumed coverage on shares of ServiceNow in a research report on Friday, January 17th. They set an “overweight” rating and a $1,332.00 price target on the stock. Finally, Truist Financial increased their price objective on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and an average target price of $1,093.34.

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.