Empirical Asset Management LLC Acquires Shares of 206,218 ServiceNow, Inc. (NYSE:NOW)

Empirical Asset Management LLC bought a new position in shares of ServiceNow, Inc. (NYSE:NOW) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 206,218 shares of the information technology services provider’s stock, valued at approximately $218,616,000. ServiceNow accounts for about 6.4% of Empirical Asset Management LLC’s holdings, making the stock its largest holding.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in NOW. Redhawk Wealth Advisors Inc. increased its stake in ServiceNow by 2.2% in the 4th quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $487,000 after buying an additional 10 shares during the period. Catalyst Financial Partners LLC increased its stake in shares of ServiceNow by 1.0% during the third quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider’s stock worth $1,025,000 after acquiring an additional 11 shares during the period. First Affirmative Financial Network raised its holdings in ServiceNow by 1.4% during the third quarter. First Affirmative Financial Network now owns 895 shares of the information technology services provider’s stock worth $801,000 after purchasing an additional 12 shares in the last quarter. Capital Advisors Ltd. LLC lifted its position in ServiceNow by 14.6% in the third quarter. Capital Advisors Ltd. LLC now owns 94 shares of the information technology services provider’s stock valued at $84,000 after purchasing an additional 12 shares during the period. Finally, BluePointe Capital Management LLC lifted its position in ServiceNow by 0.6% in the third quarter. BluePointe Capital Management LLC now owns 2,014 shares of the information technology services provider’s stock valued at $1,801,000 after purchasing an additional 12 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Scotiabank began coverage on ServiceNow in a research note on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 target price for the company. StockNews.com raised ServiceNow from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. UBS Group boosted their target price on shares of ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Needham & Company LLC increased their price target on shares of ServiceNow from $1,075.00 to $1,150.00 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, Morgan Stanley downgraded shares of ServiceNow from an “overweight” rating to an “equal weight” rating and boosted their price objective for the stock from $900.00 to $960.00 in a report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $1,071.39.

ServiceNow Stock Performance

NYSE:NOW opened at $1,057.20 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. The firm has a market cap of $217.78 billion, a PE ratio of 164.42, a P/E/G ratio of 4.65 and a beta of 0.99. The firm has a 50 day simple moving average of $1,067.55 and a 200-day simple moving average of $928.41. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,157.90.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, beating the consensus estimate of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The company had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.75 billion. During the same period in the previous year, the firm posted $1.21 EPS. ServiceNow’s revenue was up 22.2% on a year-over-year basis. On average, equities analysts expect that ServiceNow, Inc. will post 7.07 EPS for the current year.

Insider Activity at ServiceNow

In other ServiceNow news, insider Nicholas Tzitzon sold 313 shares of ServiceNow stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total value of $333,219.80. Following the completion of the sale, the insider now owns 3,649 shares in the company, valued at $3,884,725.40. The trade was a 7.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William R. Mcdermott sold 12,271 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the transaction, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,588,953.65. The trade was a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,276 shares of company stock worth $20,535,115. 0.25% of the stock is currently owned by insiders.

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.