Legacy Capital Group California Inc. Invests $741,000 in ServiceNow, Inc. $NOW

Legacy Capital Group California Inc. purchased a new stake in ServiceNow, Inc. (NYSE:NOW) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 7,089 shares of the information technology services provider’s stock, valued at approximately $741,000.

Several other institutional investors have also made changes to their positions in NOW. Florida Financial Advisors LLC grew its holdings in shares of ServiceNow by 5.4% during the 2nd quarter. Florida Financial Advisors LLC now owns 273 shares of the information technology services provider’s stock worth $280,000 after purchasing an additional 14 shares in the last quarter. First Affirmative Financial Network raised its stake in ServiceNow by 1.7% in the third quarter. First Affirmative Financial Network now owns 892 shares of the information technology services provider’s stock valued at $821,000 after purchasing an additional 15 shares in the last quarter. Opes Wealth Management LLC lifted its position in ServiceNow by 3.5% during the third quarter. Opes Wealth Management LLC now owns 507 shares of the information technology services provider’s stock worth $467,000 after purchasing an additional 17 shares during the period. Clark Capital Management Group Inc. lifted its position in ServiceNow by 3.6% during the third quarter. Clark Capital Management Group Inc. now owns 514 shares of the information technology services provider’s stock worth $473,000 after purchasing an additional 18 shares during the period. Finally, American Trust grew its stake in ServiceNow by 1.8% during the third quarter. American Trust now owns 1,029 shares of the information technology services provider’s stock worth $947,000 after buying an additional 18 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $111.32 on Tuesday. ServiceNow, Inc. has a fifty-two week low of $81.24 and a fifty-two week high of $210.20. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.84 and a quick ratio of 0.84. The firm has a market capitalization of $114.77 billion, a P/E ratio of 66.34, a P/E/G ratio of 1.79 and a beta of 0.96. The company’s 50 day moving average price is $102.95 and its two-hundred day moving average price is $110.65.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.97. ServiceNow had a net margin of 12.59% and a return on equity of 18.16%. The company had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $3.75 billion. During the same period in the prior year, the business earned $0.81 earnings per share. The company’s revenue for the quarter was up 22.1% compared to the same quarter last year. On average, equities analysts forecast that ServiceNow, Inc. will post 2.34 earnings per share for the current fiscal year.

Insider Transactions at ServiceNow

In other ServiceNow news, Director Anita M. Sands sold 16,445 shares of the stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $90.14, for a total value of $1,482,352.30. Following the completion of the transaction, the director directly owned 30,090 shares in the company, valued at approximately $2,712,312.60. This trade represents a 35.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Fipps sold 1,048 shares of ServiceNow stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $98.51, for a total value of $103,238.48. Following the sale, the insider directly owned 12,072 shares in the company, valued at $1,189,212.72. The trade was a 7.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 28,071 shares of company stock worth $2,529,956 in the last 90 days. 0.34% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

NOW has been the subject of several analyst reports. KeyCorp set a $85.00 target price on shares of ServiceNow and gave the company an “underweight” rating in a research report on Thursday, April 23rd. Truist Financial lifted their price objective on shares of ServiceNow from $120.00 to $130.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. The Goldman Sachs Group restated a “buy” rating and set a $145.00 price objective (down from $163.00) on shares of ServiceNow in a research report on Wednesday, July 8th. BTIG Research reiterated a “buy” rating and issued a $150.00 price target on shares of ServiceNow in a research note on Monday, June 29th. Finally, Citizens Jmp reissued a “market outperform” rating and set a $157.00 price target on shares of ServiceNow in a report on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $141.47.

ServiceNow Profile

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.