Spirit of America Management Corp NY Boosts Stock Position in ServiceNow, Inc. (NYSE:NOW)

by · The Markets Daily

Spirit of America Management Corp NY raised its holdings in shares of ServiceNow, Inc. (NYSE:NOW – Free Report) by 4.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,130 shares of the information technology services provider’s stock after purchasing an additional 50 shares during the quarter. Spirit of America Management Corp NY’s holdings in ServiceNow were worth $1,011,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in NOW. M&G Plc purchased a new position in ServiceNow in the first quarter worth about $11,030,000. AXA S.A. lifted its position in ServiceNow by 1.1% in the second quarter. AXA S.A. now owns 387,344 shares of the information technology services provider’s stock worth $304,712,000 after buying an additional 4,271 shares during the last quarter. HWG Holdings LP purchased a new position in ServiceNow during the second quarter worth $2,679,000. New Mexico Educational Retirement Board increased its position in ServiceNow by 9.4% during the first quarter. New Mexico Educational Retirement Board now owns 11,650 shares of the information technology services provider’s stock valued at $8,882,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its stake in shares of ServiceNow by 375.6% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,365 shares of the information technology services provider’s stock valued at $1,041,000 after acquiring an additional 1,078 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Trading Up 5.4 %

ServiceNow stock opened at $956.40 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12. The stock has a market cap of $197.02 billion, a PE ratio of 172.95, a price-to-earnings-growth ratio of 5.04 and a beta of 0.99. The stock has a 50-day moving average of $880.60 and a two-hundred day moving average of $795.09. ServiceNow, Inc. has a one year low of $527.24 and a one year high of $979.78.

ServiceNow (NYSE:NOW – Get Free Report) last announced its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, beating the consensus estimate of $3.46 by $0.26. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The firm had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.75 billion. During the same period last year, the firm posted $1.21 EPS. ServiceNow’s revenue was up 22.2% on a year-over-year basis. On average, research analysts anticipate that ServiceNow, Inc. will post 7.41 EPS for the current fiscal year.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,937 shares of ServiceNow stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the completion of the sale, the general counsel now directly owns 6,736 shares in the company, valued at approximately $5,252,800.16. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other ServiceNow news, General Counsel Russell S. Elmer sold 1,937 shares of the company’s stock in a transaction on 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 sale, the general counsel now directly owns 6,736 shares of the company’s stock, valued at approximately $5,252,800.16. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul Edward Chamberlain sold 135 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $822.00, for a total value of $110,970.00. Following the completion of the transaction, the director now directly owns 10,767 shares of the company’s stock, valued at approximately $8,850,474. This trade represents a 0.00 % decrease in their position. 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. 0.25% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. BMO Capital Markets upped their price target on shares of ServiceNow from $860.00 to $1,025.00 and gave the company an “outperform” rating in a report on Thursday, October 10th. Evercore ISI upped their target price on ServiceNow from $950.00 to $1,000.00 and gave the company an “outperform” rating in a research note on Thursday. Citigroup raised their price target on ServiceNow from $915.00 to $1,068.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Mizuho upped their price objective on ServiceNow from $850.00 to $980.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Finally, KeyCorp lifted their target price on ServiceNow from $1,020.00 to $1,040.00 and gave the stock an “overweight” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus price target of $970.22.

View Our Latest Research Report on ServiceNow

ServiceNow Company Profile

(Free Report)

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.

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