Magnus Financial Group LLC Raises Stake in ServiceNow, Inc. (NYSE:NOW)

Magnus Financial Group LLC raised its position in ServiceNow, Inc. (NYSE:NOW) by 6.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 513 shares of the information technology services provider’s stock after purchasing an additional 29 shares during the period. Magnus Financial Group LLC’s holdings in ServiceNow were worth $544,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Truvestments Capital LLC purchased a new stake in ServiceNow during the 3rd quarter worth about $30,000. DT Investment Partners LLC boosted its holdings in ServiceNow by 77.3% in the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after purchasing an additional 17 shares in the last quarter. Oakworth Capital Inc. increased its stake in ServiceNow by 46.7% in the third quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after purchasing an additional 14 shares during the last quarter. Semmax Financial Advisors Inc. purchased a new position in ServiceNow in the second quarter valued at approximately $39,000. Finally, Dunhill Financial LLC raised its holdings in ServiceNow by 70.0% during the third quarter. Dunhill Financial LLC now owns 51 shares of the information technology services provider’s stock worth $46,000 after purchasing an additional 21 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on NOW shares. Stifel Nicolaus lifted their price target on shares of ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Barclays lifted their target price on ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. StockNews.com upgraded ServiceNow from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th. Wells Fargo & Company increased their price objective on ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Finally, Morgan Stanley lowered shares of ServiceNow from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $900.00 to $960.00 in a research 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 two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $1,093.34.

ServiceNow Stock Performance

NYSE:NOW opened at $1,125.39 on Thursday. The firm’s fifty day simple moving average is $1,071.36 and its 200-day simple moving average is $937.32. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. The stock has a market cap of $231.83 billion, a PE ratio of 175.02, a price-to-earnings-growth ratio of 4.98 and a beta of 0.99. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,157.90.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, topping the consensus estimate of $3.46 by $0.26. The company had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.75 billion. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The firm’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.21 earnings per share. Analysts expect that ServiceNow, Inc. will post 7.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO William R. Mcdermott sold 12,271 shares of the business’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total value of $12,242,408.57. Following the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,588,953.65. The trade was a 82.54 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jeffrey A. Miller sold 2,879 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the transaction, the director now owns 42,920 shares of the company’s stock, valued at $43,740,630.40. This trade represents a 6.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,731 shares of company stock worth $21,016,751 in the last quarter. Company 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.