Griffin Asset Management Inc. increased its position in ServiceNow, Inc. (NYSE:NOW – Get Rating) by 7.3% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 527 shares of the information technology services provider’s stock after purchasing an additional 36 shares during the period. Griffin Asset Management Inc.’s holdings in ServiceNow were worth $293,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Chilton Capital Management LLC acquired a new position in ServiceNow in the fourth quarter worth about $25,000. AHL Investment Management Inc. acquired a new position in ServiceNow in the fourth quarter worth about $35,000. Lee Financial Co grew its stake in ServiceNow by 671.4% in the fourth quarter. Lee Financial Co now owns 54 shares of the information technology services provider’s stock worth $35,000 after purchasing an additional 47 shares in the last quarter. Delos Wealth Advisors LLC acquired a new position in ServiceNow in the fourth quarter worth about $40,000. Finally, Maryland Capital Advisors Inc. acquired a new position in ServiceNow in the fourth quarter worth about $53,000. Institutional investors and hedge funds own 87.20% of the company’s stock.
NYSE NOW opened at $458.65 on Thursday. The stock has a market capitalization of $91.94 billion, a P/E ratio of 416.95, a P/E/G ratio of 9.23 and a beta of 1.09. ServiceNow, Inc. has a 1 year low of $406.47 and a 1 year high of $707.60. The business’s fifty day moving average is $465.30 and its two-hundred day moving average is $536.86. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.12 and a current ratio of 1.12.
In other ServiceNow news, Director Frederic B. Luddy sold 707 shares of the company’s stock in a transaction on Wednesday, June 8th. The stock was sold at an average price of $501.92, for a total value of $354,857.44. Following the transaction, the director now owns 660 shares of the company’s stock, valued at $331,267.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Chirantan Jitendra Desai sold 7,000 shares of the company’s stock in a transaction on Friday, May 27th. The shares were sold at an average price of $477.52, for a total value of $3,342,640.00. Following the completion of the transaction, the chief operating officer now directly owns 38,980 shares in the company, valued at approximately $18,613,729.60. The disclosure for this sale can be found here. Insiders sold 18,470 shares of company stock worth $9,406,060 in the last ninety days. 0.28% of the stock is owned by corporate insiders.
NOW has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft decreased their target price on ServiceNow from $700.00 to $680.00 in a research note on Thursday, April 28th. Barclays decreased their target price on ServiceNow from $652.00 to $613.00 in a research note on Thursday, April 28th. Stifel Nicolaus decreased their target price on ServiceNow from $650.00 to $550.00 in a research note on Wednesday, May 25th. Piper Sandler decreased their target price on ServiceNow from $650.00 to $600.00 and set an “overweight” rating for the company in a research note on Wednesday, May 25th. Finally, Royal Bank of Canada decreased their target price on ServiceNow from $700.00 to $660.00 and set an “outperform” rating for the company in a research note on Monday, April 25th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $640.70.
About ServiceNow (Get Rating)
ServiceNow, Inc provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide. It operates the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.
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