31,595 Shares in ServiceNow, Inc. $NOW Bought by SFE Investment Counsel

SFE Investment Counsel purchased a new stake in ServiceNow, Inc. (NYSE:NOW) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 31,595 shares of the information technology services provider’s stock, valued at approximately $3,137,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Bank Hapoalim BM acquired a new position in shares of ServiceNow during the second quarter valued at about $2,656,000. BIP Wealth LLC acquired a new stake in ServiceNow during the second quarter worth about $555,000. Trifecta Capital Advisors LLC acquired a new stake in ServiceNow during the second quarter worth about $4,053,000. Summit Global Investments bought a new position in ServiceNow during the second quarter valued at about $307,000. Finally, Oppenheimer Asset Management Inc. bought a new position in ServiceNow during the second quarter valued at about $28,537,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Stock Down 2.5%

NYSE NOW opened at $124.08 on Friday. ServiceNow, Inc. has a 1-year low of $81.24 and a 1-year high of $194.73. The company has a market capitalization of $128.29 billion, a price-to-earnings ratio of 77.55, a PEG ratio of 2.18 and a beta of 0.94. The stock’s 50 day moving average is $107.08 and its two-hundred day moving average is $105.80. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.43.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.04. The business had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $3.93 billion. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.ServiceNow’s quarterly revenue was up 24.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.81 EPS. Equities analysts forecast that ServiceNow, Inc. will post 2.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ServiceNow news, insider Paul Fipps sold 1,048 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $98.51, for a total transaction of $103,238.48. Following the completion of the transaction, the insider directly owned 12,072 shares in the company, valued at $1,189,212.72. This represents a 7.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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. 0.34% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. TD Cowen reiterated a “buy” rating and issued a $140.00 price objective on shares of ServiceNow in a research report on Friday, July 17th. CLSA assumed coverage on ServiceNow in a research report on Monday, July 20th. They set an “underperform” rating and a $72.00 price objective on the stock. Stifel Nicolaus lowered their price objective on ServiceNow from $135.00 to $120.00 and set a “buy” rating on the stock in a research report on Thursday, April 23rd. Bank of America began coverage on ServiceNow in a research note on Monday, May 18th. They issued a “buy” rating and a $130.00 target price for the company. Finally, Benchmark reaffirmed a “buy” rating on shares of ServiceNow in a research report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $143.76.

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.