Morningstar Investment Management LLC Grows Stock Position in ServiceNow, Inc. $NOW

Morningstar Investment Management LLC boosted its stake in ServiceNow, Inc. (NYSE:NOW) by 176.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,975 shares of the information technology services provider’s stock after acquiring an additional 10,199 shares during the quarter. Morningstar Investment Management LLC’s holdings in ServiceNow were worth $2,447,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. IAG Wealth Partners LLC boosted its holdings in ServiceNow by 200.0% in the 3rd quarter. IAG Wealth Partners LLC now owns 27 shares of the information technology services provider’s stock worth $25,000 after acquiring an additional 18 shares during the period. Wealth Watch Advisors INC purchased a new position in ServiceNow in the 3rd quarter worth approximately $29,000. Texas Capital Bancshares Inc TX purchased a new position in ServiceNow in the 3rd quarter worth approximately $37,000. Ameriflex Group Inc. boosted its holdings in ServiceNow by 187.5% in the 3rd quarter. Ameriflex Group Inc. now owns 46 shares of the information technology services provider’s stock worth $42,000 after acquiring an additional 30 shares during the period. Finally, Kelleher Financial Advisors purchased a new position in ServiceNow in the 3rd quarter worth approximately $50,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Performance

Shares of NOW opened at $102.13 on Tuesday. The business’s 50 day moving average is $98.53 and its two-hundred day moving average is $125.20. ServiceNow, Inc. has a 52-week low of $81.24 and a 52-week high of $211.48. The firm has a market cap of $105.29 billion, a price-to-earnings ratio of 60.86, a PEG ratio of 1.85 and a beta of 0.82. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.13.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.97. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The company had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.75 billion. During the same period in the prior year, the company posted $0.81 EPS. ServiceNow’s quarterly revenue was up 22.1% on a year-over-year basis. Analysts forecast that ServiceNow, Inc. will post 2.35 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on NOW. DA Davidson restated a “buy” rating and issued a $190.00 price target on shares of ServiceNow in a report on Tuesday, May 5th. Wolfe Research set a $125.00 price target on ServiceNow in a report on Thursday, April 23rd. Wells Fargo & Company decreased their price target on ServiceNow from $185.00 to $160.00 and set an “overweight” rating for the company in a report on Thursday, April 23rd. BTIG Research restated a “buy” rating and issued a $150.00 price target on shares of ServiceNow in a report on Monday, May 4th. Finally, Bank of America began coverage on ServiceNow in a report on Monday, May 18th. They issued a “buy” rating and a $130.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $141.85.

Insiders Place Their Bets

In other ServiceNow news, Director Paul Edward Chamberlain sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $87.23, for a total value of $130,845.00. Following the transaction, the director directly owned 44,930 shares of the company’s stock, valued at $3,919,243.90. This represents a 3.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Anita M. Sands sold 16,445 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $90.14, for a total value of $1,482,352.30. Following the completion of the transaction, the director directly owned 30,090 shares in the company, valued at approximately $2,712,312.60. The trade was a 35.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 28,071 shares of company stock valued at $2,529,956. Company insiders own 0.34% of the company’s stock.

ServiceNow Company 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.