Avalon Trust Co Increases Position in ServiceNow, Inc. (NYSE:NOW)

Avalon Trust Co raised its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 153.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 76 shares of the information technology services provider’s stock after acquiring an additional 46 shares during the period. Avalon Trust Co’s holdings in ServiceNow were worth $54,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Stratos Wealth Advisors LLC boosted its stake in shares of ServiceNow by 41.8% during the third quarter. Stratos Wealth Advisors LLC now owns 577 shares of the information technology services provider’s stock valued at $323,000 after purchasing an additional 170 shares during the period. Miracle Mile Advisors LLC grew its holdings in ServiceNow by 12.7% in the 3rd quarter. Miracle Mile Advisors LLC now owns 2,020 shares of the information technology services provider’s stock worth $1,129,000 after acquiring an additional 228 shares during the last quarter. Telemus Capital LLC increased its position in shares of ServiceNow by 7.6% in the third quarter. Telemus Capital LLC now owns 1,317 shares of the information technology services provider’s stock valued at $736,000 after acquiring an additional 93 shares during the period. Chicago Capital LLC raised its stake in shares of ServiceNow by 0.3% during the third quarter. Chicago Capital LLC now owns 58,391 shares of the information technology services provider’s stock valued at $32,638,000 after acquiring an additional 162 shares during the last quarter. Finally, Concord Wealth Partners boosted its holdings in shares of ServiceNow by 5.9% during the third quarter. Concord Wealth Partners now owns 556 shares of the information technology services provider’s stock worth $311,000 after purchasing an additional 31 shares during the period. Institutional investors own 87.18% of the company’s stock.

Insider Activity at ServiceNow

In other news, CEO William R. Mcdermott sold 5,030 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total value of $3,787,992.40. Following the transaction, the chief executive officer now directly owns 17,177 shares in the company, valued at approximately $12,935,655.16. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, insider Paul John Smith sold 5,159 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $745.32, for a total transaction of $3,845,105.88. Following the completion of the transaction, the insider now directly owns 5,453 shares in the company, valued at approximately $4,064,229.96. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO William R. Mcdermott sold 5,030 shares of the stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the completion of the sale, the chief executive officer now directly owns 17,177 shares of the company’s stock, valued at $12,935,655.16. The disclosure for this sale can be found here. Insiders have sold a total of 11,369 shares of company stock worth $8,538,300 over the last quarter. Company insiders own 0.25% of the company’s stock.

ServiceNow Stock Performance

NOW traded up $20.93 during midday trading on Friday, hitting $716.65. 1,437,055 shares of the company traded hands, compared to its average volume of 1,270,596. The company’s 50-day moving average is $753.36 and its 200 day moving average is $715.16. The company has a quick ratio of 1.06, a current ratio of 1.05 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $147.19 billion, a PE ratio of 76.65, a price-to-earnings-growth ratio of 4.50 and a beta of 0.98. ServiceNow, Inc. has a 52 week low of $428.97 and a 52 week high of $815.32.

Analyst Upgrades and Downgrades

A number of research firms have commented on NOW. Robert W. Baird upped their price target on ServiceNow from $780.00 to $870.00 and gave the company an “outperform” rating in a research report on Thursday, January 25th. Barclays raised their target price on shares of ServiceNow from $765.00 to $870.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 23rd. Morgan Stanley raised their price objective on shares of ServiceNow from $814.00 to $830.00 and gave the stock an “overweight” rating in a report on Thursday, April 25th. Piper Sandler upped their target price on ServiceNow from $750.00 to $830.00 and gave the stock an “overweight” rating in a report on Thursday, January 25th. Finally, Needham & Company LLC restated a “buy” rating and issued a $900.00 target price on shares of ServiceNow in a research note on Thursday, April 25th. Three equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $807.28.

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.