Delta Investment Management LLC Raises Stake in ServiceNow, Inc. (NYSE:NOW)

Delta Investment Management LLC raised its stake in ServiceNow, Inc. (NYSE:NOW) by 13.5% in the 4th quarter, Holdings Channel reports. The institutional investor owned 461 shares of the information technology services provider’s stock after buying an additional 55 shares during the period. Delta Investment Management LLC’s holdings in ServiceNow were worth $326,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in NOW. AdvisorNet Financial Inc grew its holdings in shares of ServiceNow by 266.7% during the 4th quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider’s stock worth $31,000 after purchasing an additional 32 shares during the period. PFG Private Wealth Management LLC purchased a new position in shares of ServiceNow during the 3rd quarter worth $28,000. Disciplined Equity Management Inc. purchased a new position in shares of ServiceNow during the 4th quarter worth $35,000. Fortitude Family Office LLC purchased a new position in shares of ServiceNow during the 4th quarter worth $41,000. Finally, Oliver Lagore Vanvalin Investment Group grew its holdings in shares of ServiceNow by 30.4% during the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 60 shares of the information technology services provider’s stock worth $42,000 after purchasing an additional 14 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at ServiceNow

In related news, CEO William R. Mcdermott sold 5,030 shares of ServiceNow stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total value of $3,787,992.40. Following the sale, the chief executive officer now directly owns 17,177 shares in the company, valued at $12,935,655.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO William R. Mcdermott sold 5,030 shares of ServiceNow stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the completion of the transaction, the chief executive officer now directly owns 17,177 shares of the company’s stock, valued at $12,935,655.16. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Paul John Smith sold 5,159 shares of ServiceNow stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $745.32, for a total value of $3,845,105.88. Following the transaction, the insider now directly owns 5,453 shares of the company’s stock, valued at $4,064,229.96. The disclosure for this sale can be found here. Insiders have sold a total of 13,164 shares of company stock worth $9,940,303 over the last three months. 0.25% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. JMP Securities reissued a “market outperform” rating and set a $825.00 target price on shares of ServiceNow in a research note on Tuesday. Stifel Nicolaus reissued a “buy” rating and set a $820.00 target price on shares of ServiceNow in a research note on Wednesday, March 20th. Royal Bank of Canada increased their target price on ServiceNow from $840.00 to $850.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. Citigroup increased their target price on ServiceNow from $896.00 to $906.00 and gave the stock a “buy” rating in a research note on Thursday, April 18th. Finally, Wells Fargo & Company increased their price target on ServiceNow from $875.00 to $900.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Four research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. According to MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and a consensus target price of $782.85.

ServiceNow Stock Performance

Shares of NOW stock traded up $7.30 during midday trading on Friday, hitting $723.55. The company had a trading volume of 1,445,884 shares, compared to its average volume of 1,087,368. The company’s 50 day simple moving average is $759.21 and its 200 day simple moving average is $707.90. ServiceNow, Inc. has a 52-week low of $427.68 and a 52-week high of $815.32. The stock has a market cap of $148.60 billion, a price-to-earnings ratio of 77.32, a PEG ratio of 4.53 and a beta of 0.97. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.05 and a quick ratio of 1.06.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share for the quarter, beating the consensus estimate of $2.77 by $0.34. ServiceNow had a return on equity of 13.59% and a net margin of 20.34%. The company had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.40 billion. During the same period last year, the business posted $0.88 EPS. The company’s revenue was up 25.6% on a year-over-year basis. Research analysts anticipate that ServiceNow, Inc. will post 6.16 earnings per share for the current fiscal year.

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.