Verus Capital Partners LLC Purchases New Position in ServiceNow, Inc. (NYSE:NOW)

Verus Capital Partners LLC purchased a new stake in ServiceNow, Inc. (NYSE:NOW) in the third quarter, Holdings Channel reports. The firm purchased 241 shares of the information technology services provider’s stock, valued at approximately $216,000.

Several other hedge funds have also recently made changes to their positions in NOW. Quent Capital LLC increased its position in shares of ServiceNow by 4.1% in the 1st quarter. Quent Capital LLC now owns 770 shares of the information technology services provider’s stock valued at $587,000 after acquiring an additional 30 shares during the period. Avantax Advisory Services Inc. lifted its stake in ServiceNow by 20.8% in the 1st quarter. Avantax Advisory Services Inc. now owns 4,210 shares of the information technology services provider’s stock valued at $3,209,000 after buying an additional 724 shares in the last quarter. Kingsview Wealth Management LLC lifted its stake in ServiceNow by 7.4% in the 1st quarter. Kingsview Wealth Management LLC now owns 2,568 shares of the information technology services provider’s stock valued at $1,958,000 after buying an additional 178 shares in the last quarter. Leo Wealth LLC lifted its stake in ServiceNow by 11.4% in the 1st quarter. Leo Wealth LLC now owns 731 shares of the information technology services provider’s stock valued at $561,000 after buying an additional 75 shares in the last quarter. Finally, RFP Financial Group LLC lifted its stake in ServiceNow by 264.3% in the 1st quarter. RFP Financial Group LLC now owns 51 shares of the information technology services provider’s stock valued at $39,000 after buying an additional 37 shares in the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Stock Performance

NYSE:NOW opened at $1,045.53 on Thursday. The company has a fifty day simple moving average of $920.45 and a two-hundred day simple moving average of $818.12. The company has a market cap of $215.38 billion, a price-to-earnings ratio of 162.60, a price-to-earnings-growth ratio of 6.02 and a beta of 0.98. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,061.66.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Truist Financial raised their price target on shares of ServiceNow from $780.00 to $900.00 and gave the company a “hold” rating in a research note on Wednesday, October 23rd. Stifel Nicolaus raised their target price 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. UBS Group raised their target price on shares of ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Barclays raised their target price on shares of ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Finally, KeyCorp raised their target price on shares of ServiceNow from $1,020.00 to $1,040.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $974.04.

Insider Activity at ServiceNow

In related news, insider Jacqueline P. Canney sold 94 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $825.92, for a total value of $77,636.48. Following the completion of the sale, the insider now directly owns 4,019 shares of the company’s stock, valued at $3,319,372.48. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other ServiceNow news, insider Jacqueline P. Canney sold 353 shares of ServiceNow stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total value of $326,510.88. Following the transaction, the insider now directly owns 3,027 shares in the company, valued at approximately $2,799,853.92. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 94 shares of ServiceNow stock in a transaction on Monday, August 19th. The shares were sold at an average price of $825.92, for a total transaction of $77,636.48. Following the completion of the transaction, the insider now owns 4,019 shares in the company, valued at approximately $3,319,372.48. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,259 shares of company stock valued at $4,955,741 over the last ninety days. Insiders own 0.25% of the company’s stock.

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.