GraniteShares Advisors LLC Acquires 41 Shares of ServiceNow, Inc. (NYSE:NOW)

GraniteShares Advisors LLC grew its holdings in ServiceNow, Inc. (NYSE:NOW) by 2.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,578 shares of the information technology services provider’s stock after purchasing an additional 41 shares during the period. GraniteShares Advisors LLC’s holdings in ServiceNow were worth $1,256,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of NOW. GAMMA Investing LLC increased its holdings in shares of ServiceNow by 87,501.3% in the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock worth $2,141,108,000 after purchasing an additional 2,686,291 shares in the last quarter. Norges Bank bought a new stake in shares of ServiceNow in the 4th quarter worth $2,603,360,000. Proficio Capital Partners LLC increased its holdings in shares of ServiceNow by 154,255.3% in the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock worth $667,000 after purchasing an additional 666,383 shares in the last quarter. Alphinity Investment Management Pty Ltd bought a new stake in shares of ServiceNow in the 4th quarter worth $682,468,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of ServiceNow by 6.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock worth $8,434,235,000 after acquiring an additional 509,467 shares during the period. Institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $1,006.03 on Friday. The stock’s 50-day simple moving average is $939.30 and its 200-day simple moving average is $974.01. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The company has a market capitalization of $208.23 billion, a price-to-earnings ratio of 147.30, a PEG ratio of 4.51 and a beta of 0.95. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, beating the consensus estimate of $3.78 by $0.26. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The business had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. During the same period in the previous year, the business earned $3.41 earnings per share. The business’s revenue was up 18.6% on a year-over-year basis. As a group, analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Guggenheim lifted their price objective on ServiceNow from $716.00 to $724.00 and gave the stock a “sell” rating in a report on Thursday, April 24th. Morgan Stanley lifted their price objective on ServiceNow from $881.00 to $950.00 and gave the stock an “equal weight” rating in a report on Thursday, April 24th. Erste Group Bank raised ServiceNow from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 30th. Jefferies Financial Group cut their price objective on ServiceNow from $1,250.00 to $1,025.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. Finally, Barclays set a $1,085.00 price objective on ServiceNow in a report on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $1,062.50.

Insider Activity

In related news, insider Jacqueline P. Canney sold 354 shares of the business’s stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total value of $284,831.94. Following the sale, the insider now directly owns 3,027 shares in the company, valued at approximately $2,435,554.47. The trade was a 10.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William R. Mcdermott sold 2,050 shares of the business’s stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the completion of the sale, the chief executive officer now owns 6,614 shares in the company, valued at $6,693,434.14. This represents a 23.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,716 shares of company stock worth $6,611,245 over the last ninety days. Corporate insiders own 0.38% of the company’s stock.

ServiceNow 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.