Palumbo Wealth Management LLC Boosts Stake in ServiceNow, Inc. (NYSE:NOW)

Palumbo Wealth Management LLC boosted its holdings in ServiceNow, Inc. (NYSE:NOW) by 9.3% during the third quarter, Holdings Channel.com reports. The fund owned 847 shares of the information technology services provider’s stock after buying an additional 72 shares during the quarter. Palumbo Wealth Management LLC’s holdings in ServiceNow were worth $758,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of NOW. Creekmur Asset Management LLC purchased a new stake in ServiceNow in the first quarter valued at approximately $25,000. Versant Capital Management Inc increased its holdings in shares of ServiceNow by 466.7% in the 2nd quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock worth $27,000 after buying an additional 28 shares during the last quarter. EntryPoint Capital LLC raised its position in shares of ServiceNow by 3,900.0% during the 1st quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock valued at $30,000 after buying an additional 39 shares in the last quarter. Ridgewood Investments LLC bought a new stake in shares of ServiceNow during the 2nd quarter worth $32,000. Finally, DT Investment Partners LLC grew its position in ServiceNow by 77.3% in the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after acquiring an additional 17 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

NOW has been the topic of a number of research reports. Sanford C. Bernstein raised their price target on ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Robert W. Baird raised their price objective on ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Needham & Company LLC increased their price target on shares of ServiceNow from $900.00 to $1,075.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. Oppenheimer boosted their price objective on shares of ServiceNow from $825.00 to $1,020.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Finally, KeyCorp increased their target price on shares of ServiceNow from $1,020.00 to $1,040.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $970.33.

Insider Activity

In related news, General Counsel Russell S. Elmer sold 1,937 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $779.81, for a total value of $1,510,491.97. Following the completion of the transaction, the general counsel now directly owns 6,736 shares in the company, valued at $5,252,800.16. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other ServiceNow news, General Counsel Russell S. Elmer sold 1,937 shares of ServiceNow stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the completion of the transaction, the general counsel now owns 6,736 shares in the company, valued at approximately $5,252,800.16. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 353 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $924.96, for a total value of $326,510.88. Following the completion of the sale, the insider now directly owns 3,027 shares in the company, valued at approximately $2,799,853.92. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,467 shares of company stock worth $4,450,447. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Stock Down 1.1 %

NOW traded down $10.10 on Thursday, hitting $939.90. The company had a trading volume of 123,515 shares, compared to its average volume of 1,280,901. The stock has a fifty day simple moving average of $892.35 and a 200-day simple moving average of $801.24. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. The firm has a market capitalization of $193.62 billion, a P/E ratio of 147.87, a P/E/G ratio of 5.67 and a beta of 0.99. ServiceNow, Inc. has a 52-week low of $564.90 and a 52-week high of $979.78.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, beating analysts’ consensus estimates of $3.46 by $0.26. The company had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The firm’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.21 EPS. As a group, equities analysts expect that ServiceNow, Inc. will post 6.78 EPS for the current fiscal year.

ServiceNow Company Profile

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.