Convergence Financial LLC Grows Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Convergence Financial LLC lifted its position in shares of ServiceNow, Inc. (NYSE:NOW) by 51.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,002 shares of the information technology services provider’s stock after purchasing an additional 676 shares during the period. Convergence Financial LLC’s holdings in ServiceNow were worth $1,791,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of NOW. First Affirmative Financial Network lifted its holdings in ServiceNow by 1.4% in the 3rd quarter. First Affirmative Financial Network now owns 895 shares of the information technology services provider’s stock worth $801,000 after buying an additional 12 shares during the period. Morling Financial Advisors LLC lifted its stake in ServiceNow by 2.5% in the second quarter. Morling Financial Advisors LLC now owns 527 shares of the information technology services provider’s stock worth $415,000 after acquiring an additional 13 shares during the period. CX Institutional lifted its stake in ServiceNow by 1.2% in the third quarter. CX Institutional now owns 1,089 shares of the information technology services provider’s stock worth $974,000 after acquiring an additional 13 shares during the period. Optas LLC increased its position in ServiceNow by 1.7% during the 1st quarter. Optas LLC now owns 815 shares of the information technology services provider’s stock valued at $621,000 after purchasing an additional 14 shares during the period. Finally, Cedar Wealth Management LLC increased its position in ServiceNow by 5.5% during the 1st quarter. Cedar Wealth Management LLC now owns 268 shares of the information technology services provider’s stock valued at $204,000 after purchasing an additional 14 shares during the period. 87.18% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

NOW has been the topic of a number of research reports. Oppenheimer lifted their target price on shares of ServiceNow from $825.00 to $1,020.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. TD Cowen lifted their price objective on ServiceNow from $900.00 to $1,000.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Jefferies Financial Group increased their target price on ServiceNow from $900.00 to $1,100.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Sanford C. Bernstein lifted their price target on ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Wells Fargo & Company increased their price objective on ServiceNow from $1,025.00 to $1,050.00 and gave the stock an “overweight” rating in a report on Thursday. One 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’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $970.33.

Insiders Place Their Bets

In other news, General Counsel Russell S. Elmer sold 1,937 shares of the stock in a transaction that occurred 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 transaction, the general counsel now owns 6,736 shares in the company, valued at $5,252,800.16. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, General Counsel Russell S. Elmer sold 1,937 shares of ServiceNow stock in a transaction 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 transaction, the general counsel now 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 SEC, which is available through this hyperlink. Also, insider Paul John Smith sold 187 shares of the company’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $795.58, for a total value of $148,773.46. Following the completion of the sale, the insider now owns 3,779 shares of the company’s stock, valued at $3,006,496.82. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,467 shares of company stock valued at $4,450,447. Insiders own 0.25% of the company’s stock.

ServiceNow Price Performance

NYSE NOW opened at $950.85 on Friday. ServiceNow, Inc. has a one year low of $548.44 and a one year high of $979.78. The stock has a 50-day moving average of $883.09 and a 200 day moving average of $796.21. 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 company has a market capitalization of $195.88 billion, a price-to-earnings ratio of 171.94, a PEG ratio of 5.04 and a beta of 0.99.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.46 by $0.26. The company had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The firm’s quarterly revenue was up 22.2% on a year-over-year basis. During the same quarter last year, the company posted $1.21 earnings per share. On average, sell-side analysts forecast that ServiceNow, Inc. will post 7.41 EPS for the current 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.