Kennicott Capital Management LLC Takes $377,000 Position in ServiceNow, Inc. (NYSE:NOW)

Kennicott Capital Management LLC purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 534 shares of the information technology services provider’s stock, valued at approximately $377,000.

A number of other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of ServiceNow by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 17,753,781 shares of the information technology services provider’s stock worth $9,923,653,000 after buying an additional 122,577 shares in the last quarter. FMR LLC increased its holdings in ServiceNow by 17.3% in the 3rd quarter. FMR LLC now owns 4,036,796 shares of the information technology services provider’s stock worth $2,256,407,000 after purchasing an additional 595,697 shares in the last quarter. Jennison Associates LLC increased its holdings in ServiceNow by 2.2% in the 4th quarter. Jennison Associates LLC now owns 2,521,190 shares of the information technology services provider’s stock worth $1,781,195,000 after purchasing an additional 53,719 shares in the last quarter. Northern Trust Corp increased its holdings in ServiceNow by 1.8% in the 3rd quarter. Northern Trust Corp now owns 2,202,293 shares of the information technology services provider’s stock worth $1,230,994,000 after purchasing an additional 39,259 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in ServiceNow by 3.4% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,200,720 shares of the information technology services provider’s stock worth $1,230,114,000 after purchasing an additional 72,570 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Up 2.6 %

Shares of NOW stock traded up $19.00 during trading hours on Tuesday, reaching $740.95. The company had a trading volume of 1,056,076 shares, compared to its average volume of 1,178,383. ServiceNow, Inc. has a 12 month low of $427.68 and a 12 month high of $815.32. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.06 and a quick ratio of 1.06. The business has a fifty day simple moving average of $762.24 and a 200-day simple moving average of $706.46. The company has a market cap of $152.18 billion, a price-to-earnings ratio of 88.10, a price-to-earnings-growth ratio of 4.51 and a beta of 0.97.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share for the quarter, beating analysts’ consensus estimates of $2.77 by $0.34. ServiceNow had a return on equity of 11.85% and a net margin of 19.30%. The company had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.40 billion. During the same quarter last year, the company earned $0.88 earnings per share. The company’s revenue for the quarter was up 25.6% on a year-over-year basis. On average, research analysts expect that ServiceNow, Inc. will post 6.16 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In related news, insider Paul John Smith sold 1,180 shares of the stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $767.12, for a total transaction of $905,201.60. Following the completion of the sale, the insider now directly owns 1,392 shares of the company’s stock, valued at $1,067,831.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other ServiceNow 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul John Smith sold 1,180 shares of the firm’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $767.12, for a total value of $905,201.60. Following the completion of the sale, the insider now directly owns 1,392 shares of the company’s stock, valued at $1,067,831.04. The disclosure for this sale can be found here. Over the last three months, insiders sold 13,164 shares of company stock valued at $9,940,303. 0.25% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on NOW. The Goldman Sachs Group upped their target price on ServiceNow from $800.00 to $910.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. UBS Group increased their price target on ServiceNow from $885.00 to $920.00 and gave the company a “buy” rating in a research note on Monday, April 15th. Wells Fargo & Company increased their price target on ServiceNow from $875.00 to $900.00 and gave the company an “overweight” rating in a research note on Tuesday, April 16th. Mizuho increased their price target on ServiceNow from $750.00 to $820.00 and gave the company a “buy” rating in a research note on Thursday, January 25th. Finally, KeyCorp assumed coverage on ServiceNow in a research note on Thursday, March 21st. They issued an “overweight” rating and a $1,000.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and an average target price of $780.37.

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.