Alps Advisors Inc. Boosts Stake in ServiceNow Inc (NYSE:NOW)

Source: mayfieldrecorder.com

Alps Advisors Inc. grew its holdings in ServiceNow Inc (NYSE:NOW) by 13.9% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,554 shares of the information technology services provider’s stock after buying an additional 312 shares during the quarter. Alps Advisors Inc.’s holdings in ServiceNow were worth $701,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in NOW. Cornerstone Advisors Inc. grew its holdings in ServiceNow by 3.6% during the 2nd quarter. Cornerstone Advisors Inc. now owns 1,212 shares of the information technology services provider’s stock worth $333,000 after acquiring an additional 42 shares during the last quarter. Cigna Investments Inc. New grew its holdings in ServiceNow by 2.0% during the 1st quarter. Cigna Investments Inc. New now owns 2,652 shares of the information technology services provider’s stock worth $654,000 after acquiring an additional 53 shares during the last quarter. Bbva USA Bancshares Inc. grew its holdings in ServiceNow by 1.6% during the 2nd quarter. Bbva USA Bancshares Inc. now owns 3,286 shares of the information technology services provider’s stock worth $902,000 after acquiring an additional 53 shares during the last quarter. Sandy Spring Bank grew its holdings in ServiceNow by 118.0% during the 1st quarter. Sandy Spring Bank now owns 109 shares of the information technology services provider’s stock worth $27,000 after acquiring an additional 59 shares during the last quarter. Finally, Allred Capital Management LLC grew its holdings in ServiceNow by 3.5% during the 2nd quarter. Allred Capital Management LLC now owns 1,888 shares of the information technology services provider’s stock worth $543,000 after acquiring an additional 63 shares during the last quarter. Institutional investors own 92.80% of the company’s stock.Get ServiceNow alerts: 

In other ServiceNow news, insider David Schneider sold 3,559 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $261.77, for a total value of $931,639.43. Following the completion of the transaction, the insider now owns 42,362 shares in the company, valued at approximately $11,089,100.74. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Fay Sien Goon sold 408 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $258.36, for a total value of $105,410.88. Following the completion of the transaction, the insider now owns 41,777 shares of the company’s stock, valued at approximately $10,793,505.72. The disclosure for this sale can be found here. Insiders have sold a total of 117,767 shares of company stock valued at $32,081,327 in the last quarter. 1.00% of the stock is owned by corporate insiders.A number of analysts recently weighed in on the stock. BTIG Research reiterated a “buy” rating and issued a $320.00 price target on shares of ServiceNow in a research report on Thursday, July 25th. Jefferies Financial Group raised their target price on shares of ServiceNow from $285.00 to $330.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Raymond James raised their price target on shares of ServiceNow from $340.00 to $342.00 and gave the stock a “strong-buy” rating in a research note on Thursday, July 25th. Credit Suisse Group raised their price target on shares of ServiceNow from $280.00 to $300.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Finally, UBS Group raised their target price on shares of ServiceNow to $332.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Four analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $292.34.

NYSE NOW traded down $6.12 on Friday, reaching $263.50. The company had a trading volume of 1,285,146 shares, compared to its average volume of 1,433,823. The stock has a market capitalization of $50.55 billion, a P/E ratio of 1,317.50, a P/E/G ratio of 22.66 and a beta of 1.34. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.54. The company’s fifty day moving average is $269.27 and its 200 day moving average is $262.62. ServiceNow Inc has a 52-week low of $147.63 and a 52-week high of $303.17.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. The firm had revenue of $833.90 million during the quarter, compared to the consensus estimate of $831.50 million. ServiceNow had a return on equity of 4.29% and a net margin of 0.09%. The business’s revenue for the quarter was up 32.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.49 EPS. On average, research analysts expect that ServiceNow Inc will post 0.43 EPS for the current year.

About ServiceNow

ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers information technology (IT) service management applications, as well as digital workflow products for customer service, human resources, security operations, integrated risk management, and other enterprise departments.