Independent Advisor Alliance Has $6.05 Million Stock Position in ServiceNow, Inc. (NYSE:NOW)

Independent Advisor Alliance grew its holdings in ServiceNow, Inc. (NYSE:NOW) by 16.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,769 shares of the information technology services provider’s stock after purchasing an additional 957 shares during the period. Independent Advisor Alliance’s holdings in ServiceNow were worth $6,054,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. International Assets Investment Management LLC boosted its stake in shares of ServiceNow by 89,137.0% during the 3rd quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock worth $1,059,912,000 after buying an additional 1,183,739 shares during the last quarter. Swedbank AB acquired a new position in ServiceNow during the first quarter valued at approximately $897,908,000. AustralianSuper Pty Ltd acquired a new position in ServiceNow during the second quarter valued at approximately $218,786,000. Canada Pension Plan Investment Board increased its position in shares of ServiceNow by 59.4% during the 2nd quarter. Canada Pension Plan Investment Board now owns 635,919 shares of the information technology services provider’s stock worth $500,258,000 after purchasing an additional 237,086 shares during the last quarter. Finally, abrdn plc raised its stake in shares of ServiceNow by 110.2% during the 3rd quarter. abrdn plc now owns 442,382 shares of the information technology services provider’s stock worth $392,477,000 after purchasing an additional 231,900 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

Insider Activity

In other ServiceNow news, insider Jacqueline P. Canney sold 76 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $1,010.94, for a total transaction of $76,831.44. Following the completion of the sale, the insider now directly owns 3,027 shares in the company, valued at approximately $3,060,115.38. This trade represents a 2.45 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Russell S. Elmer sold 81 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $1,016.54, for a total value of $82,339.74. Following the transaction, the general counsel now owns 6,843 shares in the company, valued at $6,956,183.22. The trade was a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,787 shares of company stock valued at $17,841,028. Company insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

NOW has been the topic of a number of recent analyst reports. StockNews.com upgraded shares of ServiceNow from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. Mizuho raised their target price on shares of ServiceNow from $980.00 to $1,070.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Jefferies Financial Group upped their price objective on ServiceNow from $900.00 to $1,100.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Truist Financial boosted their target price on ServiceNow from $780.00 to $900.00 and gave the stock a “hold” rating in a report on Wednesday, October 23rd. Finally, Robert W. Baird raised their price target on ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $986.39.

ServiceNow Stock Performance

Shares of NOW stock opened at $1,060.60 on Monday. The firm has a market capitalization of $218.48 billion, a price-to-earnings ratio of 164.95, a PEG ratio of 6.09 and a beta of 0.98. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. The business’s 50-day moving average price is $948.53 and its 200-day moving average price is $836.29. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,064.59.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, topping the consensus estimate of $3.46 by $0.26. The business had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.75 billion. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The firm’s revenue was up 22.2% compared to the same quarter last year. During the same period last year, the company earned $1.21 EPS. Equities research analysts forecast that ServiceNow, Inc. will post 7.07 EPS for the current 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.