Canvas Wealth Advisors LLC Boosts Stock Position in ServiceNow, Inc. $NOW

Canvas Wealth Advisors LLC raised its holdings in ServiceNow, Inc. (NYSE:NOW) by 60.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 28,524 shares of the information technology services provider’s stock after purchasing an additional 10,773 shares during the period. Canvas Wealth Advisors LLC’s holdings in ServiceNow were worth $2,832,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in NOW. Covenant Asset Management LLC raised its stake in shares of ServiceNow by 169.2% in the 4th quarter. Covenant Asset Management LLC now owns 20,863 shares of the information technology services provider’s stock valued at $3,196,000 after purchasing an additional 13,114 shares in the last quarter. Norges Bank acquired a new stake in ServiceNow during the fourth quarter valued at approximately $2,020,992,000. World Investment Advisors lifted its holdings in ServiceNow by 411.7% during the 4th quarter. World Investment Advisors now owns 47,955 shares of the information technology services provider’s stock worth $7,346,000 after buying an additional 38,583 shares during the last quarter. Moors & Cabot Inc. grew its position in shares of ServiceNow by 387.7% in the 4th quarter. Moors & Cabot Inc. now owns 45,630 shares of the information technology services provider’s stock worth $6,990,000 after acquiring an additional 36,274 shares in the last quarter. Finally, Torray Investment Partners LLC increased its holdings in shares of ServiceNow by 390.5% in the 4th quarter. Torray Investment Partners LLC now owns 40,629 shares of the information technology services provider’s stock valued at $6,224,000 after acquiring an additional 32,345 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at ServiceNow

In related news, Director Paul Edward Chamberlain sold 1,500 shares of the firm’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $87.23, for a total transaction of $130,845.00. Following the completion of the transaction, the director owned 44,930 shares of the company’s stock, valued at $3,919,243.90. This trade represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Fipps sold 1,048 shares of ServiceNow stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $98.51, for a total value of $103,238.48. Following the transaction, the insider directly owned 12,072 shares in the company, valued at approximately $1,189,212.72. The trade was a 7.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 18,993 shares of company stock valued at $1,716,436. Corporate insiders own 0.34% of the company’s stock.

ServiceNow Price Performance

NYSE NOW opened at $127.51 on Wednesday. ServiceNow, Inc. has a 12 month low of $81.24 and a 12 month high of $194.73. The firm has a market capitalization of $131.85 billion, a PE ratio of 79.69, a P/E/G ratio of 2.24 and a beta of 0.94. The company’s 50 day simple moving average is $106.56 and its 200 day simple moving average is $105.74. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.70 and a quick ratio of 0.70.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.04. The firm had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $3.93 billion. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The firm’s revenue for the quarter was up 24.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.81 earnings per share. As a group, equities research analysts forecast that ServiceNow, Inc. will post 2.24 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

NOW has been the subject of a number of research reports. Morgan Stanley set a $180.00 price objective on shares of ServiceNow in a report on Tuesday, July 21st. Jefferies Financial Group reissued a “buy” rating and set a $140.00 target price (up from $135.00) on shares of ServiceNow in a report on Thursday, July 23rd. Benchmark reaffirmed a “buy” rating on shares of ServiceNow in a report on Friday, July 17th. Cantor Fitzgerald boosted their price objective on shares of ServiceNow from $122.00 to $141.00 and gave the company an “overweight” rating in a research report on Monday, July 20th. Finally, JPMorgan Chase & Co. raised their target price on shares of ServiceNow from $145.00 to $150.00 and gave the stock an “overweight” rating in a report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, two have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus target price of $143.39.

ServiceNow Profile

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.