Cascade Investment Group Inc. Makes New $284,000 Investment in ServiceNow, Inc. (NYSE:NOW)

Cascade Investment Group Inc. acquired a new position in ServiceNow, Inc. (NYSE:NOW) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 318 shares of the information technology services provider’s stock, valued at approximately $284,000.

Other hedge funds have also recently added to or reduced their stakes in the company. ERn Financial LLC bought a new stake in ServiceNow in the third quarter valued at $224,000. First United Bank & Trust lifted its stake in ServiceNow by 370.0% in the third quarter. First United Bank & Trust now owns 470 shares of the information technology services provider’s stock valued at $420,000 after buying an additional 370 shares during the last quarter. Regatta Capital Group LLC lifted its stake in ServiceNow by 363.9% in the third quarter. Regatta Capital Group LLC now owns 1,234 shares of the information technology services provider’s stock valued at $1,104,000 after buying an additional 968 shares during the last quarter. Magnus Financial Group LLC lifted its stake in ServiceNow by 4.8% in the third quarter. Magnus Financial Group LLC now owns 484 shares of the information technology services provider’s stock valued at $433,000 after buying an additional 22 shares during the last quarter. Finally, Luts & Greenleigh Group Inc. bought a new stake in ServiceNow in the third quarter valued at $254,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on NOW. JPMorgan Chase & Co. raised their target price on ServiceNow from $780.00 to $820.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. TD Cowen raised their target price on ServiceNow from $870.00 to $900.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of ServiceNow from $875.00 to $900.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. JMP Securities lifted their price objective on shares of ServiceNow from $825.00 to $850.00 and gave the company a “market outperform” rating in a research note on Thursday, July 25th. Finally, BMO Capital Markets lifted their price objective on shares of ServiceNow from $860.00 to $1,025.00 and gave the company an “outperform” rating in a research note on Thursday, October 10th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $880.04.

ServiceNow Price Performance

ServiceNow stock opened at $927.96 on Wednesday. The firm has a market capitalization of $190.23 billion, a P/E ratio of 99.25, a PEG ratio of 5.63 and a beta of 0.99. ServiceNow, Inc. has a 1 year low of $527.24 and a 1 year high of $949.59. The business has a 50-day moving average of $867.13 and a 200-day moving average of $788.88. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.17.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.85 by $0.28. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The company had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.61 billion. During the same period in the previous year, the company earned $0.77 EPS. The company’s revenue for the quarter was up 22.2% compared to the same quarter last year. On average, equities analysts anticipate that ServiceNow, Inc. will post 6.78 EPS for the current year.

Insider Activity

In other news, insider Paul John Smith sold 187 shares of ServiceNow stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $795.58, for a total transaction of $148,773.46. Following the transaction, the insider now owns 3,779 shares in the company, valued at $3,006,496.82. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other ServiceNow news, insider Jacqueline P. Canney sold 94 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $825.92, for a total value of $77,636.48. Following the sale, the insider now owns 4,019 shares in the company, valued at approximately $3,319,372.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Paul John Smith sold 187 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $795.58, for a total value of $148,773.46. Following the completion of the sale, the insider now owns 3,779 shares in the company, valued at $3,006,496.82. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,914 shares of company stock worth $5,608,936 in the last 90 days. Corporate insiders own 0.25% 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.