Trifecta Capital Advisors LLC Buys New Shares in ServiceNow, Inc. $NOW

Trifecta Capital Advisors LLC purchased a new stake in ServiceNow, Inc. (NYSE:NOW) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 40,819 shares of the information technology services provider’s stock, valued at approximately $4,053,000.

A number of other large investors also recently modified their holdings of the business. Wealth Watch Advisors INC acquired a new stake in shares of ServiceNow in the third quarter valued at about $29,000. Kelleher Financial Advisors acquired a new position in ServiceNow during the third quarter valued at approximately $50,000. Pin Oak Investment Advisors Inc. boosted its position in ServiceNow by 20.7% during the third quarter. Pin Oak Investment Advisors Inc. now owns 134 shares of the information technology services provider’s stock valued at $123,000 after purchasing an additional 23 shares during the last quarter. Jupiter Wealth Management LLC bought a new position in ServiceNow in the second quarter valued at approximately $154,000. Finally, CBIZ Investment Advisory Services LLC grew its stake in ServiceNow by 540.0% in the fourth quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider’s stock valued at $25,000 after purchasing an additional 135 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at ServiceNow

In related news, insider Paul Fipps sold 1,048 shares of ServiceNow stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $98.51, for a total transaction of $103,238.48. Following the completion of the sale, the insider owned 12,072 shares of the company’s stock, valued at approximately $1,189,212.72. The trade was a 7.99% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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. Insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. CLSA began coverage on ServiceNow in a research note on Monday, July 20th. They set an “underperform” rating and a $72.00 price objective on the stock. Capital One Financial raised their target price on shares of ServiceNow from $105.00 to $120.00 and gave the company an “overweight” rating in a research note on Tuesday, May 5th. FBN Securities lowered their target price on shares of ServiceNow from $160.00 to $120.00 in a report on Thursday, April 23rd. Citizens Jmp reaffirmed a “market outperform” rating and set a $157.00 price target on shares of ServiceNow in a research report on Tuesday, May 5th. Finally, TD Cowen reissued a “buy” rating and issued a $140.00 price objective on shares of ServiceNow in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and a consensus target price of $143.76.

ServiceNow Stock Down 2.5%

NOW opened at $124.08 on Friday. The stock’s fifty day simple moving average is $107.08 and its 200 day simple moving average is $105.80. ServiceNow, Inc. has a 1-year low of $81.24 and a 1-year high of $194.73. The stock has a market cap of $128.29 billion, a PE ratio of 77.55, a price-to-earnings-growth ratio of 2.24 and a beta of 0.94. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.43.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, July 22nd. The information technology services provider reported $0.90 EPS 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 analysts’ expectations of $3.93 billion. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The company’s revenue for the quarter was up 24.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.81 earnings per share. As a group, research analysts expect that ServiceNow, Inc. will post 2.24 earnings per share for the current year.

About ServiceNow

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.