Hanson & Doremus Investment Management Cuts Stake in ServiceNow, Inc. (NYSE:NOW)

Hanson & Doremus Investment Management decreased its stake in ServiceNow, Inc. (NYSE:NOW) by 8.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 475 shares of the information technology services provider’s stock after selling 44 shares during the period. Hanson & Doremus Investment Management’s holdings in ServiceNow were worth $374,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Diversify Wealth Management LLC purchased a new position in ServiceNow in the 2nd quarter worth approximately $5,310,000. Lyell Wealth Management LP lifted its position in shares of ServiceNow by 6.4% during the second quarter. Lyell Wealth Management LP now owns 26,071 shares of the information technology services provider’s stock worth $20,509,000 after purchasing an additional 1,568 shares in the last quarter. J.W. Cole Advisors Inc. boosted its stake in shares of ServiceNow by 66.5% in the second quarter. J.W. Cole Advisors Inc. now owns 1,700 shares of the information technology services provider’s stock valued at $1,337,000 after purchasing an additional 679 shares during the period. Prosperity Consulting Group LLC grew its holdings in ServiceNow by 13.9% during the 2nd quarter. Prosperity Consulting Group LLC now owns 812 shares of the information technology services provider’s stock valued at $639,000 after purchasing an additional 99 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its stake in ServiceNow by 0.9% during the 2nd quarter. Envestnet Asset Management Inc. now owns 663,627 shares of the information technology services provider’s stock worth $522,055,000 after buying an additional 5,743 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Buying and Selling

In other ServiceNow news, insider Nicholas Tzitzon sold 1,857 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $829.68, for a total value of $1,540,715.76. Following the completion of the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,027,502.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other ServiceNow news, insider Jacqueline P. Canney sold 94 shares of the company’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $825.92, for a total value of $77,636.48. Following the transaction, the insider now owns 4,019 shares of the company’s stock, valued at $3,319,372.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Nicholas Tzitzon sold 1,857 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $829.68, for a total value of $1,540,715.76. Following the sale, the insider now owns 3,649 shares of the company’s stock, valued at approximately $3,027,502.32. The disclosure for this sale can be found here. Insiders have sold a total of 6,914 shares of company stock valued at $5,608,936 over the last three months. Company insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on NOW shares. Deutsche Bank Aktiengesellschaft upped their price objective on shares of ServiceNow from $875.00 to $900.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Robert W. Baird increased their price target on ServiceNow from $885.00 to $900.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. JMP Securities lifted their price objective on ServiceNow from $825.00 to $850.00 and gave the stock a “market outperform” rating in a report on Thursday, July 25th. Wells Fargo & Company increased their target price on ServiceNow from $920.00 to $935.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Finally, Stifel Nicolaus lifted their price target on shares of ServiceNow from $820.00 to $900.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $849.62.

ServiceNow Stock Down 0.8 %

ServiceNow stock opened at $878.95 on Friday. The company’s 50-day moving average price is $807.22 and its two-hundred day moving average price is $766.50. The stock has a market cap of $181.06 billion, a price-to-earnings ratio of 94.01, a PEG ratio of 5.25 and a beta of 0.98. ServiceNow, Inc. has a 52 week low of $527.24 and a 52 week high of $889.52. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.17.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, topping analysts’ consensus estimates of $2.85 by $0.28. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The firm had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.61 billion. During the same period in the prior year, the firm posted $0.77 earnings per share. The firm’s revenue for the quarter was up 22.2% compared to the same quarter last year. On average, analysts expect that ServiceNow, Inc. will post 6.78 EPS 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.